BNUG DAO Project Plan
We are going to make a DAO project which will run live after the liquidity mining contracts have been fully deployed and running.
The Concept:
We will create a project token (BNUG), a governance token (BNUGDAO), a liquidity mining protocol (BNUGLM) that rewards liquidity providers with BNUGDAO, and a DAO that is run by the governance token(BNUGDAO).
BNUG Token is the underlying token of Blockchain Nigeria User Group, Africa's most vibrant, most active, and most intelligent crypto-native community since 2017!
The token will be the basic utility token for the project which will be launched with its total supply fully minted with fractions of it allocated to different categories including team, development, marketing, etc . according to our tokenomics.
BNUG token will undergo sales rounds to raise funds for it’s initial liquidity in a decentralized exchange (e.g. Pancakeswap), and the tokens sold to investors will be according to the token allocation model.
When the pool has been created on a DEX with the funds raised (say BNUG/BNB), we will then create a liquidity mining protocol (BNUGLM) which will enable holders of BNUG and BNB to add liquidity to Pancakeswap directly through our liquidity mining protocol BNUGLM, and the LP tokens from Pancakeswap for providing liquidity will be held in our BNUGLM protocol.
Users who provide BNUG/BNB liquidity on Pancakeswap through our liquidity mining protocol (BNUGLM) will earn trading rewards from Pancakeswap as liquidity providers, they will also earn 1 BNUGDAO per block of the total BNUG liquidity provided. This is practically how the governance token is mined.
Users can decide to trade BNUGDAO on a centralized or decentralized exchange where we will list it, or they can choose to hold it for voting rights in the DAO.
The liquidity mining protocol BNUGLM will be the sole admin of the governance token BNUGDAO, hence making it the only entity able to mint BNUGDAO.
The Next step would be to create the DAO which is run by BNUGDAO token.
In conclusion:
We will be building the following for the project's first phase:
The BNUG Token is a unit of value that is created by the BNUG Blockchain community to self-govern its business model and entire value chain, which empowers every user to interact with the ecosystem products and services, while facilitating the distribution and sharing of rewards and benefits to all of its stakeholders.
BNUGDAO is a community-driven initiative designed to empower members with the skill set required to continuously win in the decentralized future.
As we collectively create more value, that value flows back to the BNUG token, shared by all community members on our platforms.
BNUGLM: Liquidity Mining Protocol
DAO: Decentralized Autonomous Organization
*BNUG Staking Contract
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