Neutrino DAO proposal
The evolution of the Neutrino protocol is upon us, with a pivotal focus on enhancing the utility of gNSBT. Our primary aim is to substantially boost gNSBT performance, which should in turn positively impact NSBT and SURF value growth.
The protocol recognizes the need for a more robust governance system with an emphasis on empowering gNSBT and creating better incentives for our community. After careful consideration of various avenues to refine the Neutrino system and optimize governance, the introduction of slashing mechanics emerged as a prime solution. However, rather than integrating this directly into Neutrino’s governance, we propose a more streamlined approach — a transition to the tried-and-true Power DAO system. This established and rigorously tested system not only supports our gNSBT-centric objectives but also paves the way for valuable community-led enhancements that will drive the protocol’s future growth.
Neutrino DAO Operating Parameters
Please see page 14 in the Power DAO whitepaper for any questions regarding the Operational Parameters listed below.
DAO Type
For-Profit.
Mission
Decentralization, management and business development based on an effective governance model, setting profit-making as the primary objective.
DAO Lifespan
Indefinitely.
KPIs
The main KPI is the growth of the treasury value (NSBT + XTN, see “Neutrino DAO treasury” below).
To reach the main KPI DAO participants with the help of Waves Marketing team will lead business and development activities such as:
- developing new utilities for gNSBT; here DAO participants create/discuss/vote on development/enhancement proposals and allocate a budget for them. The team or other developers can implement such protocol updates and receive the allocated funds.
It is important to note that without the current team involvement/review and corresponding team’s signature it will be almost impossible to properly apply third party changes to the protocol, because such updates can enable backdoor attacks, ruin protocol logics, disable its components, etc. - new NSBT listings on the external exchanges;
- marketing campaigns;
- other activities approved by DAO members.
KPI Sprints/Epochs duration
Every 3 months.
DAO profits
With the approval of Mother DAO, each epoch 20% of the treasury growth will be converted into staked $POWER via Power protocol to reduce sell pressure. Stakers receive staked $POWER excluding development expenses.
Thresholds
- Minimum amount of staked $POWER required to receive voting rights per user is 0.00000001
- Min $POWER to launch Neutrino DAO is 1
- Min raising investments are 100k XTN
- Max raising investments are ~400k XTN
- Minimum Quorum is 30%
- Minimum Participants are 100
Activation Period
10 days
Slashing / Penalties
- in case of KPI failure - no slashing is applied
- in case of ignoring voting - the general Power protocol rules are applied.
- in case of ignoring mandatory claim&commit transaction (see “gNSBT holders” section below) - the $POWER distributed to users gets burnt at the start of the next epoch
Neutrino DAO treasury
The Treasury consists of NSBT and XTN.
NSBT source
- The remaining (unissued) NSBT amount (around 192k NSBT) from Auction contract (3PG2vMhK5CPqsCDodvLGzQ84QkoHXCJ3oNP) will be transferred to the Neutrino DAO treasury.
- NSBT unstaking fees will be transferred to the Neutrino DAO treasury.
$POWER source
During the initial stage (setup process), the Neutrino DAO will submit a request for the right to issue/allocate 200 staked $POWER from the Mother DAO in exchange for 50k NSBT. Staked $POWER means that the users will not be able to withdraw $POWER tokens immediately, it will be possible only after the end of the 1st KPI sprint/epoch.
Every upcoming sprint/epoch, the Neutrino DAO is planning to share sprint results, communicate upcoming events and plans to the Mother DAO and coordinate the allocation of the additional staked $POWER to distribute among the participants who keep gNSBT and prolong $POWER commitment in the Neutrino DAO.
XTN source and $POWER distribution
The total amount of 200 staked $POWER will be distributed as follows:
- 100 staked $POWER (50%) will be distributed among gNSBT holders;
- 100 staked $POWER (50%) will be put up for sale for new investors at a fixed price in exchange on XTN. All remaining $POWER will be burnt, see details below.
gNSBT holders
If Power DAO approves the Neutrino DAO request, then gNSBT balances snapshot will be taken and 50% staked $POWER (100 tokens) will be distributed among gNSBT holders depending on their shares. Such distribution will happen once per sprint/epoch.
NSBT/SURF staking/unstaking mechanics remain unchanged and users will continue receiving rewards based on the collected Neutrino protocol fees. However, from now on NSBT unstaking fees will be transferred to the Neutrino DAO treasury.
Please note that gNSBT holders need to manually claim staked $POWER, which then gets automatically committed to Neutrino DAO. The unclaimed and uncommitted $POWER will be burned during the next sprint/epoch. This allows sorting out active gNSBT holders. At the same time it does not close the opportunities to participate in the next sprints/epoches.
Limited offer *only during the first snapshot
Make new NSBT (not SURF) staking or prolong your existing NSBT staking to get double gNSBT amount. More gNSBT = more staked $POWER.
XTN investors
Users can buy the staked $POWER for XTN at the fixed price. In the current market conditions this will be a great offer because the XTN market price is significantly higher than the contract price, while there is very little $POWER on the market. This allows users to diversify their portfolio and get $POWER by the flat price, while becoming a Neutrino DAO participant.
Please keep in mind that the offer is limited by the amount (only 100 $POWER, that is ~400k XTN) available for sale. The $POWER/XTN fixed price will be set after the Mother DAO approval.
Transition process and timing
- The creation of Neutrino DAO in the Power Protocol framework (Day 1 - Oct 4)
- The submitting of the proposal into the Mother DAO to receive the right to issue 200 $POWER in exchange for 50k NSBT (Day 2 - Oct 4)
- The transfer of the remaining NSBT amount (from 3PG2vMhK5CPqsCDodvLGzQ84QkoHXCJ3oNP) to the Neutrino DAO treasury (Day 7 - Oct 10)
- Implementation of minor change in the NSBT unstaking mechanics: all NSBT unstaking fees will be transferred to the Neutrino DAO treasury (Day 7 - Oct 10)
- Activation of the ability to get double gNSBT amount for staked NSBT (Day 7 - Oct 10)
- The start of selling staked $POWER for XTN (Day 1 - Oct 3)
- The creation of gNSBT snapshot and distribution of the staked $POWER to the gNSBT holders (Day 10 - Oct 13)
- Investors receive staked $POWER bought for XTN. See step 6* (Day 10 - Oct 13)
Links
Power DAO whitepaper
How to start a DAO on Power Protocol
About Neutrino protocol
