Neta DAO Launch Briefing

Neta DAO is proud to announce that DAO staking is live.

Here’s the link to the DAO: Neta DAO on DAODAO
Here’s the contract address: juno1c5v6jkmre5xa9vf9aas6yxewc7aqmjy0rlkkyk4d88pnwuhclyhsrhhns6

Before you go and stake, please read this document in its entirety.

Staking with Neta DAO confers governance rights over the DAO only—there are no rewards from staking in the DAO.
You will not receive any yield in the form of more NETA or another coin/token.

Unbonding Period: This has been set by community decision to 91 days initially. This is a longer unbonding period than other tokens as a security deterrent due to the unique and innovative nature of Neta DAO.

Note: Idols NFT will be doing a snapshot of Neta DAO stakers to give those wallets early access to mint Idols at a reduced price.

So, what is Neta DAO?

Neta DAO is a community-driven effort to accelerate the development and adoption of the Juno Network and the wider Cosmos ecosystem.

Since NETA was dropped not only to early adopters of JUNO but specifically to early and active governance participants, the Neta DAO seeks to honor and build upon this foundation through a range of activities and potential subDAOs. These include but are not limited to: validating chains, participating as an organized structure in their governance, identifying teams/dApps/public resources/documentation and distributing developer grants for them, producing educational materials on current governance proposals and ecosystem issues, ‘think tank’-type work for new governance mechanisms, working to establish ‘best practices’ for Proof of Stake validating, etc. This list is not exclusive or exact.

How is the DAO structured?

Neta DAO is and will be a collective governed by its members with no figurehead. Because of the unique nature of the NETA drop and because Neta DAO is focused on developing public/network resources and further decentralizing the wider Cosmos ecosystem, we are able to leverage the strength and conviction of our many members to help realize our goals: public goods require more than one person or faction.

Neta DAO currently operates as an unincorporated nonprofit and is working on setting up an explicit nonprofit structure to establish jurisdiction and officially limit any tax and liability issues that could affect DAO members.

Governance of the DAO

The Neta DAO has a few methods to protect its members’ stake. Because the NETA token is a scarce decentralized store of value with a closed contract, we have created a series of checks and balances for proposals.

Neta DAO has:

A 91 day unbonding period

The unbonding period is set to 91 days at DAO instantiation to clearly show that we are here for the long haul. In the future, we plan to implement multiple tiers of unbonding periods, subject to community discussion and approval.

Treasury Multisig

Neta DAO may accept and disburse funds to projects or teams as decided by DAO governance; as such, we need a safeguard from malicious actors. In the interim, we have created a 9-member Multisig with a 6-of-9 passing threshold that will be in charge of making sure the funds are used as the community requests. Furthermore, if the DAO needs to move to a new version of DAO contracts, the treasury can handle it without logistics issues like some of our sister DAOs have seen.

Treasury Multisig Members and Respective Addresses:
dimi (Juno Core Dev and Stakefish): juno1s33zct2zhhaf60x4a90cpe9yquw99jj0zen8pt
dude from internet (Neta DAO): juno15jxj5tcfqwnmupfzleuxaqfqvyjkjvd35vdea9 | Verification
envy (Neta DAO): juno1g5t9r670acafp8ys3zpd5dxzunv99l3t6ruq9r | Verification
Lil D (Neta DAO): juno1kkerfymlqzjd45xlvvle6yyjh849m7xvpf9jaq | Verification
massv (Neta DAO): juno1fzw7lp3u708rg49zqv48pdm8e03uz4srw2dx39 | Verification
noahsaso (DAODAO): juno1vqun8jg0h6f27fh88yn6qp626y40gzj259mrsw | Verification
Pupmos (the goodest boy): juno1njyvry0t3j5dy4rr6ar5zfglg3cy2e8u745hl7 | Verification
Richard (Oni Validator): juno1qmulnqa54mfuhlrjfrpqj4eqlm73jecshu4n8w | Verification
whiskey (Neta DAO): juno1hcqjney83mcm50jvf70lk3h6yytkke0x98czhz | Verification

Executor Multisig

As NETA is a scarce supply token that was completely liquid and widely distributed at inception, this results in unique circumstances surrounding distribution and, by extension, governance. The Neta DAO has set up an Executor function inside our DAODAO instance that gives a 9-member multisig (with 6-of-9 passing threshold) the ability to strike down any malicious proposal from the DAO before it can pass. This is to safeguard the community and the members’ staked funds in the DAO and prevent bad actors with large amounts of capital from threatening DAO operations in a way that cannot be countered.

Executor Multisig Members and Respective Addresses:
Aswever (Howl): juno1998l0qxj346eznrmwhw3a2z7pacdxepypmxz7f | Verification
ekez (DAODAO): juno1m7a7nva00p82xr0tssye052r8sxsxvcy2v5qz6 | Verification
Elsehow (DAODAO): juno175q6smvgnuec5e62rs4chnu5cs8d98q2xgf4rx | Verification
envy (Neta DAO): juno1g5t9r670acafp8ys3zpd5dxzunv99l3t6ruq9r | Verification
Lil D (Neta DAO): juno1kkerfymlqzjd45xlvvle6yyjh849m7xvpf9jaq | Verification
massv (Neta DAO): juno1fzw7lp3u708rg49zqv48pdm8e03uz4srw2dx39 | Verification
Max (Wombat): juno1j60rdmtrwjyleql5y4dtr0mfsac2pnswmfceyz | Verification
Poroburu (Neta DAO Validator): juno17fzx4rvw04586s8f2c2vv53pe3yypu0ccu566q | Verification
wtrsld (Neta DAO): juno1e6fhmfer34hh7kl9um6p52nkqflkp4jajgxunw | Verification

Operational Multisig

As with any organization the Neta DAO will have a multisig to handle operational costs, they are listed below:

Validator base fee to Poroburu $125 per month (managing validator, updates, best practices). If a new chain is added it will add $125 per validator.
netadao.zone website domain ($50/year approx)
Akash Hosting ($100/year approx) - may fluctuate based on additions to the site or app

Total of $140 USD/month

Operational Multisig Members Addresses:
massv (Neta DAO): juno1fzw7lp3u708rg49zqv48pdm8e03uz4srw2dx39 | Verification
wtrsld (Neta DAO): juno1e6fhmfer34hh7kl9um6p52nkqflkp4jajgxunw | Verification
envy (Neta DAO): juno1g5t9r670acafp8ys3zpd5dxzunv99l3t6ruq9r | Verification
whiskey (Neta DAO): juno1hcqjney83mcm50jvf70lk3h6yytkke0x98czhz | Verification
dude from internet (Neta DAO): juno15jxj5tcfqwnmupfzleuxaqfqvyjkjvd35vdea9 | Verification

Multisig Composition

Membership:
Both the Treasury and the Executor Multisigs are “6 of 9” Multisigs: they are 9 member multisigs which require 6 of the 9 members to vote in favor or opposition of a multisig proposal for it to execute or fail. The initial multisig compositions have the following:

5 DAO members that have regularly attended community meetings, performed extensive work and research toward DAO initiatives, and have shown their dedication to building the DAO from the onset.
4 reputable figures of the Interchain: individuals who are either core contributors to prominent projects built on Juno or contributors to the network itself.

This composition ensures a healthy mix of DAO members and familiar “external” figures to pass or strike down proposals. For instance, the DAO community members voting unanimously on a proposal would require a sign-off from one of the external figures on the multisig.

Proposals:

Neta DAO’s proposals will be structured with these parameters:

Deposit Required: 15 NETA
Voting Duration: 5 days
Revoting?: You can change your vote
Quorum: 10%
Passing Threshold: Majority
Refund Failed Proposals: No (all failed proposal deposits will go to the Neta DAO treasury)

Why no staking rewards?

With current business legislation such as it is, it is not feasible to operate a DAO that distributes revenue to stakers potentially all over the world without invasive KYC procedures and complicated taxation issues.

Neta DAO is about planting Sequoias, may we long take care of them.

“[I]f some small but critical mass of people recovered a sense of kinship, economics would become ecology.” — Richard Powers, Bewilderment, p177

Written by NetaDAO

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