The next step of WX Network Evolution
Introducing to WX DAO
Now at WX Network, the reins of governance have been passed on to the community.
Introducing WX DAO — a decentralized autonomous organization (DAO) built on the Power Protocol, focused on growing the $WX token. Holders of gWX (those who have staked $WX) now wield the power to chart the developmental course, all with the ultimate aim of augmenting the coffers of WX DAO and reaping the rewards as the treasury swells in value.
The WX team has seeded the DAO treasury with 10 million $WX tokens. Also, WXG tokens, repurchased from trading fees, will be deposited in the WX DAO. The DAO has the discretion to sell them at a profit, indirectly benefiting from the WX trading fees. Every quarter, we will diligently evaluate the treasury’s worth, and WX DAO participants are entitled to 20% of the growth in the treasury’s value.
Distribution of $POWER tokens
A total of 1000 $POWER tokens are planned for the WX DAO:
- 100 $POWER will be distributed among gWX holders;
- a part of the 900 $POWER tokens equal to the value of collected $WAVES will be distributed among participants;
- remaining $POWER tokens will be transferred to the buyers of WXDAO tokens.
For the grand launch of WX DAO, the treasury calls for an infusion of 25,000 $WAVES. Depositors will be granted $POWER tokens at the prevailing exchange rate, granting them entry into WX DAO and a share of the spoils from the treasury’s expansion. These $POWER tokens can also be unstaked once every three months. If there’s an excess of deposited funds during the WX DAO initiation phase (beyond the 25000 $WAVES minimum), these surplus funds are channeled for WXG buybacks.
Additionally, $POWER within WX DAO is available for purchase on the open market in the form of WXDAO tokens, which can then be staked within WX DAO. Each of these tokens, represents ~1 $POWER token staked within WX DAO. This offering remains open until the entire supply is depleted. WXDAO tokens, once staked, can be exchanged for $power tokens and subsequently unstaked after the next treasury assessment, which occurs on a three-month cycle.
The price of the WXDAO token is determined by the market price of $POWER tokens and the potential upside stemming from the profits generated by the DAO treasury. Continuous calculation and posting of its “fair” price will ensure transparency.
WX DAO participants wield the authority to shape the destiny of the treasury funds, directing them towards initiatives that enhance its value. Beyond the initial $WX token contribution from the WX team, other funds may find their way into the DAO treasury. These funds may also be earmarked for purposes such as WX token buybacks.
Members of WX DAO can:
- cast their votes on proposals aimed at boosting the value of the treasury;
- distribute WX DAO profit earned by treasury’s growth (beginning with an initial 10 million $WX donation);
- unstake their $POWER tokens.
To become a WX DAO participant, you can:
- to be a $WX token staker
- join the WX DAO by depositing $WAVES into the WX DAO treasury
- buy WXDAO tokens and exchange them for staked $POWER tokens within WX DAO.
WX DAO provides the opportunity to participate in the management of the WX Network based on the innovative Power protocol by receiving an interest of WX DAO treasure growth to boot.
Don’t miss out on this exciting venture!
