Introducing FrenTechDAO!
Introducing FrenTechDAO!
An Experiment for Creators on friend.tech
Short TL;DR
Time is money! If you’re running short on time, here’s a brief TL;DR on what FrenTechDAO is, and why you should join:
friend.tech offers a new way for users to monetize themselves.
However, this is only appealing to users/creators that have a following outside of friend.tech.
FrenTechDAO was created to solve this exact issue.
FrenTechDAO is centered around a Discord chat where users must hold 10 FTD tokens to join.
Users contribute to the DAO by providing alpha, market insights, memes… anything really.
Users recommend other users in the DAO for ‘Tips.’ Essentially, if you liked someone else’s content/work, you recommend them for a tip.
Users that receive the most tips will have the keys for their friend.tech account purchased by FrenTechDAO!
If you aren’t short on time, please read on to get a full understanding of what FrenTechDAO is!
The friend.tech Dilemma
The creation of friend.tech offers a new way for users and creators to monetize their following. Up to this point, however, the friend.tech model has only worked well for creators with existing large followings. If you don’t already have a large following, you’ll have a tough time monetizing your content through no fault of your own. Even if you put out the best content possible, friend.tech does not offer any efficient ways to get your contents and keys noticed.
How do we fix this problem? Enter FrenTechDAO.
FrenTechDAO: How it Works
FrenTechDAO is the proposed solution to the above dilemma. By organizing as a DAO, FrenTechDAO aims to give small users and creators the power to monetize.
Joining the DAO
FrenTechDAO is initially organized as gated Discord chat (can expand to other social platforms in the future). Users wishing to join the DAO must either:
Hold 10 ERC-20 FTD tokens on Base
Contact Address: 0xdc8a7BA009D417Ce0fBa9D8E5b0b68A6c0f073f1
Hold 1 of FrenTechDAO’s Keys on friend.tech
Twitter Account: @FrenTechDAO
Upon satisfying one of the aforementioned requirements, you gain access to FrenTechDAO’s Discord Chat! NOTE: In the future, this will be managed by a collab.land integration.
Rewards through ‘Tips’
Users are encouraged to participate as much as possible in the DAO chat. Why? You can be rewarded for doing so!
As users buy and sell FrenTechDAO Keys and FTD tokens, ETH fees accumulate to the FrenTechDAO. These fees will be used to reward active participants in the DAO by purchasing the friend.tech Keys of said participants. As long as you remain a member of FrenTechDAO, the DAO will hold your friend.tech keys in perpetuity. FrenTechDAO will routinely check if the creators of the Keys they hold continue to satisfy one of the requirements to be a member of FrenTechDAO.
But wait! How does FrenTechDAO determine which DAO members get their keys purchased?
FrenTechDAO will utilize a tipping model to determine which members should be rewarded. Let’s walk through an example:
DAO member 1 shares some ‘alpha’ in the chat. This alpha could be anything! But for the sake of this example, let’s say DAO member 1 identified some undervalued friend.tech keys.
‘alpha’ could be actual alpha related to crypto. Or is can be a funny meme. Or it can be a thread on Twitter explaining what FrenTechDAO is. ‘alpha’ just means an act that another DAO member appreciated!
DAO member 2 really appreciated this alpha, and wants to reward DAO member 1 for sharing the alpha.
DAO member 2 shares a link to DAO member 1’s alpha message in #tip-suggestions, thereby formally recommending DAO member 1 for a tip.
If DAO members 3,4,5… also found DAO member 1’s alpha to be useful, they can also recommend DAO member 1 for a tip!
A ‘Tip Committee’ reviews each tip suggestion, making sure they are legitimate tips.
Exact details for the ‘Tip Committee’ TBD. Join the DAO to help iron out these details!
At the end of a ‘cycle,’ the FrenTechDAO friend.tech account will use the fees it has accumulated to purchase the Keys of accounts that have received Tips.
The more tips a member receives, the more ETH value of Keys FrenTechDAO will buy!
Exact details for this also TBD. Join the DAO to help iron out these details!
Points Airdrop?
Assuming that friend.tech airdrops tokens in ~6 months from now, tokens airdropped to FrenTechDAO will be distributed to its DAO members. The exact methodology of how this will occur is TBD, but FrenTechDAO’s key holdings will play a large part in determining how those tokens are distributed.
The FTD Token
Keys on friend.tech can get expensive… so FrenTechDAO has taken the preemptive measure of tokenizing our keys! The FTD token will serve as the access token to FrenTechDAO. As previously stated, users need to hold 10 ERC-20 FTD on Base to join the DAO. NOTE: This is not the permanent holding requirement. It will be adjusted as the supply of FTD fluctuates.
Initial Distribution
FrenTechDAO initially minted 1,000 FTD (10 shares). The 1,000 tokens are distributed in the following manner:
Airdrop 1 - 400 FTD tokens (40% of the initial token supply)
I’ve been cryptically posting on my Twitter about an experiment I will be conducting (see tweets here). For the 20 of you that followed my instructions, congrats! You’ve qualified for the airdrop! Each user will be receiving 20 FTD tokens, enough to cover 2 memberships to FrenTechDAO. If you qualified for this airdrop, I highly recommend you gift 10 of your FTD tokens to a friend of yours so they too can join the DAO.
Airdrop 2 - 100 FTD tokens (10% of the initial token supply)
100 FTD tokens are reserved for the next 10 users to join FrenTechDAO. Join the Discord, follow the instructions, and you’ll receive 10 FTD tokens for doing so!
Protocol Owned Liquidity - 200 FTD tokens (20% of the initial token supply)
200 FTD tokens have been paired with 0.06 ETH for a liquidity pool on Velocimeter. The Dex Screener page for the trading pair can be found here.
Unallocated - 300 FTD Tokens (30% of the initial token supply)
The remaining tokens from the initial mint remain unallocated for now. The DAO can decide what do with them! Whether it be more airdrops, POL, etc…
FrenTechDAO Needs Your Help!
FrenTechDAO is a true DAO. In order for it to be successful, I’m gonna need your help! To start, some things the DAO will need help with include:
Community Managers
Tip Committee Formation
FrenTechDAO Social Media Images
Tip Methodology
Multi-sig Signers for DAO Assets
And more!
So, what are you waiting for?! Join FrenTechDAO today! There are three ways to join:
Check AvgJoesCrypto’s Twitter account for some invite links! Upon joining, share you Twitter Account and your wallet address. The first 10 users that do both will receive 10 FTD tokens, a free membership! Once 10 users have done this, you’ll have to do one of the following to join:
Purchase 10 FTD tokens through Velocimeter. The Dex Screener page for the trading pair can be found here. After you purchased, DM either @AvgJoesCrypto or FrenTechDAO on Twitter to receive your invite link!
Purchase one of FrenTechDAO’s Keys on friend.tech. The discord invite will be in the chat!
We’ll see you on Discord!