$AVG Governance Token
We’re delighted to share that Avocado DAO, now officially established as a decentralised autonomous organisation, is issuing its first Avocado DAO ($AVG) Token — an ERC-20 token on the Ethereum network — to operate as a governance token.
Avocado DAO will eventually be governed by $AVG token holders and ownership of the $AVG Token will give voting rights on proposals for the direction and management of Avocado.
$AVG Token staking
Beyond governance, the $AVG Token will also have a number of other use-cases, such as ‘staking’: the practice of lending and locking tokens into smart contracts in order to earn rewards and generate passive income.
Avocado DAO will be offering different Vaults that represent the DAO’s yield farming activities. Different DAO activities will have different staking lock periods. Here are some examples below:
- The revenue from our expanded yield farming across multiple games will be passed to token holders through the staking of their $AVG tokens.
- We will look into operating staking Vaults with other DeFi protocols to introduce the $AVG community to DeFi opportunities.
- Treasury growth, relative performance, and other future DAO operations are also ideas we are considering around staking contracts.
All of the Vaults parameters will be programmed into smart contracts including vesting duration, reward pools and the question of how the rewards are calculated based on staking contribution.
Use-cases in the physical world
The $AVG Token will have value in the non-digital world too. Access to the internet is a barrier to entry for many potential players around the world. Through Avocado DAO’s partnership with telecommunications and internet service provider TPG Telecom, token-holders will be able to exchange $AVG Tokens for mobile data and credits. This will help many more people, we hope, to connect with the emerging opportunities contained in the metaverse.
Supporting our objectives & services
At Avocado DAO, we view the issuance of the $AVG Token as an important means by which to support our ongoing objectives of building the blockchain gaming ecosystem, educating a new generation of Web 3.0 users, and supporting developing communities by empowering them to earn.
Avocado DAO will continue to evolve and improve the services it offers to scholars, in particular by:
- Acquiring NFT assets such as digital land, characters, items for the purpose of yield farming and future economic activity value accrual.
- Lending NFT assets to players to provide opportunities for Avocadians to yield-farm in a range of different activities and games on different chains and platforms.
- Investing in future blockchain based game-fi projects.
Avocado DAO will also continue to explore new partnership opportunities with other industry leaders to improve and expand the use cases for the $AVG Token and enhance the services we provide to our community of scholars and token holders.