Announcement of DAO function progress
It has been a while since the last article was posted, and during this time the NashCash team is developing the DAO function non-stop. The reason why we attach so much importance to the DAO function is because we found that the mint parameter of NC plays a vital role in the stability of NC. During this time, we have collected many very meaningful proposals in the community, and we are willing to incorporate these proposals into our development process. The following is the development process we have completed during this period and the next progress of the NashCash project.
Launch of Nash liquidity pool (BSC block 8090000)
NASH has governance capabilities in the NashCash project, so the NashCash team decided to distribute NASH to every participant who is interested in NashCash in the form of Fair Luanch. During the period of the end of the seed mining period, we found that early participants had already obtained a large number of NCs through high-multiple combustion, so there was no need to establish NASH liquidity. This leads to the depletion of NASH’s liquidity pool, which is not conducive to NASH’s governance function. So before the DAO went live, we decided to use 20% of NASH’s allocation for operations to reward NASH’s liquidity providers. Everyone who participates in NASH’s liquidity provision will receive a maximum of 0.2 NASH rewards within a block time on the BSC chain based on the proportion of participation. The total number of NASH used for rewards is 200,000, the halving cycle is 7 days, and each block produces 0.2 NASH.
Launch of DAO function
The DAO function is undergoing final pre-launch testing, and we will launch the DAO page within two weeks at the earliest. The first version of DAO will focus on the functions of initiating proposals, voting on proposals, and vetoing proposals. Initiating proposals and voting will require consumption of NASH, and these consumed NASH will be used to directly buy back NC in the market.
What can DAO govern?
As we all know, the stability of NC heavily relies on the mint parameters of NC, and these parameters will find the most suitable range in the management adjustments. These parameters include the number of NCs that can be generated in each block, the multiple of the NC to obtain the maximum burn reward, the multiple of the NC to obtain the maximum lock reward, and the time for the NC to reach the maximum lock reward. In the early days of DAO’s launch, the NashCash team will guide the launch of the proposal. After the participants are familiar with the scope of the proposal, the scope of the DAO proposal will be open to every NASH holder.