PSYC = membership

PSYC look like this:

PSYC are at this smart contract

PSY = money

PSY looks like this:

PSY are at this smart contract

PSYC are membership NFTs (ERC721 with an ERC1155 extension). PSYC supply increases along the fibonacci scale. 3, 5, 8, 13, 21, 34, 55… and today there are 13 PSYC. When we mint the next batch, 8 tokens, there will be 21 PSYC.

PSYC control psydao. They can:

• Call smart contract functions with a vote like:

  • enableRageQuit a.k.a. egoDeath, turning on the switch that enables PSYC holders to burn their PSYC for their pro rata portion of the PSYC sales treasury

  • mintNextBatch, minting the next batch of PSYC to reach the next Fibonacci band

  • transferNftsToAuction and setAuctionContract to sell the next batch of PSYC

  • updateTreasury for the psydao treasury to fund psychedelic science and art

• Call other smart contract functions on their own like:

  • mintSublicenses to mint new tokens, ERC1155s which are prints and sublicenses of the attached IP

  • rageQuit to ego death, burning their PSYC and exiting psydao

  • Access the token-gated spaces of psydao

• Claim PSY from a pool of 29% of of the PSY supply depending on how active they are in voting on proposals

As specified in the whitepaper PSYC have claim to 29% of the PSY supply.

That 29% is divided into 40 buckets of 767,506.16 PSY each to be distributed to the first 40 bands of Fibonacci PSYC.

Therefore, the last PSY claims for PSYC holders will happen around the 40th Fibonacci number, ending when there are hundreds of millions of PSYC minted.

A PSYC holder can only claim PSY if they participate in 1 - 3 of the onchain votes during a Fibonacci band.

So only active members get rewarded:

• Non-participants receive nothing

• Partial participants receive a portion based on their participation

• Full participants receive the largest share

• Leftover tokens are distributed proportionally among all participants

PSY is money.

Money is power. PSY holders have power to:

• Call kick on the PSYC smart contract, vote-kicking a PSYC holder

• Distribute treasury assets with delegated authority from PSYC holders

• Farm IP tokens

On that last point:

Yield farming, pioneered during defi summer, presented a solution to the great problem of distribution using smart contracts developed by wizards at compound, synthetix, and the ethereum open source community used pool1/2 dynamics to discover a fair price for new tokens with varying degrees of success, from Sushi to Yearn.

As a result of the yield farming explosion, the MasterChefv2 yield farming contract is one of the most forked and deployed contracts across all chains, e.g. vfat.tools.

There is one place it hasn’t been tested yet, one place better than the rest, and that’s here, in the context of biodaos in orbit of BIO.

Farming psydao IP tokens using PSY solves the problem of free and fair IP token distribution and price discovery in bioDAOs.