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The Introduction of Credit DAO

Credit DAO 26 79

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The Introduction of Credit DAO

Credit DAO is a fork of the already successful Olympus DAO available on the Avalanche Network. It will use the familiar bond-and-stake mechanism as Olympus DAO. CREDIT token is a decentralised…

What is Credit DAO?

Credit DAO is a fork of the already successful Olympus DAO available on the Avalanche Network. It will use the familiar bond-and-stake mechanism as Olympus DAO.

CREDIT token is a decentralised reserve currency which is a revolutionary reserved gaming and gambling currency for the Metaverse and the real world backed by Magic Internet Money (MIM).

Credit DAO’s token will be named as $CRD.

What makes Credit DAO different?

Unlike any other DAO we have put enormous focus and promise to launch the dApp on the agreed date and time (to be announced soon), without any delay.

Our goal is to make CREDIT tokens be used as an in-game currency for games, and a currency for online (casino) gambling. We also want to expand and be a currency used within the Metaverse.

How can you benefit from Credit DAO?

Credit DAO will raise funds by the aforementioned bond-and-stake mechanism developed by Olympus DAO. Those raised funds will be primarily used to ensure a sustainable growth and reward stakers accordingly.

Credit DAO will provide a huge APY which will reward early stakers through a rebasing process every 8 hours. As the treasury increases and more CREDIT tokens are staked the APY will be managed by the protocol to sustainable levels to ensure consistent passive incomes and token appreciation.

Ps… for our fellow gamblers and gamers you could use your earned passive income to gamble (for free) and buy skins and NFT’s with our future collaborations within those industries.

Our long term vision is to collaborate with gaming and online gambling platforms so that our tokens are used as a currency among many other crypto coins. We are also looking forward to the launch of Metaverse so we can be early adopters of using our token as a digital currency within Metaverse projects.

Who are the masterminds behind Credit DAO?

Credit DAO consists of a team that have worked together in previous open source projects within the blockchain. We are a team consisting of developers, marketing strategists, and social media experts.

Our enthusiasm for the DeFi community has allowed us to maintain a strong bond for over 6 years now. Seeing some DAO projects succeed we got eager to make our own DAO, where our tokens will have a real usage despite all the benefits holding the CREDIT tokens already have.

How will Credit DAO work?

Unlike Olympus DAO which is built on the Ethereum Blockchain with high transaction fees, Credit DAO will be built on the Avalanche Network, so everyone despite their capital will be able to bond and stake CREDIT due to Avalanche’s cheap Network transaction fees.

To ensure transparency and a smooth user experience:

  • Both smart contracts and Credit DAO frontend will be published on GitHub
  • Smart contracts will be verified before the presale
  • Presale participants will provide a capped amount of stablecoin in return for an allocation of CREDIT

What are the next steps for Credit DAO?

We do not know any dates as of now, as we are first focusing on building a strong loyal community. Keep an eye on our Twitter and Discord for further updates.

Presale (to be announced)

In order to fund raise the Credit DAO protocol we will have an initial presale of CREDIT tokens for the goal of raising $320,000, which is not fixed yet.

80,000 CREDIT tokens will be minted at a price of 4 MIM to raise the presale target of $320,000

The raised funds of the presale will be distributed as follows:

  • $100,000 will be kept in Credit DAO’s treasury to ensure a minimum value of 2.50 MIM per CREDIT
  • $100,000 to provide a CREDIT/MIM liquidity pool at a rate of 1 CREDIT = 10 MIM
  • $80,000 to support the core team’s operations and project development
  • $40,000 will be directly allocated to the marketing team for recruitment and marketing purposes and influencer collaborations

Launch (to be announced)

Our dApp will be launched approximately 48 hours after our presale without any delays. During our public launch we will target a huge APY and accumulate a treasury between $20-$30 million in the first year.

At the public launch 1 CREDIT will be worth 10 MIM.

Tokenomics

CREDIT token will have a supply of 100,000 CRD (can experience change).

80,000 CRD will be minted for the presale:

  • Whitelist users will be able to claim only 25% during a period of 4 days to protect extreme volatility, which can be claimed through the token contract

10,000 CRD for the liquidity pool

1,000 CRD for airdrops and giveaways

9,000 CRD for the team which will be allocated as follows:

  • 33% will be released to the team when the TVL reached $1,000,000
  • 33% will be released to the team when the TVL reached $5,000,000
  • The rest will be released to the team when the TVL reached $10,000,000

Whitelist

Early adopters and promoters of our project will be rewarded with spots on our whitelist. A maximum 400 members will be able to be on the whitelist (can experience change):

  • 70 first users who join our Discord
  • 50 users who have the most invites to our Credit DAO Discord
  • 100 users who retweet, comment, and promote our Twitter
  • 100 users who are active and boosting the Discord server
  • 30 users who are a member of our community such as moderators
  • 20 spots for giveaways
  • 30 spots to be announced later such as for quizzes and contests

How can you contact the Credit DAO team?

Twitter: https://twitter.com/CreditDao

Discord: https://discord.gg/D42fGnWVwm