Introducing Electron DAO: The Decentralized Reserve Currency of the Polygon Ecosystem

Inspired by OlympusDAO, Electron DAO aims to create a decentralized, scalable, and community driven reserve currency protocol on the Polygon network. Controlled by its holders through a DAO, the ELECTRON token is designed to create value and sustainably grow to become the reserve currency of the Polygon ecosystem.

Token Design and Economics

There are two main ways users can interact with the Electron DAO protocol, namely staking and bonding.

Staking is the primary value accrual strategy of the Electron Currency system. Stakers stake their ELECTRON on the ElectronDAO website to earn rebase rewards. The rebase rewards come from the proceed from bond sales, and can vary based on the number of $ELECTRON staked in the protocol and the reward rate set by monetary policy.

Bonding is the secondary value accrual strategy of ELECTRON. It allows the ElectronDAO Protocol to acquire its own liquidity and other reserve assets such as stablecoins and wrapping LP tokens by selling ELECTRON at a discount in exchange for these assets. The protocol quotes the bonder with terms such as the bond price, the amount of ELECTRON tokens entitled to the bonder, and the vesting term. The bonder can claim some of the rewards as they vest, and at the end of the vesting term, the full amount will be claimable.

The entire Electron ecosystem is governed by the Electron DAO which is in turn controlled by holders of the $ELECTRON token. In this way, the entire system is community driven and flexible to adapt to changes in the future.

In addition to these features, the ELECTRON token will have a 0.1% liquidity fee that goes to the DAO charged whenever tokens are sold. This way, the treasury will have a revenue stream growing with the protcols size, making the economy sustainable.

You can read more about the economics of Electron DAO on our documentation page: https://docs.electrondao.finance.

Launch Information

To raise the initial liquidity funds, Electron will be conducting a public presale starting at

• 12:00 AM UTC on Sunday, November 22
• 4:00 PM Pacific on Saturday, November 21
• 7:00 PM Eastern on Saturday, November 21

The presale will last for three days and conclude at 12:00 AM UTC on Wednesday, November 24. After the presale starts, PROTON presale tokens will be purchasable by DAI on the presale page on our website: https://electrondao.finance/presale.

PROTON will initially be priced at $75 a token, and the price will increase by $4 for every 20,000 DAI of PROTON sold. At 500,000 total DAI raised, the price of PROTON will be $175. After 500,000 DAI is raised, the PROTON price will increase by $20 every 20,000 DAI sold.

All DAI raised in the presale will go toward the initial ELECTRON-DAI liquidity on QuickSwap. ELECTRON will list at $200 a token, and after the liquidity launches, PROTON will be redeemable 1:1 for ELECTRON with no vesting period.

The Electron DAO protcol and contracts will launch a day after the presale concludes, at 12:00 AM UTC on Thursday, November 25.

SOURCE:
Medium