On October 5th, TomoChain Lab is launching TomoMasterDAO, the governance platform of TomoChain. It provides funding for projects that are built on TomoChain blockchain and community initiatives.
The foundation of TomoMasterDAO is formed with the $tDAO token. The token will be used for various activities on the TomoMasterDAO ecosystem, such as proposing bounties, voting, and supplementing funds.
According to the announcement, The total token supply is 100 million $tDAO, and it’ll be launched on LuaStarter through an Initial DEX Offering (IDO).
What is TomoMasterDAO?
TomoMasterDAO aims to provide an optimal user experience by balancing security with ease of use. The DAO is taking a new approach to blockchain governance. It focuses on user engagement to build new technology in the ecosystem and run community initiatives.
— TomoChain (@TomoChainANN) October 5, 2021
Also, TomoMasterDAO intends to grow a strong community with consistent development in the new areas of interest in the cryptocurrency space. Various reasons discourage small stakeholders from participating in governance in the cryptocurrency space. They include a lack of a suitable reward scheme. As well as lack of education or interest or being unwilling to pay the gas fees required for voting on-chain.
LuaStarter is the first multi-chain Initial Distribution Offering (IDO) and fundraising platform on the LuaSwap decentralized exchange. A total supply of million $tDAO tokens will be available at the IDO.
Benefits of TomoMasterDAO
TomoMasterDAO addresses these issues and gives motivation for users to participate. With the launch of the $tDAO token, users will vote without paying gas and receive rewards for voting on proposals. Users will also stay on the cutting edge of new technology and discover hidden gems in their early stages.
Funding of Projects
TomoMasterDAO assists with up-and-coming projects that need it. More than USD 2 million has been allocated for the TomoMasterDAO ecosystem. Projects can apply for funding for launching a project, building new software. As well as for running community initiatives and marketing campaigns with their proposal.
The proposals are submitted to the TomoMasterDAO Board for review. This Board is made up of both internal TomoChain Lab members and external members. These proposals are elected by the TomoChain community. Therefore, the Board’s role is to evaluate the project’s legitimacy and keep track of them when they receive the funding. This is to prevent misappropriation of the allocation funds.
If the Board validates a proposal, it is posted on the voting portal with a Board recommended outcome if the vote does not reach quorum. Note that the quorum is the minimum number of votes needed to make a proposal valid. As a result, the Board is used as a fail-safe mechanism to ensure that great projects receive funds. This happens in case the quorum isn’t met.
Besides, voting on proposals is simple as connecting your wallet, choosing an active proposal, and casting your vote. After the proposal, the rewards pool will be split evenly between each voting member regardless of vote size. Here is an example of how TomoChain is supporting a charity project:
— TomoChain (@TomoChainANN) October 1, 2021
Community Driven Developer Bounties
A community-driven developer bounties program will be implemented on TomoMasterDAO. Users will propose bounties for technologies they would like to see using $tDAO tokens during bounty grant rounds. The most popular bounties will be selected and posted on the website for developers to apply. The users who created the winning proposals will receive special prizes.
TomoMasterDAO IDO Launch on LuaStarter
TomoMasterDAO will be launched its IDO on LuaStarter, at 9 AM (UTC), October 15th, 2021. Therefore, the TomoMasterDAO IDO will have a total supply of 4 million $tDAO tokens with a full raise of 50,000 $TOMO tokens. The price of each $tDAO token will be 0.0125 $TOMO.
Here are the IDO timelines:
To participate in TomoChainDAO IDO, you need to follow these three steps:
- Buy $LUA tokens to stake them in the $LUA-$TOMO liquidity pool. This is a requirement to qualify for a tier and secure minimum guaranteed allocation of the IDO token. Here is a guide for staking $LUA tokens in LuaSafe and another guide on how to add/remove liquidity on Luaswap.
Two staking protocols have different weights in the tier system. You can choose any of them to apply:
Source: Tomochain docs
2. Therefore, here, you will find the number of $LUA tokens you need to apply for TomoMasterDAO IDO on LuaStarter. It has four levels with different requirements:
Source: Tomochain docs
Note: $LUA tokens must be added in the designated protocols seven days before and remain staked until the IDO opens. And, the LP tokens staked in farming pools must be unstacked before the deadline.
3. Finally, you need to calculate IDO token supply/pool size * pool weight to guarantee a location. For example, if you have staked 50,000 $LUA tokens in LuaSafe, you can apply for the “Moon” pool, ending up with (50,000 / 25,000 * 6 = 12)
At the time of publication, $TOMO price was USD 2.44 with a 24-hour trading volume of USD 12,524,101. TOMO’s price also dropped by 2.2% over the last 24 hours. Besides, it has a circulating supply of 86,3 Million $TOMO coins and a total supply of 100 Million.
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