πŸ—³
- Ricochet DAO
Ricochet Token (RIC) is the Ricochet DAO governance token

Overview

Ricochet Token (RIC) is the Ricochet DAO governance token. It has a fixed supply of 10 million tokens. All 10 million tokens were minted and transferred to the Ricochet DAO Treasury, a Gnosis multi-signature safe. RIC is used voting on how to use the funds accumulated in the DAO's Treasury. Below you'll find the official addresses of Ricochet DAO
Discussion and debate within the DAO occurs in the Ricochet Discord.
Name
Address
Ricochet DAO Treasury

Token Distribution

Ricochet's Whitepaper details how RIC will be distributed. The details are summarized below:
  • 1,000,000 RIC to streamers as part of our V1 Liquidity Mining program
  • 1,000,000 RIC to the Core Team that works on making V1 a success
  • 8,000,000 RIC to the Ricochet DAO Treasury to be allocated by RIC holders

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Governance

The primary role of governance is to determine how to allocate the remaining 8,000,000 RIC and the fees collected in the Ricochet DAO Treasury.
Token holders with more than 10,000 RIC be able to put forth proposals using Snapshot. The primary role of governance is to determine how to allocate the remaining 8,000,000 RIC and the fees collected in the Ricochet DAO Treasury. Proposals may include but are not limited to:
  • Listing new tokens on Ricochet
  • Allocating RIC distributions for newly listed tokens
  • Funding to complete projects and to reward contributes
Resource
Link
Ricochet DAO's Snapshot

Participating in Governance

There are three ways to participate in governance:
  1. 1.
    Discussion for proposal should be done publicly in #proposals
  2. 2.
    Vote on proposals in Snapshot
  3. 3.
    Make proposals (10,000 RIC is required to be eligible to propose)

Snapshot Proposal Process

  1. 1.
    Make a thread in #πŸ’‘-proposals in our Discord.
    - Start thread off with a summary of your proposal - Include the desired structure of the Snapshot poll. This includes the vote duration, choices, voting system (single-choice, ranked choice, etc; Snapshot shows you the options)
  2. 2.
    Allow at least 72 hours of debate to take place. Consider new ideas and tweak proposal as needed.
  3. 3.
    Once sufficient debate has taken place and opinions have manifested, head over to Snapshot and cast the proposal out for voting.
  4. 4.
    Inform the community in #πŸ’‘-proposals that voting is live.

rexBank

rexBank is a contract that lets RIC token holders borrow funds from the Ricochet DAO at fixed interest rates. rexBank accepts RIC as collateral and supports borrowing USDC at a 12% interest rate and 1% origination fee. rexBank creates a close loop system where RIC holders can access liquidity that has accumulated in the Ricochet Treasury from fees collected on Ricochet Exchange.
REX Bank is used by contributors who've earned RIC to access USDC to pay bills and buy food.

V1 Liquidity Mining

10% of the $RIC supply is being distributed to users of our version 1 stream exchange contracts. During specified periods, users streaming into designated Stream Markets can earn RIC tokens proportional to the size of their streams.
Date
% Distributed
Exchange Pairs
8/6/2021 to 8/13/2021
1%
DAI>>ETH, ETH>>DAI
9/9/2021 to 9/16/2021
2%
USDC<<>>ETH, USDC<<>>WBTC
9/30/2021 to 10/8/2021
1.325%
DAI<<>>MKR, USDC<<>>MKR
DAI<<>>MATIC, USDC<<>>MKR
10/11/2021 to 1/11/2022
5.675%
ETH, WBTC, MATIC, MKR
The image below is a breakdown showing how the tokens have been distributed as part of the V1 Liquidity Mining Program. The below was last updated 2021-10-08.
This is a summary of V1 Liquidity Mining token allocations & distributions (2021-10-01)

$RIC is a SuperToken

RIC is a native Super Token. This means it only exists as an ERC777. RIC doesn't have an underlying ERC20 token that needs to be upgraded or downgraded.
RIC as a SuperToken can do everything that an ERC20 token can do (be swapped on AMMs like SushiSwap, get transferred around, pushed around contracts, etc.) plus get streamed/distributed via the Superfluid protocol. It's a super token for a reason... it's got superpowers!
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