What is the RugDAO?
RugDAO represents the heart of the RugRadio decentralized structure.
- RugDAO is a community DAO operating as a foundation based in the Cayman Islands.
- The DAO is how the community holds long term ownership in the ecosystem. As the DAO grows bigger and more people join it, it will get more and more decentralized over time.
- We deposited 1,000 ETH into the RugDAO from the primary sales, in addition to 70% of ALL secondary sales profit. 15% of ALL sponsorship revenue is also deposited back into the DAO treasury.
- The $RUG and $RDAO tokens are slow released over time. This means the DAO will grow slowly with them to ensure decentralization
- Elections were held to nominate a 33 person DAO council who were responsible for creating the 7 frameworks over the course of 6 months
RugBANK is a Sub-DAO of the RugDAO.
- The Sub-DAO that the RugBank sits within is created with a custom governance framework to ensure that, should there be any changes made to the Tokenomics structure, that is done so in a way that ensures that it’s not detrimental to the overall functioning of the ecosystem.
- The bank is the heart of the token rewards structure. This is how we run programs like listen-to-earn and also how we reward the content creators within the Rug Radio ecosystem.
- The Bank is also the recipient of all the $RUG tokens that are swapped for utility within the ecosystem. These $RUG tokens are then added to the pool that is redistributed throughout the ecosystem to members and creators.
- Rug Bank will accumulate a holding of 10% of all daily produced $RUG utility tokens which is approximately 4.3 million $RUG tokens/year.
- The RugDAO Operational Council is a 7 member subset of the the original 33 member council who is responsible for overseeing the administration of the DAO.
- Responsibilities include
- Ensuring proposals follow community guidelines and governance frameworks
- Reviewing proposal drafts to make sure they are detailed and compliant
- Reviewing DAO expenditures
- Preparing proposal and partnership analysis reports
- Support the drafting and amplification of community ideas