PegasusDAO: The Reserve Currency Protocol & Investment DAO on Cronos Chain
PegasusDAO takes pride in being Cronos’ first decentralized reserve protocol. We’re a collaborative initiative led by a talented group of developers, community builders, and marketers.
Our reserve currency is called $SUS, a free-floating currency that’s backed by the assets that are held in the PegasusDAO Treasury (USDC). The protocol is always backed by 1 USDC, so the price of $SUS will never trade below $1. Similar to the the popular Olympus framework, staking and bonding have been implemented to ensure parabolic growth in Treasury assets alongside $SUS supply.
Outline:
1. Architectural Design
II. Peganomics
III. Treasury
I. Architectural Design
Why Cronos?
Cronos is a highly scalable, EVM-compatible chain developed by the Crypto.com team that harnesses Cosmos’ Inter Blockchain Communications (IBC) protocol, making it interoperable with many other blockchains. We felt that a factor more important than Cronos’ interoperability was it’s tie to the fastest growing cryptocurrency platform, Crypto.com.
Crypto.com’s Defi Wallet app allows users to buy crypto assets with a linked credit/debit card and easily migrate their assets to Cronos chain to engage in DeFi (Decentralized Finance). (Article on how to migrate assets, coming soon!).
Given Crypto.com’s already enormous user base and newly announced partnership with the Crypto.com Arena (formerly known as Staples Center), we foresee a massive amount of capital migrating to the Cronos DeFi chain in the future.
II. Peganomics: How are we different?
PegasusDAO isn’t just another OHM fork.
We set out to build a community-driven fund that puts it’s users first and opens a window of opportunity to the generational wealth creation that DeFi presents. PegasusDAO’s vision is to build an investment fund protocol that invests a portion of its Treasury in high-yielding strategies and returns value to our token holders. In our next post, we’ll go over this in further detail.
Initial Assets
From Day 1, we will bootstrap the PegasusDAO Treasury with 1 Liquidity Pair ($SUS/USDC) and 1 Stablecoin (USDC).
- $SUS/USDC Cronaswap Liquidity Pair (LP)
- USDC
III. Treasury
One of the core principles that Olympus DAO has introduced is a transparent governance process that is entirely dictated by the community. It’s the idea that the Pegasus protocol’s stakers and holders would have full oversight on how the assets in our Treasury shall be allocated. We truly believe that in order to build a fully-decentralized reserve protocol, we must shift to a DAO governance model, so it’s our priority to do so shortly after launching.
Pegasus will be at the core of the protocol to help shape and lead its future, but it’s ultimately up to the community to vote on proposals casted by the core Pegasus team.
IDO + Launch
We have received an overwhelming amount of excitement around the launch of PegasusDAO. We are very thankful for this and want to launch as soon as possible.
In addition to our whitelist presale, we have decided to do a public sale of 50k USDC as well as a 100k USDC sale for early contributors who have bootstrapped the community.
The early contributors will receive $SUS at the same price as the whitelisted and public sale contributors.
Initial Discord Offering (IDO)
- Launch Date: 11/27/21 (Subject to change if we encounter delays.)
- Price: 5 USDC per SUS
- Max per Wallet: 1000 USDC (200 $SUS)
- Total Target Raise: 500,000 USDC
- Whitelist: 350,000 USDC
- Public Sale: 50,000 USDC
- Early Contributors: 100,000 USDC
- Treasury Allocation: 100,000 $SUS (500,000 USDC / 5 USDC per $SUS
Launch Date: TBA
How do I get Whitelisted?
- The first 100 to boost the Discord server will receive access to the IDO. (Completed)
- The first 150 to reach Sergeant Level 20+ and Boost the server will receive access (Ongoing).
- The remaining 50 Whitelist slots will be given to community members that participate in our Discord contests (Ongoing).
How will IDO funds be initially distributed?
After the presale, we will provide 200,000 USDC into the SUS/USDC Cronaswap Liquidity Pool (LP).
200,000 USDC will be provisioned for initial development and marketing costs.
100,000 USDC will be allocated directly into the Pegasus DAO Treasury.
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Disclaimer: By reading this Medium article, you warrant and understand that investing, contributing, staking or bonding USDC or any other coin into PegasusDAO and our protocol is experimental and risky.
Consider your funds high in the sky, and do not invest more than you can afford to lose. You acknowledge that you are trusting a community of 4000+ strangers on the internet on a random Discord server.
You acknowledge that PegasusDAO, and any known affiliates or assignees bear no liability for monetary or financial loss due to changing market conditions in our ecosystem, that any investor may deem unfavorable even though we use an Automated Market Maker (AMM) system to distribute and reallocate funds through our Treasury to stakers and bonders.
