This proposal is expected to appear on Snapshot for voting on Monday 19th July 2021 at 12:00 pm UTC. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
BancorDAO Whitelist Proposal
TL;DR
● Proposal to whitelist DRC (Digital Reserve Currency).
● Proposed co-investment is 30,000 BNT.
● There are no apparent security concerns that would prohibit whitelist status.
● There is no reason to doubt the legitimacy of the DRC project.
● The benefit to Bancor is clear.
DRC token address: 0xa150Db9b1Fa65b44799d4dD949D922c0a33Ee606
Project Website: https://drcglobal.org
Token Security
DRC does not have an elastic supply or rebase mechanism. The DRC contract does not have permissions that grant administrators unrestricted mint/burn capabilities. The DRC token supply is fixed at 1,000,000,000, of which all 1,000,000,000 tokens (100% of the total token supply) are in current circulation. The ownership of DRC is well distributed among ~3,000 token holders. The contracts and addresses with the highest concentration of DRC tokens are Uniswap and Matic LP addresses. Uniswap V3 liquidity is currently provided by the DRC founder (~5% of the total token supply) and will be moved to Bancor, if the whitelisting proposal is approved by the Bancor community.
Project
Digital Reserve Currency (DRC) is a decentralized digital store of value with the fixed supply and a zero-inflation rate. The project was launched in September 2020 and did not have any security or other issues since its creation. DRC ecosystem is fully decentralized, and no one has control over DRC besides its community.
DRC token has intrinsic value not only because of its fixed supply, but also because of the unique utility of providing exclusive access to the Digital Reserve, a decentralized platform where users can get easy exposure to the well-balanced baskets of the most efficient Store of Value (SoV) assets to preserve their capital and hedge inflation risks.
The DRC Foundation and The DRC Foundation Fund have been established to support the growth and development of the DRC ecosystem. DRC is a fully transparent and compliant project, because of it’s fair token distribution model and a decentralized structure.
Tokenomics
The total supply of DRC is fixed at 1,000,000,000 indivisible ERC-20 tokens. 100% of the total DRC token supply has been issued directly to the secondary market in 2020.
No DRC tokens have ever been premined or retained by the project founders or developers. DRC has a predetermined finite supply and no more additional DRC tokens will ever be minted. The scarcity of DRC was embedded into the code and nothing can change it once DRC contract was deployed into Ethereum network. The token supply will not be artificially reduced by either buybacks or token burning.
Community and Communication
DRC is active on Reddit, Telegram, and Discord. The DRC community also operates official Twitter, non-official Twitter, and YouTube account. DRC also has official LinkedIn and Medium accounts. Activity on GitHub is frequent.
The founder of DRC is Maxim Nurov, CEO of Washington, DC-based financial company Digital Finance LLC. Maxim has over 15 years of diverse experience in banking & finance and worked as a General Counsel in major European banks. He was featured in Forbes, MarketWatch, CNN Money, HedgeWeek, and other mainstream financial media, as an expert in the blockchain space.
The DRC website includes a contact e-mail: [email protected] The DRC project has its own store with merchandise and DRC-themed items and a community art portal.
Available Audits
DRC token smart contract was audited in 2020:
Digital Reserve platform smart contract was audited in 2021:
Market and Trading Data
● DRC’s price at the time of writing is $0.02
● All-time high: $0.03 (27th March 2021)
● All-time low: $0.0001 (22nd September, 2020)
● Price 90 days ago: $0.012
● 1,000,000,000 tokens in circulation
● 1,000,000,000 maximum token supply
● The current DRC market capitalization is $2,000,000
● The DRC token is available on such exchanges as Bittrex Global, Uniswap, Quickswap, SushiSwap, and Bilaxy
● The average 24-hour spot volume is $500,000
Benefits for Bancor:
Bancor will be marketed by the DRC Foundation as it’s partner and liquidity provider, through press releases in mainstream financial media. DRC will publish information about the DRC/BNT liquidity pool in DRC social media channels (~3,500 Twitter followers and 2,000+ Telegram members) and will encourage DRC holders to provide liquidity and trade on Bancor protocol. Approximately half of the DRC liquidity on Uniswap will be moved to Bancor protocol and it will become the second largest DEX liquidity pool for DRC token. Finally, a community collaboration is possible, for example, a community AMA on each other’s servers. DRC will share information about Bancor protocol among its community.
Voter Incentives
DRC Foundation will send a unique DRC Supporting Member GEN01NFT to a random Bancor DAO voter. All votes for or against the proposal will be treated equally.