What People Want, What Pandas Build
PandaDAO seeks to reduce the control centralized organizations have over information, and instead put personal data into the hands of the people. We also aim to produce tools for DAOs, allowing more individuals to work full-time for this new type of organization. PandaDAO is more than just a decentralized media organization. We are developing new decentralized data systems and liberating internet products and human resources from Web2.
PandaDAO has been community-managed since the beginning, and now continues this path by decentralizing all authority over the treasury. Token holders own 100% of the treasury assets. This white paper was created with the purpose of establishing ground rules which will discipline evildoers and motivate the contributors in the DAO. Elections will occur in cycles, keeping the power of project initiators or evildoers in check. The white paper also defines the proposal process, review steps, and voting weights, which enable management and workers to hear the voice of everyone in the community.
The platform mainly collects the public cryptocurrency information from the internet, including but not limited to Twitter, official website of the CEX, the official forum of the project, official website of the government, media, etc. After obtaining massive data, the project will crowdsource the auditing process. Community members will review and annotate the information. We hope that by leveraging a decentralized community system, the end product will clearly convey current and important information, attention index, information source, while also screening out fraudulent information, etc.
After obtaining massive amounts of media data, engineers disassemble all information through algorithms to generate word clouds. Based on this function, users can immediately learn the current public opinion, the sources of that opinion, the rate of virality, and so on. An early warning system will notify subscribers immediately when sentiment shifts, for example, when a large number of $SOS moves in the market.
Although blockchain has been developing for years, so far we have never found a suitable, anonymous, decentralized payment gateway. Payments are fundamental in a decentralized world, but most web3-related payments are currently executed on Web2 technology. PandaDAO plans to develop a payment gateway, controlled by a multisig contract, designed to meet the payment needs of web3 projects.
The above products are all my (Panda’s) personal ideas. The DAO has only decided to develop Panda Media. In the future, more products will be determined via consensus between the community and the development team. We will factor development cost, market demand, and marginal cost calculation into the decision-making. The DAO is committed to making products that will replace centralized Internet products, and also develop tools and frameworks that DAOs are currently missing.
PandaDAO has no CEO. We only have Leaders. If needed, the community could vote for switching a new leader.
The treasury of PandaDAO will launch with 9 multi-sig keyholders. The Community can decide later to increase, reduce, or replace the keyholders.
By default, the DAO will conduct a leader election every year.
An emergency election can be held anytime, so long as community members vote for it.
No DAO member may inhabit both multi-sig and leader roles simultaneously.
In regards to funding from the treasury, no matter what amount is planning to be used, there must be a vote.
For any modification of the PandaDAO white paper, proposals and community votes must be necessary.
Token Vote Weighting: 80%
Work Group Vote Weighting: 15%
Leader Vote Weighting: 5%
Token Voting includes veToken voting and unstaking token voting. The weighting of these two types are the same. The only difference is that they each yield different earnings.
People who stake their Token get veToken in return. Every year the DAO issues a dividend to veToken holders. Staking does not cause holders to lose their voting rights. Instead, the community of veToken has its own voting system. When the staking lock period expires, any veToken the holder possesses will reduce to 0. For example, customer A stakes 100 Token, he will get 100 veToken in return and when his staking lock period expires, his veToken will turn to 0.
We designed the tokenomics this way to avoid whales from using the funding in our treasury on their own behalf. In addition, this design can also prevent voting mistakes. All voting results will be transparent, including how the Work Group and Leader voted. Work Group includes treasury multi-sig roles, auditors, developers, and other staff.
The initial token distribution of PandaDAO is shown below:
Linear releasing: It is a 1-year cycle and 1/12 will be released on a monthly basis. Releasing expires after 1 year.
We plan to raise 500 ETH on JuiceBox, of which 5% will be donated to the PeopleDAO community to credit their funding and support at the beginning of this project. PeopleDAO will use this donation to support more DAO ecosystems. All raised funding will be released at one time and there is no linear unlocking.
The sale price of the Token will be 1 ETH = 500,000 Token. After the fundraising period, we will calculate and produce the corresponding token supply based on the funding we receive.
To ensure a fair sale, as well as to avoid our token from being owned by a few people which could result in centralization, we will close the funding channel in 24 hours after the funding exceeds 500ETH. The token then will be minted and released.
In the first phase, 12% of the Token will be released to the development team, in which 3% will be released to all developers and the remaining 9% will be distributed based on internal vote (All votes will be published).
The content auditing team will filter and make sense of large amounts of information. The identity of every auditor will be public in order to be transparent. We plan to recruit more than 1K auditors who will use their spare time to contribute.
Every month PandaDAO will distribute Token rewards to auditors based on the auditing work they have accomplished and our analytical searching model.
The criteria includes but is not limited to:
We have not developed our own newsdesk at this moment. Our data is sourced from the internet publicly and provides a basis for articles. In order to reward the columnists, we will pick hundreds of blogs, articles, videos, etc every month and then vote for them. Based on the weights of votes, we will provide Token rewards to each author. We hope to get more and more high-quality content with this approach.
Beyond the Token distribution above, we will also reserve tokens for other teams, such as operating teams and full-time partners. This part also belongs to the community treasury, and the specific case needs to be proposed by the community. Of course, the community can propose to use it on anyway for non-team members.
At the beginning we will put 5% of our Token in LP Pool to serve the market circulation and investors from the secondary market. The fee profit will get added to our treasury.
In order to reduce impermanent loss, the community will deposit in batches to ensure that ETH in the LP pool is less than 10% of the funding amount.
As early funder and contributor, 5% of the Token will be given to the PeopleDAO community for their governance of subDAO. At the same time, this will bond the PeopleDAO and subDAO even more and create a community of interests.
The leader of PandaDAO will need to be a full-time employee. Token reward will be given linearly to the Leader on a monthly basis. When the proposal for replacing the leader passes, the token compensation will be terminated for the current Leader and switch to the new Leader.
The raised funding will pay for renting servers and API connection, safety auditing, partnership costs, marketing, and initial build of the LP Pool. The cost of renting a server will be 999 USD per month. As we approach our late stage, we will expand our server capacity and set up a back-up server. Safety auditing includes contract code, organization operation, and other code logic safety auditing. We will also need a high performance CDN server to prevent DDOS attacks and other normal SQL and XSS attacks. The product development at the late stage will also need server resource and bandwidth expansion. For full-time workers, we will have some salary packages and Token option rewards. All of these efforts require funding.
The community will use 50% of the revenue collected from the Treasury to buy back tokens, funding the incentive program for the coming year, while also capturing value for the PandaDAO token. The token’s main purpose is to fill the incentive pool of long-term contributors (project development team, content review team, columnist team, other teams). In this way we can ensure the economic plan continues. If the Token premium is too high, resulting in insufficient Token storage in the Treasury, the incentive plan can be implemented by using other assets(USDC, ETH, WBTC, etc).
The community will use 10% of the Treasury proceeds to reward people who put their tokens into staking. VeToken dividends are mainly linked to the time weight of staking and the number of staking.
Having established a precedent, ConstitutionDAO holds significance to DAOs. And PeopleDAO is PandaDAO's early backer. PeopleDAO, PandaDAO, and AssangeDAO. These projects are all based on the ideas associated with the $PEOPLE token, which represents basic consensus. Donating 5% does not strain PandaDAO financially and is another way to give back to PeopleDAO. For $PEOPLE purchased, the PeopleDAO community can initiate a proposal for burning or other incentive programs. Perhaps at a later stage, the PeopleDAO community will initiate its own revenue streamt, such as a Launch Pad. Until then, however, the DAO community needs to help each other and later the community can submit proposals for changes or cancellations for this.
Other Treasury assets include stablecoin, ETH, BTC, etc. The use of Treasury assets can range from investments in other projects to stalbecoin farming. This is a community-sponsored decision, because managers and workers do not have absolute authority over any use of funds from the Treasury.
PandaDAO's current product is Panda Media, which mainly conducts information screening, filtering, analysis, and push alerts of internet networks. I(Panda) will add premium functions, such as push alerts for hot keywords, push alerts for important information, advanced search function, and so on. At the same time, we will also develop other premium products, and these premium products can generate a lot of revenue for the Treasury. In addition to the user's payment for the product, we also have LP pool revenue, Treasury stablecoin farming revenue, investment revenue, advertising revenue, and so on.
In the case PandaDAO does not have a multi-sig Treasury, PeopleDAO's multi-sig Treasury will manage the full financing results and the remaining tokens.
The assets will be transferred to the PandaDAO Multi-Sig Treasury after it is confirmed. PeopleDAO's multi-sig is 9 people, elected by open election, which can ensure absolute fairness.
And one of the rules of the community is that any use of Treasury assets must be put to a vote, from financing, capital migration, to any link of capital use. This approach avoids personal appropriation of funds.
After the financing, we will initiate a code security audit of ERC, which will be conducted by a professional security organization. After the completion of the first iteration of the product, we will start the security work of the whole product, including but not limited to server security, front-end and back-end code security audit, architecture security audit, logical vulnerability security audit, etc.
Any token holder can post a draft to PandaDAO's Discord. We will create a proposal template for reference. The community will discuss active proposals once per week, with Discord moderators facilitating the conversation. Discussion will include stakeholders such as PandaDAO multi-signers, admins, leaders, full-time staff and other workers, who will do an initial internal vote on the proposal. If the proposal receives more that 60% approval it moves forward to a public vote on whether it should be implemented. The community can only approve one proposal per week, to ensure the efficiency of implementation and tracking of proposals.
All proposals will go through three rounds of voting: Snapshot (unlocked Token voting), veToken voting, and Dework voting (workers and Leaders voting) The ve system is currently in development so the DAO will start with Snapshot and Dework voting. After the development is completed, the ve system will be handed over to the security team for audit and then go live.
The main reason for the design of this proposal system is to avoid approving proposals with less community consensus. Additionally, we want a system where even if you hold a small number of token, you can still contribute towards adopting valuable proposals.
No project can be 100% successful, including PandaDAO. If the project fails for any reason, the community will initiate a proposal and if voted in, a refund process will be initiated.
We will calculate the worth of assets owned by the DAO at that time, including the amount in the Treasury. A snapshot will be taken of the wallet addresses investing in the DAO at that time. Everyone will get a fair refund.