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

​

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

Core Team

A decentralized core team of 5 people run Ricochet DAO using 3 of 5 signing operations. The organization is managed using a 3 of 5 multi-signature Gnosis Safe and a Captain's contract on chain that autonomously manages the compensation for 5 Captains. Each Captain is assigned a specific functional unit they are responsible and all Captains work together to process their own compensation and earn NFTs for completing work for the DAO.
Captains for each functional unit: Executive, Engineering, Product, Communications, Treasury

Captains Rewards

The RIC token delivers the value created by the protocol to the team of Captains directly responsible for the success of the protocol. The fees generated by the protocol are used to buy back RIC and deliver it directly to the 5 Captains as a bonus reward. This Bonus Reward for Captains is shown below, fees are converted to RIC for the Captains. Protocol fees buy back RIC on the open market and distributed it to each Captain, in this way, the value of the protocol fee is sent to the Captain as RIC.

Grants Program

RIC rewards for projects will be granted to anyone who submits their project proposal in #proposals along with a request for rewards. The grants program will replace the existing bounty program where issues in Github were assigned bounty labels. Proposals that do not request rewards do not need to use #proposals.
Grants funds can be requested as a monthly reward rate while working or a lump sum reward on delivery. Grants will be posted for a final vote on snapshot vote.

Bug Bounty

Ricochet DAO has a history of rewarding bug hunters so get in touch right away if you find any bugs in the protocol or application.
Version 2 protocol and app will require bug fixes so there is a bounty program specifically for tackling the bugs. Submit bugs as Github issues and share them in #bounties or #development. The Core T

Participating in Governance

Ricochet DAO uses token gating on Discord and governance discussions happen behind the token gating. You need to meet one of these qualifications to access the #proposals channel where governance is discussed:
  1. 1.
    Stream 20 USDC/month to the Ricochet Launchpad
  2. 2.
    Hold 100K RIC tokens
Use #collabland-join channel on Discord to verify your wallet and access the communications channels you need to participate in Ricochet DAO governance.

Snapshot Proposal Process

  1. 1.
    Make a thread in #proposals in our Discord.
    1. 1.
      Start thread off with a summary of your proposal
    2. 2.
      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 #proposals that voting is live.

RIC Liquidity Mining

Ricochet went live on July 15th 2021 and started to incentivize liquidity on the protocol by issueing a RIC token. 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.
RIC incentives are ongoing on it's markets. Check the application to see which markets are being incentivized at anytime. Here's a history of the first 10% of incentives for Ricochet:
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
Incentives are ongoing, visit https://app.ricochet.exchange/#/ref/rewards to find what's currently being incentivized.