SaltDAO $SALTY Token Announcement
$SALTY is the SaltDAO governance token. $SALTY is also the vehicle through which value is captured, earned and shared. There are 690 000 $SALTY.
- Buyers are rewarded with $SALTY for purchasing SaltDAO products, proportionate to the value spent.
- Creatives are rewarded with $SALTY for collaborating with SaltDAO to create new Salt Seasons, proportionate to the value sold.
- OCO members are rewarded with $SALTY for performing work for SaltDAO, proportionate to the value of their contribution.
$SALTY has no assigned value. $SALTY is not an investment. You should only own $SALTY if you have an interest in being part of a network of creatives and collectors or an interest in governing a consumer-producer community.
There are main three bodies which make up the Salt universe:
SaltDAO is a decentralized autonomous organization. Anyone can become a member of SaltDAO by holding $SALTY. Members of SaltDAO are able to influence the direction of the project by voting with their $SALTY tokens through our governance platform.
Salt & Satoshi Off-Chain Operations (a.k.a “OCO”)
The OCO is made up of the individuals which manage all of the operations taking place off-chain in order for the project to function (development, logistics, supplier management, finances etc.).
Uyuni (a.k.a Uyuni Vault)
Uyuni, named after Salar de Uyuni — the world’s largest salt flat, is a multi-signature account safeguarding undistributed $SALTY and at this time is protected by members of the OCO.
Who is SaltDAO?
SaltDAO is made up of buyers, creators, community members and the OCO. Each of them are rewarded $SALTY for performing different functions.
- Buyers are rewarded with $SALTY proportionate to the value spent on items
- Creators receive $SALTY proportionate to the value of items sold
- OCO members receive $SALTY proportionate to the value of their contribution
- Community receive $SALTY by being actively participating in the community
There are 3 levels of membership in SaltDAO, each granted different rights and permissions based on the number of tokens held.
Pink Salt: 69+ $SALTY
- Enter SaltDAO member chat
- Vote on governance proposals
Black Salt: 690+ $SALTY
- Pink Salt+
- Create governance proposals
The Sultans: 1690+ $SALTY
- Black Salt+
- Sultan chat
- Access to detailed insights from OCO
SaltDAO will use snapshot.page as a governance platform. As $SALTY holders, members of SaltDAO can make proposals and vote to determine which community proposals are granted and which are not. Any $SALTY holders can vote on proposals but you must be at least Black Salt to create new proposals. $SALTY holders could propose and vote on:
- Creative & strategic partnerships
- Artist collaborations for Salt Seasons
- Platform features
- Uses of treasury
- Functions of the SaltDAO
- Functions of $SALTY
$SALTY is divided into 5 Salt Piles. Each Salt Pile has been created to reward parties within the SaltDAO ecosystem who are necessary for its success. Though the allocation of $SALTY is fixed, after the Genesis Salt Season the rate at which tokens are distributed is decided on by SaltDAO from time to time. This would usually be at the start of a new Salt Season. The allocation to Salt Piles is as follows:
- Buyers Salt Pile: 35% of $SALTY is reserved for Salt Season buyers who are rewarded with $SALTY for purchasing SaltDAO products, proportionate to the value spent.
- Creatives Salt Pile: 10% of $SALTY is reserved for creatives who collaborate with SaltDAO to create new Salt Seasons, proportionate to the value sold.
- OCO Salt Pile: 32.5% of $SALTY is reserved for members of the OCO who are rewarded with $SALTY for performing work for SaltDAO, proportionate to the value of their contribution.
- TBD Salt Pile: 17.5% of $SALTY is reserved for use at the discretion of the SaltDAO.
- Marketing & Community Establishment: 5% of $SALTY is reserved for early followers and telegram group members to induct them into SaltDAO and kickstart the community.
The genesis distribution of tokens will be 5% of the $SALTY supply being used for Community Establishment and Marketing. This includes:
- 23 322 $SALTY to the first 169 telegram members (amounting to one Pink Salt membership for themselves and one to share with a friend).
- 8450 $SALTY to the 5 core team members (amounting to one Sultan SaltDAO membership each).
- 2728 $SALTY will be used to reward community engagement using apps like unite.community and cctip.io.
The next distribution of tokens will be after the genesis Salt Season — Can’t Be Stopped. A total of 69000 $SALTY will go to the 40 buyers of the Genesis, Can’t Be Stopped hoodies.
The community will then be required to vote to approve a proposal to distribute $SALTY from the OCO Salt Pile to the OCO, it’s members and advisors proportionate to their contribution to the project.
Thereafter, $SALTY will continue to unlock, each Salt Season, at a rate decided on by SaltDAO members before the start of each Season.
The TBD pile will unlock for use over a period of 24 months so that more $SALTY becomes available for use at the discretion of SaltDAO as the community and governance stabilizes. We could, for example use sablier.finance to stream the money at an even rate of the said rate.
Besides the initial distribution of 1690 $SALTY to each of the core team which is required to induct them as SaltDAO Sultans, there is no founder-specific pre-mine or pre-sale. It is hoped that, by community approval, the SaltDAO founder and core team will receive a portion of $SALTY as a reward for their efforts and conviction in the project.
Income, Budgeting and Surplus
The OCO will earn income from items sold. Income will cover commissions for creative artists, pay for recurring expenses and cover production costs. It is the intention of the OCO to keep it’s operations as lean as possible in order to maximize the value that can be recycled back into the SaltDAO ecosystem.
Surplus profits will be used at the discretion of SaltDAO members. They could, for example, be transferred over to the subsequent budgeting period or could be sent to a Balancer Pool as a single sided liquidity deposit as part of a buy-back and make token model. Again, this will be left entirely up to $SALTY holders.