Proposal 5: SNG Migration EXTENDED
Given the community response to the previous proposal, we would like to give some clarity to SNG holders to better explain the future of Singularity
Balance of Power Contract — DAO vs TEAM:
This document serves to clarify and establish an agreement for the relationship between the DAO (SNG holders) and the Core Development Team behind Singularity(Xam, Cryptoad, and Entropy).
The general relationship between the DAO and the Team is that the DAO is hiring the Team as contractors to oversee the development and distribution of products. The DAO can choose to terminate their relationship with the team at any time; however, the team owns all code that they write.
- The DAO has 100% governance power over the tokenomics of SNG and treasury usage. The DAO has 60% governance over protocol activities.
- Team has 40% governance power over protocol activities.
Below we will discuss what this means.
- Tokenomics of SNG
- The DAO has 100% governance power on the amount of SNG emissions and the way SNG emissions are used.
- Team has no power over the amount of SNG emissions and the way SNG emissions are used.
2. Treasury Usage
- The DAO has 100% power over treasury funds and the DAO is entitled to 60% of revenue.
- The DAO has control over how funds are distributed at anytime
- Team is entitled to $50k a month or 40% of revenue, whichever one is higher.
- In the case that the DAO chooses to no longer fund or are not able to fund the Team for development, the DAO reverts the ownership of the product and the code back to the team.
3. Protocol activities
- The DAO has 60% governance over product development, partnerships, general creative vision, and roadmap.
- The team will deliver upon the agreed upon roadmap detailed below.
Singularity’s value proposition is driven by high volume and low fees. To capture high volume, the primary strategy is to integrate with DEX aggregators, which will allow our competitive rates to outcompete other DEX models. After using Fantom as a test environment, expansion to other chains will capture more swap volume.
We are currently in testing phase, so these expansion plans assume that Singularity BETA is successful. There are multiple risk scenarios that can lead to the loss of user funds, which include but are not limited to: Mispriced oracles, accounting errors, general Solidity bugs, etc. Expansion of Singularity will only occur once the team feels that most risks are mitigated in the testing phase.
Given the nature of crypto development, we promise no deadlines for each of our targets.
- Singularity BETA to Launch Plans:
- Phase 1: Test Tokens (Current)
- Phase 2: Complete 2 audits
- Phase 3: Real Tokens — $100k capped pools, only stables (USDC, DAI, fUSDT)
- Phase 4: Real Tokens — $100k capped pools, volatile tokens Date
- Phase 5: Uncapping (Increments of $500k, $1 mil, uncapped)
-Stable and Variable pools happen independently depending on our sense of security
2. Integrate with DEX aggregators
- Firebird on Fantom
- After chain expansion: Paraswap, 1Inch, Cowswap
3. Fund initial liquidity of pools through individual investors
- Deploy chains with Chainlink oracles that update in less than 30 seconds or with <= 0.1% Deviation Threshold
- Polygon, AVAX, Arbitrum, BNB, Optimism (maybe)