Web3 Island Makers mission is to Empower the people who make an epicenter for web3 entrepreneurship in canary islands 🏝️
As the project grows, the community decided to launch our first native token, the $PEAK to fuel our activities.
This article will help you understand why we're issuing this blockchain asset, how it will function and how to get some of it.
We are DAO founded in Tenerife Island with active members mainly living and interested in creating a thriving web3 ecosystem in the Canary Islands.
Nevertheless, people living anywhere in the world participate in the DAO 🌍
How are we doing it?
Launching Web3 projects in a decentralized fashion
Organizing events and workshops on Web3
Helping people working in Web2 transitioning to Web3
Establishing relationships and partnerships with local institutions
Connecting people online and offline
WIM revenue come particularly from:
Successfully launched projects
Events and workshops
Subscriptions to access gated content
Right now our main focus as source of revenue is The Peak 🗻: a first of a kind decentralized startup studio.
We took inspiration from the Teide Volcano. Its summit at 3,715 m is the highest point in Spain and the highest point above sea level in the islands of the Atlantic.
The idea behind is that we take projects as a community and elevate them to new heights by finding a product-market fit and by making them profitable in a short cycle (4 to 6 months).
Why are we launching a token?
First of all we need a way to capture the value of the contributors.
As you will see the $PEAK emission and distribution is deeply bound to the productivity of WIM3 members.
Tokens are rewarded every time a Maker (a certified contributor of WIM3 and that’s how we’ll call them from now on) delivers a task.
Further down you’ll find details on how and when $PEAKs are distributed.
Before diving deeper just be aware that we are now rolling out a V0 version of the Token which is not traded publicly neither on CEXs nor on DEXs.
Until version V1 is released $PEAKs can only be earned by putting work in the DAO or bought through private sale (a small part of the total supply is allocated to that purpose).
Details on how to access the private sale will be disclosed in a following post.
Let’s dig now in the present and future $PEAK utility.
Peak projects tokens whitelisting
Access to exclusive content and channels
Access to services
Access to workshops and events
NFTs minting whitelisting
Distribution of other tokens
The $PEAK is used for voting on proposals. Although not all proposals have a voting method based on token possession.
Some example of voting methods:
Token-based quorum voting
Read more about the available voting mechanisms here.
Holding a minimum amount of $PEAK Tokens is necessary for voting on the majority of the proposals.
As $PEAK holder (over a certain threshold) you will have preferential access to the private sale and seed of tokens released by projects incubated in The Peak 🗻
This will allow you to buy tokens of promising projects filtered and incubated by WIM3 before they hit the market.
We have on the pipeline exclusive content about DAO Management, Reports on the most interesting projects out there and other Web3 related materials.
By holding $PEAK tokens you’ll also have access to exclusive channels on discord, such as: career, information channels on investment and legality, setting up a business in web3…
Preferential access to services such as consulting, career service, and other web3 related services
In order to participate to certain workshops and events will be required to hold a minimum amount of tokens.
In other cases holding $PEAKs will entitle you to discounts on such events and workshops.
Holding $PEAKs entitles you to receive tokens held in WIM3 treasury when they are distributed.
Even though our community has grown fast and is full of talented Web3 individuals we’ve agreed on a safe approach in the deployment of our tokenomics.
Moreover most of the Community DAOs have only one real utility of the token which is Governance and exclusive access to token gated content (which is often the main business model of Community DAOs).
In the WIM3 case we are going much further than that. Our core business model relies on the innovation of the way we innovate: a decentralized startup studio.
People of our community are here mainly to actively participate in building the Internet of today and tomorrow, and making Canary Islands a epicenter for web3 entrepreneurship.
That’s why an efficient distribution of rewards and incentives is so crucial for WIM3.
Therefore the roll-out of WIM3 tokenomics includes first a phase of testing (Phase 0 corresponding to $PEAK V0) and then a phase the official launch (Phase 1 corresponding to $PEAK V1).
The Phase 0 will be running for some months with the $PEAK V0 until an official proposal and vote of accredited community members evaluate positively the roll-out of the $PEAK V1 and tokenomics hard coded in smart contracts.
The main goals of the Phase 0 are:
Getting member accustomed to the use of tokens
How the introduction of $PEAK impact on the governance
How the introduction of $PEAK impact on productivity and accountability
If particular conflicts arise
Check on the interest of early investors
Have time to pick the best fitting Blockchain on which to deploy our Smart Contracts
Correct total supply, incentives distribution and rewards
Test and refine $PEAK-based voting
Official attribution of the roles Shapers and Makers Check the passed proposal on Snapshot to know more about official roles
Each member with a Maker or Shaper role distribute points through Coordinape
Share allocated for WIM3 early contributors get distributed Check “Total Initial Supply distribution - $PEAK V0” further down
Makers and Shapers create deliverables on Dework
Shapers assign a bounty to each deliverable
$PEAK V0 get distributed based on deliverable achievement Check “How do $PEAK V0 get distributed?” further down
Testing of several voting methods
Optimization of $PEAK incentives distribution
For the official roll-out the behavior of $PEAK V1 will be hard coded into our own Smart Contracts.
To decide on which Blockchain to roll-out we will look at:
Adoption of the chain
Costs of transaction
Prospects of the chain
An official proposal is submitted and voted on by the official members with a positive outcome
Tasks related to the deployment are created on Dework and assigned
Developers code and deploy smart contracts
$PEAK V0 holders receive an equal amount of $PEAK V1
Total initial supply of $PEAK V0 is 1 Million.
Once the Phase 0 is finished if everything worked correctly the first initial supply is simply included in the official supply.
Since the official initial supply is of 10M tokens, if all $PEAK V0 are distributed before the official $PEAK V1 launch it will correspond to the 10% of the official total initial supply.
💡 A multiplier for early investors will be considered by the community
If not all $PEAKs V0 are distributed before the launch, the remaining part will be assigned by default to the WIM3 treasury.
Total initial supply of $PEAK V0 is 1,000,000.
At this phase tokens have no value defined by the market, but we hypothesize they come at $0.05 each for a total valuation of WIM3 DAO of 50,000$.
20% majority is reserved to incentivize the contribution of official members. Some distributed to founders, core team members, and early contributors. A small fraction will be airdropped to all WIM3 members who own a WIM3 Soulbound Token (Maker NFT) at minting time.
17% is reserved to incentivize contribution to projects onboarded in The Peak.
45% is held in the treasury at the disposal of WIM3.
18% is allocated to raise capital through private sales, seeds…
Owning $PEAK V0 give rights to receive at least an equal amount of $PEAK V1 at launch.
We expect the $PEAK V0 will be distributed in a 6 months to 1 year time-frame, prior to V1 launch.
The total initial supply of $PEAK V1 is 10,000,000 and capped for the first year since V1 launch.
Value is not yet defined by the market, but we hypothesize they come at $0.10 each for a total valuation of WIM3 DAO of 1,000,000$.
10% is airdropped proportionally to $PEAK V0 holders.
20% is reserved to incentivize the contribution of official members.
17% is reserved to incentivize contribution to projects onboarded in WIM3 Peak Studio (approximately 5 projects).
45% is held in the treasury at the disposal of the DAO.
8% is in part used to raise capital through seed and private sales and in part reserved for initial offering.
There are 4 ways $PEAK V0 gets distributed:
Achievement of deliverables related to WIM3 mission
Achievement of deliverables related to The Peak projects
Incentives distribution for participation in WIM3 activities
As specified in the “Total initial supply V0 chapter” a total of 20% of the $PEAK V0 supply is reserved for WIM3 early contributors, founders, core team and official members that contribute to further develop the DAO.
Of this 20%:
A part is rewarded to core team members that developed WIM3 till the moment of $PEAK V0 minting
A part is airdropped to official community members that at the moment of minting hold WIM3 soulbound token (Maker NFT)
The majority of the tokens will be distributed as an incentive to the DAO contributors to further contribute to the DAO
Following the approval of proposal P0011 - Tasks incentivization through bounty/reward.
Anyone with a Maker Role will be able to create a Task on Dework but not to assign a bounty.
Dework WIM3 space: https://app.dework.xyz/wim-99387/main-space-89988
The task is refined by the creator with the optional help of others until considered Ready. The Definition of Ready for each task is agreed on and frequently revised by the team.
Once a task is ready, a notification system (manual or automated) alerts Shapers.
A bounty can now be added on the task by a Shaper based on the common referential of tasks bounty values. This referential is public, agreed on and frequently revised by the team.
The assignees can now take full ownership of the task until delivery.
The creator can engage other makers for working on the task, up to the number of makers specified previously during the definition of the task.
Once task is considered completed, the assignees move it to review status, and can ping shapers on the dedicated channel asking for review. The assignees must prove that the task was accomplished. Shapers can require further evidence of completion and ask for a live demo of the work.
Finally a Shaper will mark the task as done and distribute the bounty to contributors.
Some will have their own token and incentive mechanism to enroll contributors. The split and mechanism are for now not predictable. $PEAK is here to provide value both to WIM3 direct contributors and contributors of project incubated by WIM3.
The main goal of distributing $PEAK to The Peak contributors is:
The Peak is a young structure and each project incubated will have their own financial structure. Some will have their own token and incentive mechanism to incentivize contributors. The split and mechanism are for now not predictable. $PEAK is here to provide value. So the token is here to ensure an effective incentive for them regardless of the project financial structure. Imagine down the road when $PEAKs will have value on the market, but the newly created project tokens not. This will be a powerful tool to attract talent and incentivize execution.
By giving out $PEAKs to project contributors that have not necessarily joined WIM3 beforehand we are attracting Web3 professionals in the DAO, who will have an interest in the success of the project and of the DAO since they hold tokens of both.
As specified in the “Total initial supply V0” chapter a total of 17% of the $PEAK V0 supply is reserved for The Peak incentives.
Assuming that in the first year we will take within The Peak about 5 projects, a 17% portion will be allocated to incentivize each of the projects (for simplicity we assume this is distributed equally to each project).
In this case, 3.4% of the total initial supply will be allocated to incentivize project development (3.4% * 5 = 17%).
Assuming an "incubation" period for each project of about 4 months and the duration of each sprint of 1 month, the percentage of tokens allocated for the project will be distributed to cover each sprint and be exhausted at the end of the "incubation" period.
Project incubation duration: 16 weeks
Sprint duration: 1 month
Total initial supply allocated for the project: 3.4%
Total initial supply allocated for each sprint: 0.85%
For this first hike we will distribute $PEAK V0 according to the same criteria the project tokens get distributed.
The distribution of the $PEAK V0 is based on Agile, but not Scrum methodology. In two words, task oriented.
Work is organized in sprint cycles of 1 month.
In each sprint cycle milestones and macro-deliverables are defined and broken down into ½ day, 1 day, 2, day, 3 days MAX. If a task takes more than 3 days, then break it down into smaller tasks.
Each task has attached a bounty.
For each task there are 1 or more reviewers, whose job is to validate the accomplishment of the task.
At the end of each sprint $PEAKs get distributed based on task accomplishment.
At the end of the “incubation” period:
An additional 0% to max 10% of $PEAK V0 (percentage is calculated on the supply allocated for the project, and tokens come from the supply for WIM3 contributors) is awarded to the Committee members. This reward is subjected to DAO vote based on the success of the project and of the coordination work.
An additional 0% to max 5% of $PEAK (percentage is calculated on the supply allocated for the project, and tokens come from the supply for WIM3 contributors) is awarded to the project owners/founders if the Committee evaluates the spin off successfully.
⚠️ Token allocation might be subjected to modifications
For the first year we’ll incentivize WIM3 real world activities participation such as main events, informal meetings and workshops.
The reason behind these is to boost WIM3 expansion.
Once we will reach enough adoption the logic will be reversed for certain types of activities such as workshops.
Members or non-members will pay in $PEAK or other cryptocurrencies for the participation.
Further details will be published soon. For now if you are interested in private sale you can join WIM3 discord and ping the @Shaper.