May 13, 2022

WOO DAO has launched its official Incentive Program!

Core contributors to WOO DAO will now be compensated for their dedication to growing WOO Network, WOO DAO, and utility for the WOO token

Since the inception of WOO DAO on December 6th 2021, it has grown from a discord chat to a multi-million dollar treasury managed by a strong force constantly pushing to form partnerships with other projects and furthering the growth of the WOO network ecosystem. We are honored to have so many dedicated contributors that are helping WOO DAO live up to its mission statement.

WOO DAO aspires to become the most forward-thinking and action-orientated community-led organization with the dual objectives of supporting ecosystem growth and sustainably managing the treasury, and in doing so, maximizing long-term WOO token value.

More than just another DAO

Through the governance process, the voters in WOO DAO have collectively decided on implementing many proposals that foster strong relationships and add value to the WOO Network ecosystem. Some of the partnership highlights include:

Creating the first WOO option vault with Thetanuts and helped with product improvements
Making WOO one of the deepest pools in Bancor, and soon to become one of the multisig signers of the Bancor DAO
Leveraging Olympus Pro service from Olympus DAO to create a WOO bond program to diversify the WOO DAO treasury and put the WOO token into Olympus DAO’s treasury
Launching WOO financial NFT by partnering with Binance NFT marketplace
Providing liquidity for WOO and NEAR in Ref Finance to support WOO liquidity in the NEAR ecosystem

Moving forward

All of these couldn’t have been accomplished without the contributors in WOO DAO. We want the DAO contributors to be true leaders in our decentralized journey. With the recently passed WIP #10 — Contributor Incentive Program, contributors in WOO DAO will be compensated for their contributions. The goal of the program is to reward the people actively involved with the development of WOO DAO and grow the number of active contributors in the DAO for various working groups. The program will be reviewed by core contributors and working group leads every 6 months. There are three main initiatives to highlight here:

1. Grants — Grants are provided to individual one-off projects/initiatives that benefit WOO DAO, WOO Network, or the public good. The application and approval of grants (including scope, milestones, grant size and payment method) follow the same WOO DAO governance process, and they can be initiated as a WRC by any DAO member and project team. Grants can be provided to an individual or a team and should be paid in tranches upon the accomplishment of each milestone.

2. Ongoing Compensation — Contributors are the most important assets of WOO DAO. In order to incentivize proactive and long-term contributions and attract more contributors, WOO DAO will provide ongoing compensations to its core contributors and contributors of successful WIPs.

Core contributor rewards — core contributors are the ones that have shown a strong commitment to WOO DAO and demonstrated a track record of actively participating in WOO DAO community calls, working group meetings, and helping push forward various WIPs. Core contributors will receive fixed monthly compensation, a “DAO CC” role in the official discord and a WOO DAO email address.
WIP Success Rewards — for each successfully passed WIP, the contributor(s) involved in driving the initiative will be rewarded. A contributor of a WIP needs to demonstrate leadership in driving the initiative throughout its lifecycle.

2. Bounties — In addition to the above two incentives, any working group can put up a bounty for some tasks they want help with such as organizing a small offline gathering, creating content, or driving growth initiatives. It can also be used to reimburse some small expenses. This type of bounty is at the working groups’ discretion on how to use it.

Retroactive rewards for core contributors

In the past five months, many contributors have shown strong commitment to help the DAO grow, even without any compensation. Many have put in countless hours in various working groups, actively participating, and taking part in every DAO community call, working group calls, and WOO Force calls. All of this during unfavorable market conditions in 2022 nonetheless — a true sign of dedication to growing WOO Network, benefitting community members, users, and token holders alike. DAO contributors also took self initiatives to build discord bots to enhance the voting process, design the DAO’s treasury management framework, as well as building woostats.io to better showcase statistics related to WOO Network — just to name a few examples.

All of this has been instrumental to helping grow the DAO. As a small gesture of appreciation for the past contributions, WOO Network would like to provide retroactive rewards to the following core contributors in the DAO (discord username in alphabetical order).

Outstanding core contributors — 10,000 WOO each

0xKoshkoi

DylTrig

Woo Connected

Active core contributors — 5,000 WOO each

Al ex

aazzou123

Lior

Madeh

readyLurker1

Shawhin

The Three Words

WillyC

Stay tuned for all WOO Network’s exciting developments!

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