EnterDAO is a decentralized organization on the Ethereum blockchain founded with the mission to build products enabling new markets within the metaverse economy. Through a lineup of core products, EnterDAO aims to empower users, metaverse landowners, investors, brands, and degens of all kinds by tackling pain points like access to metaverse land, its capital efficiency, as well as UX and onboarding of metaverse games.

EnterDAO empowers the community by enabling decentralized decision-making. It is governed by the $ENTR tokens.

Intro

“EnterDAO” does not refer to an incorporated entity based out of any legal jurisdiction. It is an open-source suite of applications that enable new markets within the metaverse economy. Its founding team and the community that has emerged since its inception coordinate the continued development of this suite through a combination of formalized decision-making and informal channels for reaching consensus.

Its formalized decision-making is conducted through a structure referred to as a “DAO”, or Decentralized Autonomous Organization. The DAO is designed as a series of smart contracts on the Ethereum blockchain that allow users to deposit EnterDAO’s governance token, ENTR, to gain voting power. This voting power then allows users to decide on how to introduce new, or maintain existing, applications, as well as how to allocate collective resources in the shared treasury. This way EnterDAO becomes accessible to anyone with an internet connection and an Ethereum wallet.

The State of EnterDAO Governance Today

As mentioned above, EnterDAO governance relies heavily on informal consensus gathering to make decisions. The following process flow reflects what a good-faith effort for participating in governance would look like.

Establishing a Reputation: Whether publicly or pseudonymously, you can establish yourself as an engaged member of the community by participating in conversations on our Discord. You can also submit questions to our biweekly community calls via Github.

Submit a 5-Day Snapshot Vote:

Once you have workshopped your idea with the Integration Team and, ideally, other community members in the Discord, you can propose a Snapshot vote on the idea. This is the most subjective part of the process. You should make a clear effort to incorporate the feedback you received in the Discord discussion into the Snapshot proposal.

Proposal Included in the next DAO Vote: If your Snapshot concludes with clearly unanimous agreement among the community’s most engaged members, it will be included in the next on-chain DAO vote. These votes will occur periodically as the core team continues to work through its roadmap. If your Snapshot vote did not garner significant turnout or unanimous approval, feel free to try it again with the new feedback you receive.

The current state of governance reflects a) the gas costs associated with holding DAO votes on-chain, and b) the small community size of EnterDAO. As EnterDAO grows, we will look to build out a more robust governance structure that will allow for the core team to merge with the community via a council entity, and for there to be specialized working groups through which specific topics can be routed.

On-Chain Voting

Currently, the core team coordinates when DAO votes occur in order to optimize for this gas intensity. DAO votes are reserved for actual on-chain actions, whether that be deploying smart contracts or allocating treasury funds. This means that such votes will occur periodically as roadmap items get deployed (e.g., new applications, new liquidity mining reward pools) on-chain; such votes could however be called by any community member willing to pay the associated gas fees. Each DAO vote can support up to 10 separate on-chain actions, which is why we currently roll successful Snapshot proposals into them.

It is important to note how voting power is determined in such votes. For a participant’s ENTR holdings to count for their vote, the tokens must be staked in the DAO.

The participant can then choose to either leave their ENTR unlocked, or leave it locked for up to a year. One unlocked ENTR gives the user one vENTR voting share; locking up one ENTR for a whole year gives the user 2 vENTR voting shares. This bonus decays linearly relative to the remaining duration of the lock. If you lock for one year, after 6 months only 50% of the bonus will remain; after 9 months, only 25%; and after a year, your ENTR staked and vENTR will be identical.

​​How to lock ENTR to increase voting power?​​

Worth Noting: Users can opt to delegate their vENTR to another user. This allows smaller users, who may be put off by the cost of gas fees associated with casting a vote, to ensure that an aligned representative can vote on their behalf.

Thresholds

To be proposed and passed, a DAO vote must meet the following thresholds:

Proposer’s vENTR needs to be >= 1% of Total ENTR Staked: To submit a proposal for vote, the address doing so must have vENTR greater than 1% of the total ENTR staked. For example, if there are 1000 ENTR staked, a user will need either 10 unlocked ENTR staked, or 5 ENTR locked for a year.

Minimum 40% of Staked ENTR Must Vote: For a vote to be considered legitimate, the amount of vENTR that participates in the vote must be >= 40% of the total ENTR staked. For example, if there are 1000 ENTR staked, the participation of 400 vENTR would be enough to achieve quorum.

Minimum 60% of participating vENTR must approve: A DAO vote is considered approved if the vENTR quorum is reached and 60% of it votes in the affirmative once the vote concludes.

ENTR Token

ENTR is an ERC-20 token. Holders of the token will have the ability to govern the network by staking their holdings in return for the right to govern the network.

The ENTR token is tradeable on any exchange and storable on any wallet that has adopted the ERC-20 token standard – providing broad access across the world.

The ENTR token is a governance token that powers the EnterDAO.

The total amount of ENTR tokens is 100,000,000.

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Token Distribution

The distribution breakdown is designed to facilitate the most decentralized protocol and make sure power doesn’t reside in the hands of a few.

The tokens allocated to the Founding team, Contributors, and Advisors are locked in a smart contract that releases 1% of the tokens on a weekly basis over a two-year period (100 weeks). The vesting period starts with the launch of the Yield Farming mechanism.

How and Where to Buy ENTR token?

ENTR token is now live on the ETH mainnet. The token address for ENTR is 0xd779eea9936b4e323cddff2529eb6f13d0a4d66e. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise you to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

Source: Coin Introduction <https://morioh.com/p/e7a941ee0ad0>