Proposal: Whitelist CROWN with 100,000 BNT trading liquidity limit

DAO Archive (SUBMITTED)
1

This proposal is expected to appear on Snapshot for voting on 2022-05-21T23:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.

TL;DR

  • Proposal to whitelist CROWN
  • Trading liquidity limit of 100,000 BNT
  • Crown Capital will provide 50,000 BNT worth of CROWN tokens for external IL protection
  • There are no apparent security concerns that would prohibit whitelist status - you can see the results of the audit performed by Certik here (audit is complete but still waiting final report)
  • There is no reason to doubt the legitimacy of the Crown Capital project
  • Crown would only be added as a Bancor v3 pool once all pools have been enabled

Crown token address:

0x444d6088B0F625f8C20192623B3C43001135E0fa

Project Website: https://www.crowncapital.games/

Project

Crown Capital provides index-like exposure to the upcoming wave of blockchain gaming. The Crown DAO manages a fund that invests exclusively in yield-generating gaming NFTs. The DAO operates under the leadership of an elected board of governors, who are required to be doxxed.

Crown has many unique traits that make it a favorable investment vehicle in the world of gaming NFTs. Some of these traits include:

  • The fund will continuously reinvest earnings.
  • Crown tokens might be more favorable for tax purposes than managing NFTs yourself, depending on your tax jurisdiction.
  • Crown sources and analyzes investment opportunities as a collective.
  • The Crown treasury will hold a basket of assets, giving you index-like exposure to the market.

Token Security & Tokenomics

Crown does not have an elastic supply or rebase mechanism. The Crown contracts do not have permissions that grant administrators unrestricted mint/burn capabilities. The project has been audited by Certik, which you can see here, however, the final report is still pending as of writing this.

The Crown token supply is fixed at 100,000,000, of which 8,762,456 are in circulation at the time of writing. Of the supply, up to 15% will be sold in total in the Pre Seed or Seed round sales, 10% is reserved for the DAO’s treasury, and 75% will be used as rewards distribution over 5 years. The contracts and addresses with the highest concentration of Crown tokens are the DAO multi-sig and the token rewards address (85% of all tokens).

Currently Crown has completed its Pre Seed round. Next up is its Seed round. All fundraising phases have been/are open to anyone who wants to participate - there has not been any exclusivity to any of the phases.

You can see the current CROWN holders here:

https://etherscan.io/token/0x444d6088B0F625f8C20192623B3C43001135E0fa#balances

Please note that as of this writing, the only holders are participants in the Pre Seed round - we hope and expect additional distribution of tokens in the Seed round.

Token Liquidity

Crown currently does not have a liquid market. If this proposal passes, Bancor would be its primary source of Crown liquidity.

Community and Communication

The primary communication for the Crown DAO is over Discord.

Here is a list of channels:

Benefits for Bancor

Crown will provide its own IL protection, with a commitment of CROWN tokens worth half the size of the proposed trading liquidity - 50,000 BNT.

Crown hopes to run its reward program through Bancor. This includes 75% of the token supply being emitted over 5 years.

External IL Schedule

The Crown DAO proposes a schedule, where after 1 year, 75% of unused external IL tokens are returned to the Crown DAO multisig.

2 Likes
2

NICE! Are the CROWN guys involved? Would they be willing to tweet about this prop when tis live?

3

Yes - I’ve been working closely with them. They will definitely tweet about this when it’s live, and will also hype this as much as possible if the whitelist is successful. Crown ended up opting to not do an ICO right now, so this will (hopefully) be the first place the token is tradeable.

1 Like
4

Why would they remove the external IL protection?

In what form would the notice be?

5

They would remove it if the Crown DAO voted to leave Bancor for some reason. For example, if the token were moving to a layer 2 that wasn’t supported by Bancor.

Note that this isn’t an expected action, but the idea is for Crown to have access to its unused tokens if they decide to leave, without requiring a Bancor DAO vote. Also just to reiterate - the proposal does include a bare minimum commitment of 1 year (6 months minimum in pool + 6 months notice to leave).

1 Like
6

Yeah, just wanted to add:

To remove CROWN from the IL protection contract would require a vote by the Bancor DAO.

I suggest that this proposal either set the schedule now, or remove this clause and simply make a second proposal when needed.

7

I’ll be revising the proposal with a set schedule.

8

Updated proposal from withdrawing 100% external IL protection after 1 year to 75% withdrawn after 1 year.

9

Would love to hear more from the team on what this is about, seems like a huge commitment to Bancor and shouldn’t be understated.

10

Hey @tenzent - Crown is distributing 75% of its tokens to stakers over 5 years. Bancor v3 auto compounding reward distribution is a match made in heaven - those tokens would be deposited into the Bancor pool. (Not externally to instadump)

You can see their tokenomics here:

BTW they have been extremely fair in token distribution - the founder also bought into the fund. The DAO has 10% as a reserve for finance & operations – this is controlled from a multisig comprised of the elected board of governors.

If you have more questions I will try my best to answer or I can connect you with the founder.

1 Like