What is Thorstarter
vXRUNE
In order to vote users must stake XRUNE tokens to a voting contract which then supplies vXRUNE. This voting escrow will follow a “time weighted” system of voting. The longer users hold vXRUNE the greater the voting power within the Thorstarter DAO becomes. Users participating for the first time in voting proposals will not have the same voting weight.
The voting weight system will be modified according to usage and protocol economics. 1-1 voting models are not ideal as large token holders can hold disproportionate voting power.
vXRUNE holders will be able to collect protocol fees. Fees generated in new asset tokens will also be distributed to vXRUNE holders.
vXRUNE and its Role in Governance
Now that we’ve touched on what the Valhalla Venture DAO is and why it exists, we will move to gaining access.
In one sentence: DAO membership is automatically awarded to anyone who locks up more than 100 XRUNE for vXRUNE.
What is vXRUNE?
vXRUNE is a non-tradable, non-transferable, ERC20 token that XRUNE holders receive in exchange at a 1:1 rate for locking their XRUNE for vXRUNE on the Thorstarter Governance Dashboard. vXRUNE grants holders the ability to participate in Thorstarter IDOs, voting privileges, and rewards proportional to their vXRUNE position size in the DAO.
Where do I get vXRUNE?
- 2.Once you have XRUNE, go to the Thorstarter website and select the Governance tab. Once on the Governance page, select Voting Token. (Note: the Governance tab is not yet live on the Thorstarter website. These instructions are for when it is.)
- 3.Lock your desired amount of XRUNE to mint vXRUNE. The minimum amount to grant you DAO membership (the ability to vote, receive rewards, and participate in IDOs) is 100 vXRUNE.
- Exit Step: if at any point you would like to exit the DAO, you can do so by unstaking your vXRUNE, which will return your XRUNE to you.)
I have vXRUNE, how do I participate in the DAO?
To participate in the DAO, select the Governance tab from the Thorstarter home page. From there, you will have a number of options: Proposals, Voting Token, Vesting Dashboard, Treasury, and Forum. All actions on the Governance Dashboard are mediated by vXRUNE.
Proposals — The most important functionality of the Governance Dashboard is Proposals. Here, you can use vXRUNE to vote on IDOs, new protocol features, and other important decisions raised by members of the DAO
I have vXRUNE, when and how am I rewarded?
As the Thorstarter DAO launches projects and harvests successful investments, rewards will be distributed based on random snapshots (random to prevent any gaming of the system). A snapshot is a “picture” of the blockchain at a specific point in time that records which addresses have how much vXRUNE. We will use vXRUNE Snapshots to determine how much voting power and rewards DAO members are entitled to.
Where do rewards come from?
Thorstarter’s primary profit mechanism is launching IDOs to which we grant initial liquidity. As outlined in our Shared LP Model post, this acts like a pre-seed investment in up and coming projects that can be slowly harvested once they’ve successfully launched and reached exit velocity.
Over time, Thorstarter will liquidate our half of the shared LP, creating steady buy pressure for XRUNE. In addition, rewards come from fees collected from the XRUNE seeded liquidity pool (outlined below in Step 3 of the PROJ example).
Who makes the DAO’s rules?
The DAO will vote on its own parameters, like minimum vXRUNE balance for proposals, minimum voting required to meet quorum, minimum voting time.
When can I participate?
Valhalla DAO functionality will be available via the Governance Dashboard immediately before the first IDO, which will take place the last week of August, 2021.
vXRUNE Delegation Explained
Those who do not have the time or interest to participate can delegate their votes to others. This means that someone else will vote in your stead, like a Thorstarter team member or respected voice from the DAO. Any vXRUNE holder will still receive their proportional DAO membership rewards whether they delegate their vote to someone else or not.
For example, if a proposal is up for a vote in the DAO that you feel is beyond your level of technical comprehension, you might want to delegate your vote. If there’s a DAO member that you trust based on his or her consistently informed takes in the community forums, you might delegate your vote to him/her.
Summary
The Valhalla Venture DAO launches top up-and-coming DeFi and THORfi projects. To participate in the IDOs, you will need vXRUNE.
In summary, vXRUNE:
- Can be acquired by staking XRUNE in the governance contract (note this is a different staking contract and UI than single-sided XRUNE rewards).
- Can be redeemed back into XRUNE at any time.
- Can be earned/given by being an LP, both in ETH-XRUNE on SushiSwap and RUNE-XRUNE on THORChain (excluding LPs who added asymm RUNE, however.)
- Allows you to invest in Thorstarter IDOs.
- Entitles you to XRUNE rewards distributed to the DAO when successful IDO investments are harvested.
- Affords voting privileges within the Valhalla Venture DAO where you can help decide which projects to fund, how much to invest, and when to harvest.
We invite you to accumulate vXRUNE and participate in the Valhalla Venture DAO to benefit from the vast potential of Thorstarter IDOs.
Last modified 9mo ago
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