AQUA Token Ideas
I hope you're having a good week so far. I wanted to share some ideas with you that I would like to discuss at today's meeting.
I have been thinking a lot about the AQUA token and would like to get feedback before starting on testnet. Please share your ideas at the meeting today if you can make it or next week if you can't.
I propose distributing the AQUA token slowly, one token per person per day, to those who attend the meetings. Attendance of the meetings will also involve signing a contract on the Telos blockchain so that all tracking will be in place.
Higher rankings will be rewarded more. Attendees will receive a minimum reward of one AQUA token for attending the meeting and voting on the smart contract.
In addition to the distribution of seven AQUA tokens per week per person who is active in meetings and on the smart contract, I propose an equal distribution of seven more tokens into two separate pools, which will be distributed by percentage over time.
One pool is the Aquadac pool, which will reward people who achieve milestones in the DAC. We will track these using metrics such as improving rankings over time and rewarding when a group from one week collectively does better as a whole. We will discuss and may vote on what will be rewarded.
The other pool is the AQUA pool, which will reward positive economic contribution, such as staking AQUA tokens and providing liquidity for AQUA pairs. This fund will also be used to stabilize the market for AQUA tokens. We have published the outline for a simple bubble peg mechanism, designed to float the price of AQUA around 100 TLOS on a spot market. This rate is about $15 USD a day per person. This price point communicates to the market AQUA's future value and will allow us to build liquidity in a way that gives the token long-term buoyancy. I want to have staking + pools set up as soon as the token launches to incentivize holding.
We may also split some of the pool's distribution into a team fund (TBD). We do not plan to sell any tokens as fundraising, but we do plan to open spot markets immediately for trading by Aquadac members.
The use case of the AQUA token has not been fully determined, but I would like to use it as a token gating opportunity for premium content and have lots of other ideas.
In summary, half of the distributed AQUA tokens, starting at 0, will be distributed directly to wallets of people who attend the weekly meetings. The other half will be split into pools that reward Aquadac activity, AQUA staking + liquidity, and a team fund TBD.
Hope to see you today at 8pm UTC
All the best, Douglas