Introducing: the Ethernity DAO

Ethernity Chain
4 min readFeb 17, 2023

Today we unveil Ethernity’s Decentralized Autonomous Organization, better known as a DAO. In our recent Ethernity Community Update, we announced the DAO’s imminent launch, and we are now free to share a more complete rundown of its structure. For those interested in participating in Ethernity’s DAO, it is important to review the following information, which includes the minimum qualifications to become a voting member . To ensure complete clarity, we would like to restate the key points here: 24 hours prior to each vote, a snapshot of wallets linked to Ethernity profiles will be taken. Any individual who meets the criteria listed below will have the opportunity to cast their vote on matters pertaining to Ethernity and related Ethernal Labs projects.

  • 10 ERN in their wallet, or
  • 10 ERN in Fixed Staking, or
  • 10 ERN in Stone Farming, or
  • 1 LP token staked, or
  • 1 Ethernity NFT, or
  • 1 Genesis Satoshi NFT

In the event that a user fails to meet the minimum requirements, they will be deemed ineligible to participate and, as a result, the option to cast their vote will be disabled

For eligible DAO participants, each individual’s vote will be weighed equally, and participants will only be able to vote once on each issue. Once a vote is cast, it is considered final, and the live results will be immediately displayed on the DAO page.

First DAO Vote

The subject of our first DAO vote is: Stones Events! Voting on this issue is open at 12 PM EST on February 21, 2023 to all eligible participants and closes on March 07 at 12 PM EST. The snapshot to determine eligibility of Ethernity community members will be held at 12 PM EST on February 20, 2023. We hope that you are excited to be a part of shaping the future of Stone Events. Your valuable insights and thoughts will play a crucial role in determining the success of these events, and we are eager to hear from you all.

Stones Farming Basics

To start off, we would like to explain what Stones Farming is. Basically, it’s a DeFi product that enables users to lock their ERN tokens and earn an internal currency called STONES. This internal currency is generated at a rate of 1,000 per 24 hours per token. It’s not transferable nor have any monetary value. However, these STONES can be used in regularly organized Stones Events to redeem exclusive and unique NFTs, physical goods, adventures, merchandise, and much more, supporting the underlying project.

Two Stones Event Proposals

Ethernity is highly interested in understanding the community’s views on how we can best conduct Stones Events in the future. To that end, we have prepared two proposals (Proposal #1 and Proposal #2), and we would like to know which one you prefer. Your vote is crucial and has a significant impact, so we strongly encourage you to participate in the voting process and make your voice heard!

Proposal #1

The first proposal is in favor of maintaining Stones Events’ current form and schedule. We would keep regular Stones Events on a quarterly basis, approximately 3–4 events per year, and also plan rare, unique events in response to significant occasions like the World Cup 2022.

Each event will consist of a mix of buy nows, auctions where our community can snag NFTs, and a variety of physical and digital goods. Our goal would be to continue offering regular and diverse opportunities for the community to be rewarded for their Stones farming in fun and surprising ways and to engage with fellow Stones farmers and Ethernity community members.

Proposal #2

The second proposal is to transform the quarterly Stones Event into a 24/7 Stones Store that will be replenished with a specific number of prizes on a weekly basis. Each week, users will have access to new items available in the Stones Store, as follows:

  • In the first week, users will be able to purchase Mystery Boxes, which will consist of NFTs, including the Genesis Satoshi NFT. These Mystery Boxes will be sold as buy-now items.
  • During the second week, we will hold auctions for unique NFTs, including the Genesis Satoshi NFT, with the highest bidder winning.
  • In the third week, we will offer Mystery Boxes containing physical and digital goods, as well as merchandise, for purchase as buy-now items.
  • The fourth week will feature auctions for digital and physical goods.

The Stones Store will be sustained continuously for a period of at least two years.

Cast Your Vote!

The Ethernity DAO is not a spectator sport: we encourage everyone to make their opinion heard in a way that will make an immediate impact! Think carefully, and weigh both proposals- then head over to ethernity.io/dao and cast your vote! If you’d like to discuss the merits of either or both of the proposals, head over to our Ethernity Discord, where you can always ask questions or get a conversation going.

About Ethernity:

Ethernity is a community-centric marketplace offering authenticated and licensed digital collectibles, from the top entertainment brands in the world.

Ethernity links:

Website: https://ethernity.io

Twitter: https://twitter.com/EthernityChain

Discord: https://discord.gg/ethernitychain

Medium: https://ethernitychain.medium.com

Telegram: https://t.me/ethernitychain

--

--

Ethernity Chain

Ethernity Chain is a community-oriented platform that produces limited edition authenticated NFTs by your favorite artists and endorsed by those who you admire.