Locking pools are here and with that, we are ready to start distributing the governance token of the protocol!​

AQUA AMMs are now on the mainnet, and we have been waiting for that! FxDAO protocol needs pools where people can trade assets in an efficient way to work properly because the peg of the system is kept by arbitragers (you can read more about it here).

Because arbitragers are the ones who keep the protocol healthy, the FxDAO protocol rewards them with the $FXG token... But how does the protocol know how much to distribute? Well here comes the "locking pools".

The locking pools are those listed in the app and where you can lock your pool shares, then each day the FxDAO organization will distribute a fixed amount to the pools so when you decide to withdraw your locked shares you will receive the $FXG reward too. You can read more about the locking pools here and about the distribution of $FXG here.

When will the distributions start?​

Distribution of the governance token will start on Aug 31st but the calculation of the rewards will start from next Monday (Aug 5th), this means that if you lock your shares next Monday and you keep your deposit there until the first distribution, you will get all the rewards accumulated from Aug 5th until 30th. After that initial distribution, the next distributions will be done on a daily basis.

What's next?​

Now that the first pool is out there and the distribution of the governance token is scheduled, it's time to have the DAO website. This is almost done and we are currently testing it out, the DAO website will be available by the first distribution. Let's keep building 💪.

A lot of people think our system is an algorithmic system, but the truth is that the FxDAO peg system shares more characteristics with the old Gold standard than algorithmic coins. Let's talk about it.

Let's review what happened during the first quarter of 2024: From testnet deployment to audits and refactors.

Yeap, it's now a quarterly update: It's been a few months already since our last update and there are multiple news we want to share with you!

Welcome to Soroban preview 10: It's the end of July and Soroban Preview 10 is already here, it's said that with this latest preview, we won't see major changes from now on because most of the required tech is now included in Soroban…

The first legally incorporated DAO on Soroban: It's the end of the month and the biggest news is that we are officially the first legally incorporated DAO in the Soroban network, this is a big step for us because it gives legal recognition to the project and in some way, it proves that we are not joking, the goal is set and we are doing what is needed to reach it.

Between papers and lines of code: One of the "challenges" of creating a legally incorporated DAO is the paperwork, not because is something impossible to do but because of how much time we need to spend on it… But we are happy that April was the month of the paperwork and that we should soon be fully approved 🙌.

Current DAO governance models are broken and we need to look for solutions: Governance and voting are more difficult than most people believe. With DAOs, we normally see the classic model "the more shares, the more vote" which we truly believe is not the right way to do governance with DAOs… "Why not?" you might ask, so let's go into more detail in this article and explain how FxDAO proposes its governance.

Because this is the way: In our opinion decentralization is not equal to being Outlawed, being a DAO shouldn't be taken lightly because DAO participants could expose themselves to big liabilities if proper considerations are not considered by the creators of the DAO.

The start of the journey: The journey really started a few months ago when we started talking with lawyers and international advisors about our idea, we want to be different, and in order to achieve that we needed to get advice from professionals in the matter…