RomeDAO is based on the audited OlympusDAO contracts and it is exploring the idea to become the premier stable asset of the broader Polkadot ecosystem as we are reading more in our latest cryptocurrency news today.
RomeDAO is quite an experimental project and proposed a 100% community token allocation, no VC funding, and a reserve currency that is stable because of its strong governance. Built by a core team of developers, community builders, and researchers from the OlympusDAO community, RomeDAO is based on the audited OlympusDAO contracts. The ETH-based algorithmic stablecoin solution backs its OHM stablecoin with DAI and other assets so if the value of OHM drops below the value of DAI, the algorithm buys back OHM on the open market and burns it but If the opposite happens, it will mint new OHM and will sell it.
We are a community project building with/for our community.
VCs can stop DMing us asking for allocation in a venture round. We are not raising venture money.
If you are a VC who wants allocation, get in line next to our community members.
For Rome.🏛️ pic.twitter.com/TLYBQUGCrq
— RomeDAO (@romedaofinance) October 19, 2021
The team maintains that Rome is not a fork in the classic meaning of the word as it includes various changes to the contracts to make them compatible with Moonriver. Its treasury will be backed with three different bond types, DAI, ROME/MOVR Liquidity Position, and Magic Internet Money. The experimental EVM-compatible chain launched on the experimental Kusama blockchain as it was chosen to provide the project with a higher degree of freedom. The freedom provided by Moonriver will enable the project to expand into MoonBeam on Polkadot. The RomeDAO developers explained:
“Our long-term goal is to be seen as the premier stable asset of not only Moonriver & Kusama but also the broader Polkadot ecosystem, an ecosystem we believe is primed for explosive growth. To do this requires many thoughtful steps to create a robust treasury and long-lasting reserve currency.”
Launching a treasury-backed unpegged reserve currency is really challenging and while OlympusDAO managed to be at the forefront of the movement, RomeDAO believes that there’s a lot of room for improvement. The Developers think that defies too centralized now as it lacks community participation and has a ratio of volunteers to output. RomeDAO is an experiment in gamification while trying to make governance fun so Rome’s success will not be measured in the market cap of its TVL and will be measured in the percentage of ROME tokens that take part in governance.
In order to provide an incentive for the users, the entire supply of ROME tokens will be allocated to the community. The developers said they have not and will not receive any venture capital money or allocate some to the team. The move set a foundation for a strong community as DAO had self-organized in five different houses that self-moderate their channels on Discord.
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