The Degen DAO
Mission, What, Where, and How
The Degen DAO is the DAO for sports fans of the future and exists to maximize awareness and engagement for the Knights of Degen ecosystem.
We often use the example of Red Bull when discussing the Knights of Degen ecosystem. Red Bull's core product is their energy drink. Red Bull has other brands within their ecosystem such as Red Bull Racing, Red Bull Gaming, and Red Bull Music. The purpose of these brands is to further brand awareness and increase community engagement.
Knights of Degen's core product is our RPG Fantasy Sports Games. We see our DAO initiatives such as Degen Gaming Guild, Degen Sports Collective, and Degen Commerce as similar purpose vehicles that increase awareness of the KOD ecosystem and provide new opportunities for community engagement.
Degen DAO is the community-owned arm of the Knights of Degen ecosystem. The community can build alongside the core contributors and receive rewards in $DGEN for contributing and developing key parts of the ecosystem.
Anyone who holds $DGEN has the right to participate in the governance functions the Degen DAO. Anyone who holds $DGEN but does not want to actively participate in governance functions can delegate their voting power to other community members who they feel will effectively represent their interests.
At its creation, the Degen DAO will consist of:
- DAO Treasury
How the DAO operates and interacts with the rest of the KOD ecosystem.
The DAO Treasury will be initiated by the creation of the Governance Application and will be funded with $DGEN tokens. Future allocations or grants of $DGEN will come from the Degen DAO Treasury, which will be complemented continuously by a portion of revenue streams generated by the Degen DAO.
- The DAO Treasury will also take control of the King's Purse which has 100+ assets, currently valued at 100+ ETH (as of February '23).
The King's Purse assets can be used for investment or community engagement opportunities.
Investment / Revenue Example:
- Asset 1 is bought at 1 ETH and sold for 3 ETH. 3 ETH is returned to the DAO Treasury to be used in future efforts to grow and support the Degen DAO.
- The Degen DAO acquires a new sports or e-sports team in an emerging league. If the team is sold for a profit, it goes to the Treasury.
- Degen Commerce creates and sells a new run of Degen Haze, the primary IPA of KOD. Profit from beer sales goes to the Treasury.
- Degen Commerce creates a Degen DAO merchandise site. Limited drops of Degen DAO merchandise are sold and the profits go the Treasury.
Community Engagement Example:
- Zed Run horses are used by the Gaming Guild to enter & win races, earn prize money and build awareness on behalf of the Degen DAO.
- Community members could be paid by the DAO to develop King's Purse metaverse assets like Sandbox for the community to enjoy.
- Community members can take on operational roles for DAO assets like our Fan Controlled Football team. Join as a scout, front office member or any other roles the team may need to be successful - the choice is up to you!
Committees can be ongoing, or project-based, and may be approved by the Degen DAO to receive $DGEN for participation. An example of an existing committee:
- Degen Gaming Guild: The gaming arm of the Degen DAO that is established to hold gaming assets and deploy gamers from the KOD community. The Gaming Guild has a presence in top web3 games like Zed Run, The Red Village, Deadrop, Rumble Kongz and more.
- Degen Sports Collective: The fine art arm of the Degen DAO, the DSC is dedicated to discovering and developing on-chain sports art projects. A % of sales from NFTs featured and minted in the DSC gallery will go to directly to the DAO.
- Degen Media: The media arm of the Degen DAO, Degen Media is like a decentralized version of ESPN. Community members can create shows and share in revenue created from the show with the DAO. Shows like Pickle Juice have gone on to be acquired (ONE37pm) and spin out.
The DAO will propose and vote on policy updates, future $DGEN distributions, and whatever the community deems relevant in support of the KOD ecosystem and its vision.
Examples could include, but are not limited to: new committees, projects, or initiatives to create, staff and fund.
Ecosystem Development Grants
Degen DAO-controlled grants have the ability to fund further expansion of the Knights of Degen ecosystem.
For example, Degen DAO can decide that it wants to incentivize users to participate in more tournaments or contests by unlocking $DGEN rewards when a user reaches a certain Experience Point (XP) threshold. In that case, Degen DAO might grant $DGEN to Knights of Degen Inc. to allocate tokens towards this initiative.
Another example, the Degen DAO could decide to send someone from the community to play in a World Series of Poker (WSOP) main event as a representative of the community. Prize winnings would go to the DAO treasury and the community would benefit from increased awareness.
Initiatives funded by the Degen DAO present opportunities to grow the Knights of Degen ecosystem and community, and generate revenue that will flow back to the DAO Treasury.
Official governance votes will occur via Snapshot. Formal discussion will occur via Discourse. Informal discussion will occur in Discord.