The $GDN governance token distribution will begin this week through the outlined quests for all GDN Membership NFT holders. You can read more about the GDN here.
The initial token distribution for Week 1 quests according to the totalWeeklyTokenSupply formula calculates to a total distribution of 350 $GDN.
Each week there will also be 5% of and in addition to the totalWeeklyTokenSupply set aside and allocated for the GDN treasury i.e. for Week 1 the GDN treasury will receive 17.5 $GDN tokens.
- questOne: Adding content and resources to the Web3 Fashion 101; images, videos, text documenting production process, NFT creation and more.
- questTwo:Adding designs to the DIGITALAX marketplace.
- questThree: Minting open source patterns, materials, textures to the FGO content on-chain library.
- questFour: Creating LOOK derivative designs to be listed on the marketplace or not.
- questFive: Hosting social media events and activations from Twitch streaming to Twitter Spaces etc + creating public educational content i.e. podcasts etc.
- questSix: Providing more public educational content around web3 fashion + the GDN from personal posting sites i.e. Medium blog, other personal websites etc.
- questSeven: LOOK Derivatives design competition; guiding one or more non-web3 designers into the GDN through the LOOK derivatives design competition. Read more about that here.
- questEight: Organising and running community calls.
- questNine: Proposing, driving forth and implementing new initiatives for the network; i.e. projects, partnerships, events.
- questOneWeight = 0.15
- questTwoWeight = 0.18
- questThreeWeight = 0.05
- questFourWeight = 0.20
- questFiveWeight = 0.1
- questSixWeight = 0.1
- questSevenWeight = 0.22
- questOne = 52.5
- questTwo = 63
- questThree = 17.5
- questFour = 70
- questFive = 35
- questSix = 35
- questSeven = 77
For the secondary market sales mechanism the distribution of $GDN for this special quest is in addition to the totalWeeklyTokenSupply and is not included in the questsAvailable count for the totalWeeklyTokenSupply formula. The exact $GDN allocated for this is determined retrospectively at the end of the week according to secondary market sales activity.
Each member begins with a quadScore of 0. At the end of Week 1 quadScore’s will be updated for all GDN members, dependent on week over week and quest and broader DAO activity.
It’s exciting to undertake Week 1 of the $GDN governance member token distribution and feel out more of the source code for what it takes to be a real DAO in web3.