CCO Alpha Info — Array.finance Weekly Newsletter #1
We’ve been very busy this week. We’ve been working on a complete website overhaul, smart contract development, and finalizing project collaborations. We’ve also been building our new frontend with some top designers over at RaidGuild. We’re happy where the new look is going and hope to build the easiest DeFi experience with it soon! Research and unit tests are wrapping up with our full whitepaper, but since we are quietly opening the CCO for our day 1 supporters, we’d like to share more details.
Read our tokenomics litepaper here.
The Array token, in numbers
Hard cap of 100,000 tokens, on an asymptotic crypto-collateralized bonding curve, described in the litepaper
10% allocated to the CCO, with a cap of 1,000,000 DAI tribute. USD/Array token value will be calculated at the end of the CCO, as the collateralization and bonding curve factors into these calculations. The CCO allocation will be at the beginning of the curve.
20% allocated to team and partners, vested and released alongside normal token emissions
10% allocated for capital, partnership, and collaboration opportunities, voted by the DAO
60% to be emitted when bonded & collateralized according to the tokenomics model
With the collateralization model, tokens are distributed as bonded, meaning a premine is impossible. The CCO tokens will be the only circulating tokens at DAO epoch.
The Array CCO Funding Breakdown
All funds will be sent to a DAO which is controlled with full team governance (multi-sig) and transparency to minimize risk. Funds will be broken down as following:
70% to collateralize Array tokens, in equal parts BTC/ETH/USDC. Array tokens can be burned at any time to reclaim the collateral post-CCO.
30% for development costs, taken periodically throughout the course of development.
With the Moloch DAO we are using, users can “RageQuit”, which returns funds immediately at any time in development. We specifically chose this model along with collateralization to reduce user risk and ensure transparency at day 1. In case you change your mind at any point, you have the ability to exit.
To reward our alpha community, we are offering a 10% bonus on CCO tributes until Sunday, February 14th, 11:59PM CST. Ready? Let’s go!
We’ve launched our CCO DAO on xDAI, a Layer 2 solution, to cut down on the costs of entry. It takes a few steps to set up, but we have made it easy to follow.
- Set up the xDAI L2 network on Metamask. Click here for a step-by step. Your address is the same on both networks.
- Make sure you are on Mainnet. Head to the xDAI bridge here and send your DAI over to xDAI! (We’d recommend sending an additional $0.05 to cover L2 transaction fees)
- Switch your network to xDAI on Metamask, and wrap your xDAI to deposit into the DAO using this tool by our friends at RaidGuild. (Keep that $0.05 or so unwrapped to cover transactions!)
- Head over to propose a DAO tribute to the Array CCO
- Click Membership, and Additional Options -> Request Loot. Please note, Loot Requested cannot be decimals, so feel free to round to the nearest whole number.
- Approve wxDAI spending, and fill out the form like so:
7. Submit and join our Discord community! We’re going to add a special role and chat room for CCO contributors in the coming days.
We know L2 solutions can be confusing. If you have any questions, ask us in #cco-help and we can help you as soon as possible.
We’re making significant progress with Array and we’re excited for the amount of support we’ve been receiving. We want to keep the true spirit of crypto alive- a decentralized model where everyone benefits, and we’re glad you’re on board!
From all of us on the Array team, thank you for your support, and we hope to build an excellent community with you all!
