Tezos Domains: End-of-year Update
The most popular question right now is, “When will the DAO launch”? The short answer is: soon, but a bit later than expected. I will get into the long answer in this article.
Tezos Domains DAO
From the beginning, we wanted to create a community that would be empowered to govern the project in the future, especially regarding big-picture decisions. Launching the Tezos Domains DAO is the next step.
We will accompany it with a new governance token called TDO that will be distributed in an airdrop. The exact distribution parameters of the airdrop will be revealed before it starts. Most importantly, we want to reward and involve active participants: both the early adopters and those who joined sometime later, and everyone planning to stay for the long run especially.
We are working with centralized and decentralized exchanges and with market makers to make the token available to everybody. You might have noticed our partnership with Plenty, for example.
Voting platform and governance
The token will allow you to vote on proposals that will be put before the DAO. The number of votes will be the same as the amount of TDO tokens you hold.
The number one goal, of course, is to create an active governance community with a high participation rate. That being said, if you hold the TDO token, you should be able to delegate your votes to someone who you trust with your votes to make decisions on your behalf.
Right now, we are looking to use Homebase for governance. Homebase is a voting platform built by dOrg and allows creating proposals and placing votes easily. We are working closely with their development to give the community the proper tools they need.
Announcing the Tezos Domains Foundation
During the past year and a half, it’s become clear that Tezos Domains has matured and now needs a legal entity representing the project in the off-chain world. This proved especially true when we started to work on listing the TDO token on exchanges.
In short, the newly created Tezos Domains Foundation (TDF) will:
- Represent Tezos Domains legally and enter into agreements
- Provide limited liability, keeping token holders from being legally responsible for actions of the DAO
- Act on the treasury according to passed proposals and manage operational expenses in fiat currencies
The TDF is a non-profit organization, meaning there are no shareholders, and no dividends can be paid out.
Additionally, the incorporation now lets us hedge a portion of the Tezos Domains treasury against the possible further market downside. We will open a bank account for Tezos Domains Foundation and sell a total of 300 000 XTZ for fiat (USD and EUR). This will happen relatively quickly to protect the treasury from market volatility due to the latest events.
Why is the DAO delayed?
We started the process of registering Tezos Domains Foundation in the Cayman Islands almost three months ago. Unfortunately, the registry was handling a large backlog of requests at the time, which meant significant delays. Yesterday we were finally notified that the Tezos Domains Foundation had been incorporated.
The delay put some other things in the pipeline on hold, including the registration on centralized exchanges. Listing on several exchanges and including market makers is needed to keep the token liquid and fairly priced.
Like everyone else in the community, the team is anxious to see the DAO launched as it takes Tezos Domains to the next step in decentralization and self-governance. We are incredibly thankful for everyone’s patience. Practical obstacles will hopefully clear soon, and we should be able to continue with the launch in the early months of 2023.
Thanks
We want to thank Tezos Foundation for continuously supporting the project and making it possible.
About the team
The team at Agile Ventures has been working with Tezos since the early alphanet days. We have worked on numerous open-sourced projects focused on helping developers interact with the Tezos data. Currently, along with Tezos Domains, we are also working on an indexing framework for Tezos called Dappetizer.
