Proposal to Whitelist $MONA (DIGITALAX) - 150K BNT Co-Investment (Second attempt at quorum)

This proposal is expected to appear on Snapshot for voting on 2021-08-08T12:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.


  • Proposal to whitelist $MONA with 150K BNT Co-investment (0x275f5ad03be0fa221b4c6649b8aee09a42d9412a).
  • Integration for Bancor with the Fashion x DeFi bridge enhances interoperability for Bancor and the $MONA liquidity pool across other DeFi protocols and the fashion retail market.
  • The $MONA pool draws liquidity from an expanded market beyond DeFi, crypto, NFTs.
  • DIGITALAX pioneers a new sector for web3, through digital and physical fashion. This infrastructure is essential for more intrinsic sustainability translating to growth of the entire crypto ecosystem
  • Project Website
  • Project Whitepaper
  • DIGIFIZZY Web3 Metaverse Magazine
  • Project Documentation

Project Overview

What the hell is web3 fashion? DIGITALAX is the first web3 fashion protocol, founded last year September 2020.

Is swapping rich digital assets and collections through fashion and skins the key to unfreezing the metaverse as a coherent asset class?

DIGITALAX is here to prove that web3 fashion is the missing bridge that will onboard millions of capital savvy new users into DeFi. We’ve built an entire ecosystem across digital and physical fashion, NFTs, gaming, esports and the metaverse. We are firm believers in the necessity of progressive decentralisation in order to serve the core principles of web3 and are overtime decentralising to have our token holders take over governance through a DAO.

  • NFT marketplace on both Ethereum and Polygon for 3D digital couture fashion and gaming skins with DeFi staking utility for the NFTs.
  • Casual esports platform (ESPA) that allows players to purchase skins from our marketplace, take these in-game and start engaging in casual esports battles across modded and indie games like Minecraft, Roblox, Among Us.
    • Players are scored on a leaderboard and receive $MONA payouts for successful play.
    • The NFT skins determine a players eligibility within the ESPA meta-game, with additional “recharge” mechanics.
    • Targeted for integration with the traditional gaming sector, not limited to blockchain gaming integration.
  • Hybrid digital-physical NFT fashion line DRIP.
    • Accepts fiat for apparel purchases.
    • Onboarding an entirely new retail market into crypto and web3 through tapping into their existing buying behaviours.
  • First metaverse magazine (DIGIFIZZY), released monthly and entirely designed, engineered and produced in-house.
    • Highlighting top and unseen creators, insights, and topics from across web3, NFTs, DeFi, crypto, fashion, DAOs, music, the metaverse etc.
    • A new web3 publishing platform whereby the content is entirely free to read (90-130 pages each issue). Some creators featured in the magazine also contribute content to the NFT unlockable bundles that are sold alongside the magazine and allow readers access to additional content, experiences and a closer relationship with Creators.
  • Global Designer Network DAO of hundreds of highly skilled fashion designers.
    • Hundreds of highly skilled digital and physical fashion designers working towards building the web3 fashion infrastructure for the future.
    • Using Fractional Garment Ownership to build out on-chain open sourced digital material, pattern, texture libraries for streamlining cross realm (digital-physical) supply chain operations and creator access.
      • Native web3 supply chain and open source monetisation model using ERC-1155, ERC-721 and ERC-998 standards.
      • Contributing to the Fashion101 handbook for developing new standards, streamlined processes and resources for onboarding new creators into web3 fashion.
  • DASH 3D File Format
    • Developing a new 3D file format for overcoming barriers to interoperability in transferring 3D file formats between game engines and application environments.
    • Using opinionated logic and a 10 dimensional mathematical Transformation Set for dynamically deploying content across applications that still adheres to Creator intended fidelity.
  • PODE and the Player Creator Portal
    • PODE is set to become the first decentralised version of an instant distribution platform & incubator for how indie game devs get from initial concept through monetization to launch and scale: The Player Creator Portal (PCP), where native web3 and crypto components serve as key incentive conduits into the metaverse.
    • An enhanced Web3 Steam x PODE is set up to improve the circulatory performance of the feedback systems between the players and devs and also incorporate reliable metrics, through incentivised player QA testing, so that the devs can transparently gauge where they really are in the trajectory of their project and also fine tune their alignment with the current and future community of players, modders and content creators.
  • $MONA ERC-20 ecosystem utility token.
    • Governance token
    • Payment token across the NFT marketplaces
    • Income stream for designers, developers and players in ESPA/DIGITALAX ecosystem
    • 0% allocation to the team.
    • 10% to DIGITALAX Treasury.
    • 90% for staking rewards.

Major Milestones

  • ESPA esports integrations

    • Among Us modded content
      • Over $160K sales in $MONA on NFT skins
    • Minecraft Bed Wars tournaments
      • One of the top international servers with thousands of players across Europe, India and the US
    • Roblox Obby tournaments (Launching Soon)
      • Partnered game for integration has a 24 million unique player reach.
    • CS:GO mod tournaments (Launching Soon)
    • Budding developer ecosystem with custom games and mods being built specifically to be launched through ESPA.
      • 2D battle royales
      • MMORPG
      • 2D/3D platformers
    • Over 1800 active players in the ESPA discord server.
  • NFT Fashion Marketplace

    • Launched November 2020 (Before NFT hype cycle)
      • Total of 7 sale events (auction + instant buy) with over $600K in sales total.
      • Over 40 digital fashion designers highlighted for the sales events.
      • DIGITALAX Treasury took 0% profit from 2/7 of the auctions and a scale of between 15-20% for the other 5.
  • Pioneering Engineering

    • One of the first projects to integrate with Polygon back in early February 2020
    • Developed and implemented the first Multi-Token bridge between Ethereum and Polygon
      • Supports the ERC-998 standard and DIGITALAX variant ERC-998 standard (ERC-721 master tokens and ERC-1155 Child tokens)
      • Entirely open sourced.


All DIGITALAX and $MONA contracts have limited admin permissions, such as; Administrators are not able to move tokens on behalf of token holders. What they can do is update the token URIs for digitalax token metadata to ensure the quality of the NFT data and safeguard against mistakes— all metadata is stored in a dedicated IPFS gateway. Admins can also mint NFTs, but once a token holder receives that token only them or approved parties to their wallet are able to move it. The contracts and addresses with the highest concentration of $MONA tokens are predominantly the token staking contracts and DIGITALAX multi-sig treasury address. The DIGITALAX dev team performs persistent code peer reviews and unit tests across all deployed code, conforming to contribution guidelines. Each solidity contract is cross reviewed with other Solidity devs on the team to make sure there are no vulnerabilities and funds are safe. We pertain to the latest code and syntax standards and ensure our tests have decent test coverage. We check all the important methods in our code with unit tests to make sure there is no risk that value will be lost at any time. Both $MONA and DIGITALAX tokens are under the leadership of the admin team which also coordinates token rewards and token splits between the different NFT and LP staking pools we operate. DIGITALAX uses a system of primary sale prices to decide the awards that any given user receives in a staking pool.

Roles are also split up across our ecosystem for additional protection against exploits and vulnerabilities, including admin roles, minter roles, verified minters that can create open source fractional 1155, and smart contract roles for special contract actions.


$MONA is the core ERC-20 utility for the DIGITALAX ecosystem.

It is primarily used as:

  • The unit of value exchange for Players on the DIGITALAX NFT marketplace to purchase and recharge in-game skins as authentication of their eligibility to play in ESPA casual esports tournaments.
    • It is their income stream, as they are scored on a leaderboard and receive payouts for successful play.
  • Developers/Modders who showcase content in ESPA, and Designers who create these NFT skins receive $MONA payouts from a split of profits on marketplace sales.
  • $MONA is a payment method on the DIGITALAX “DRIP” marketplace for hybrid digital-physical NFT fashion.
  • It serves the same function for unlockable content bundles within the DIGIFIZZY Magazine.
  • DIGITALAX progresses through stages of deliberate decentralisation, whereby $MONA token and Genesis MONA NFT holders (Governance NFTs distributed at launch of the project) will govern upgrades to the project through votes on proposals across protocol development, monetary, and treasury policies.
  • Genesis MONA NFT and $MONA token holders are eligible to receive a portion of the platform’s marketplace revenue from Auctions and Instant Buy sales. The revenue distribution is derived from protocol fees collected by the platform at the point of sale for assets. This goes live in Q4 2021, upon launch of our new staking and revenue distribution contracts on Polygon.

$MONA launched on Uniswap on December 2nd 2020, with a 10,000 token supply. The token is distributed over the course of 1 year through staking for fair distribution. The team took a 0% token allocation. 10% of the token total supply was allocated to the treasury at launch (i.e. 1000 tokens) to safeguard the longevity of the project. The remaining 90% was assigned to community staking rewards, whereby holders of the Genesis MONA NFT, other DIGITALAX marketplace NFTs and/or $MONA LP tokens can stake for $MONA rewards.

Recently, the $MONA token supply was increased by 1,300 tokens (Set for early August). This was a small scoped and targeted increase specifically for addressing the market opportunity of onboarding new retail and consumers and arbitraging persistent hungry buyers into the market through hybrid digital and physical fashion, incentivised with DeFi.

This adjustment in the $MONA token supply is followed by a contract freeze on any further minting.

  1. 1300 additional $MONA mint;
    • 700 distributed under a vested composite NFT sale.
    • 500 allocated to NFT staking rewards.
    • 100 allocated for the DIGITALAX treasury.

The Vested Composite NFT product is being made available for sale from the end of July/ early August. It allows the holder to stake it in our new to-be-deployed Polygon staking contracts for a composite yield on profits from the DRIP fashion NFT sales combined with vested $MONA distribution ($MONA = DIGITALAX native ERC-20). This new product specifically gives exposure to this arbitrage between fashion, gaming and decentralised technologies.

  • A mix of ERC-20s are accepted on DRIP for purchases of the fashion items. 15% of the profits delivered in this dynamic ERC-20 mix will be distributed as a monthly yield to holders of the composite NFT that they have staked in the new contracts. Eligibility for this profit split allocation is supported for 6 months.
  • This NFT staking will also include vested $MONA rewards over a 3 month period.
  • 1 $MONA is included in the composite index and vested over a period of 3 months where the $MONA is staked for earning further $MONA yield from the NFT staking contracts.

Genesis MONA NFT Distribution

$MONA Token Distribution

Current Holder Distribution

Community and Ecosystem

DIGITALAX’s community consists of designers, developers, modders, gamers, creators and crypto/DeFi enthusiasts. We maintain a regular daily schedule of active communication with our community members across our Medium, Discord, Instagram, Twitter, Telegram, Linkedin and Youtube accounts, and facilitate the continuous growth and connections between them. The founder and CEO, Emma-Jane MacKinnon-Lee, is personally involved across all communications and community operations, ensuring continuous adherence to the integrity, mission and principles of the project.

Activity on Github is also daily across both closed and open repos.

Market and Trading Data

  • As a relatively new token, $MONA has maintained liquidity exclusively on DEXs to date (Uniswap, Quickswap).
    • Our primary focus to date has been across building first and responding to these market needs.
    • Having built out extensive foundations and live products to serve market needs, now we are focused on increasing liquidity and cross protocol usage of $MONA to support scaling of the ecosystem.
  • 10,000 $MONA total supply. 1,300 additional mint at the start of August.
    • Strictly limited affordance for governance to recalibrate according to protocol votes to maintain long term utility and viability of the token and the ecosystem.
    • There are currently 9,347.1148 tokens in circulation.
  • $MONA’s price at the time of writing is $391.98
  • All-time high: $2,840.70
  • All-time low: $305.03

Benefits for Bancor

High level first. Bancor gets:

  • A new liquidity pool with high volume.
  • The $MONA pool draws liquidity from an expanded market beyond DeFi, crypto, NFTs.
  • Integration with the Fashion x DeFi bridge enhances interoperability for Bancor and the $MONA liquidity pool across other DeFi protocols and the fashion retail market.
  • A transparent mechanism to convert fashion buyer sentiment into loyalty towards Bancor as a DeFi protocol.
  • Hybrid digital-physical NFT merch as a new treasury income stream through a profit split on sales.

We partnered with Bancor and 9 other leading DeFi protocols to create hybrid digital-physical NFT fashion collections, with designs and patterns sourced from our Global Designer Network DAO.

This DeFi protocol merch is sold through our DRIP NFT marketplace that targets a completely new retail market beyond crypto and relies on existing buyer behaviour. Broader retail markets are eager for a way to make sense of NFTs, DeFi and web3, but have no current realistic means to get in. DeFi for most people is an obnoxiously complex bit of Voodoo science that inspires a fear they will never be valued fairly or understood. Fashion, on the other hand, intrinsically fulfills a core set of needs and desires, inherent in how we all live, express ourselves and how we define who we are.

You can get some cool BANCOR PHYSICAL FASHION NFTS HERE!! And stake them for $MONA! Payments in BNT soon to be accepted!

The launch of the first Fashion x DeFi bridge serves to enhance interoperability for the fashion and gaming retail markets into DeFi.

Customers can purchase apparel in fiat or crypto (we accept the native ERC-20s of each protocol on Polygon). These fashion NFTs can be staked for yield in $MONA through our staking contracts, also on Polygon.

Eventually this Fashion x DeFi bridge expands into a full suite of fashion DeFi products. There is a profit split on the sold merchandise between the DeFi Protocol (30%), Designer DAO and DIGITALAX Treasury under the Fractional Garment Ownership standard.

The merch buyers build out their own success and intensify interest and loyalty towards DeFi and the $MONA pool, through fashion. These retail $MONA holders are specifically onboarded into practical education as to how $MONA provides greater utility via DeFi and additional DeFi protocol partners, beyond the immediate DIGITALAX ecosystem. This is executed from resources dedicated by DIGITALAX, including production of educational materials, custom content, dev build outs, sales / marketing channels, and community coordination.

Voter Incentives

Each Bancor voter receives an exclusive Bancor inspired DIGITALAX digital fashion animated NFT collectible. This is for all voters that participate. Voters can vote yes or no and will still receive the digital fashion NFT collectible!


Like the Drip ! Make sure to add this at the top if you’d like it to go live this week :

This proposal is expected to appear on Snapshot for voting on Monday July 26th.


Thanks for posting this proposal @Emma_13 and welcome to our forums. I am super excited to onboard the DIGITALAX community to Bancor and whitelist the $MONA token. Given the recent collaborations that have occurred:

DRIP-Physical Swag (check out cool hats and hoodies)
Digifizzy-Our very own Steven fox was featured in this DeFi edition metaverse magazine

and potentially others :eyes: between our communities, I am hoping that this is the beginning of a mutually beneficial relationship (BANCOR x DIGITALAX ).

For other Bancorians, this is a great opportunity for us to onboard a project that has shown that they want to work with us and build together. Additionally, we can reach a user segment that we normally don’t have access to (think gamers, designers, content creators, artists, etc…).

You can get some cool BANCOR PHYSICAL FASHION NFTS HERE!! And stake them for $MONA! Payments in BNT soon to be accepted!

Just to note that our contract doesn’t have an approve function and its what’s holding this back. I have asked the devs on our end to look into it and they are working with polygon folks to get this sorted.

Regarding the co-investment, there is currently a $MONA pool on Uniswap V2 where the majority of liquidity currently resides and it is roughly ~850K in size:

The 150K Co-Investment at current BNT prices should result in a pool that’s ~850K deep if it were to fill up completely and would rival’s Uniswap’s liquidity.

Note that Emma will be attending our community call this Sunday and will be talking about DIGITALAX for anyone in our community that might have any questions.


Great, will add this in now!


Thanks Glenn. Very much looking forward to the community call on Sunday and this opportunity to really integrate more with the Bancor community and ecosystem!