Galleon DAOs native governance token Doubloon $DBL is going live on MEXC Global
MEXC is bringing Galleon Decentralized Autonomous Organization (DAO) to our trading zone. GDAO or DBL is a group of strategy methodologists that investigate, make, and design projects that are the best in their category. These design structures are then dispersed through Galleon’s partners and its DAO managed apps through its SetSwap protocol.
What Galleon DAO provides?
All products launched through Galleon’s platform are able to build a revenue stream that links to the DAO. This revenue generation helps to finance further projects, contributions, and designs and in the future, aims to be distributed to holders too. Galleon built products are owned and managed by Galleon’s community through its in-house governance token Doubloon ($DBL).
How does it work?
Galleon DAO is a crypto-based ecosystem project started by Andrew, who is the current Founder. Andrew has extensive experience working both independently and jointly with Set Protocol since the initial version of the protocol was launched. Galleon has successfully identified two major opportunities in the wide arena of structured products designed on the blockchain. This makes Galleon a platform that is set for high growth in 2022 and onwards.
Right now, the structure specified by Set allows for completely built up, flexible and 100 % collateralized platforms to be built. The platform’s growth is hindered by the severe shortage of skilled creators and developers that can be depended on to develop sound strategies for implementing and managing index products. Add in the presence of regulatory uncertainty, unclear liquidity lines, and lack of funding and the problem becomes severe.
Problems in the Working of Galleon DAO
Galleon is planning to develop a community of developers that have the skill sets and abilities to research, manage, and build a stream of products in-house, or through the Set ecosystem’s partners. Galleon plans to use Doubloon to its advantage in supporting growth in their product suite through novel incentivisation schemes over time whilst recycling product revenue back to the treasury and in the future, DBL holders.
Taking products with prespecified structures and dispersing them through decentralized exchanges is a great option for increasing a product’s reach and the number of people that are holding the product over the long term. However, this does not always guarantee growth. The Set Protocol is designed in a way that products built on it can only lock and release their value through an issue and redemption system, a mechanism Galleon looks to explore heavily to encourage the growth of their products.
Once the product has minted its token on the Set protocol, it can be exchanged and traded like any other ERC-20 token, however, there is no option of ensuring value retention. This means that no value is certain after this stage. This means that developers have to juggle product liquidity, its growth, and incentive management.
Galleon is now creating its own distribution platform, SetSwap, that will be managed by its Decentralized Autonomous Organization. This platform will focus specifically on promoting structured plans through the Set ecosystem. If done successfully, the platform will enable Galleon to utilize growth loops through the minting and redemption mechanisms and monetize them. This monetization will allow Galleon to reward its users to use their new products and hold them. This in turn will serve to increase DAO TVL and revenue that in the future, aims to be distributed to DBL token holders.
Galleon’s DAO Values
The core values of Galleon are as follows:
- Act with conviction
Take advantage of openings in the DeFi space, team up, and move quickly to get users’ interest and focus. Be fearless in experimenting and never fear failure. Fail, learn from it, and try not to fail the next time.
- Community-focused, governance minimized
Galleon’s Decentralized Autonomous Organization community is the heart of the project. The community operates successfully with minimal interference. This lets Galleon let its users follow the first value of acting with conviction and speed.
- Hold 17th-century roleplay to equal value
Galleon DAO is built on the alleged golden age of piracy in the 17th century. As a developer, if you’re not behaving like a merchant trader of a galleon, or a Navy private or pirate deckhand then you are not adopting the appropriate manner.
Galleon DAO Core Principles
The central principle of Galleon’s Decentralized Autonomous Organization is the completely decentralized design and negligible reliance on assets or protocols placed on Arbitrum. Galleon has been independent of its beginning. The DAO is answerable for using all the pliant and useful features of Galleon to improve its offering and build unique products in an ever-changing DeFi space.
Galleon DAO Responsibilities
Galleon’s optimistic governance model and their delegation to trusted individuals within the DAO reduce the need for cumbersome and slow governing activities. New products are tested and launched at par with the market. Apart from the expected need to tune protocols the first few times after launch, the Galleon DAO is answerable for two main items. These are launching new, innovative indices and building a DAO owned distribution platform that can tap into revenue growth beyond what is out there currently.
Product development and incentivization that can be done are:
- NFTs, POAPs & community roles
- Incentivising ample liquidity for products through various initiatives involving Doubloon
- Bounties & Grant programs to encourage participation in the community to build with the DAO and get rewarded
- Calibrate user rewards for staking pools for future tokens rewards
- Continue to build and maintain in-house products whilst partnering with ecosystem partners to increase our reach and prospect TVL
Galleon DAO Snapshot Requirements:
- Only the Core Team can vote for Snapshot votes at present. There are plans for bringing on trusted active community partners in the future
- 5% Veto benchmark
- 48 hour voting period
- Ultimately Galleon DAO as a community makes all of these decisions as the project evolves.
What are Snapshot votes?
Snapshot voting is a method that Galleon offers to its users to vote while they are off-chain. This can be done without spending any ETH for the voting process. Snapshot votes are NOT final and every on-chain proposal has to pass through the Galleon DAO
Snapshot votes are effective as they can help assess the voting power of a user at a specific point in time (block) and the value of unique token balances.