bnugDAO Community powered token is an initiative that aims at making BNUGDAO community activities fully transparent, immutable and incorruptible.
We are Leveraging strong community to build an inclusive financial ecosystem.
We are building an organization that can fully function without hierarchical management. Agile, Collaborative, Diversified, and Transparent! First, every DAO has to have some kind of an internal property, a tokens that can be spent by the organization or used by the community to reward certain activities within it, which majority think is valuable. BNUG Token is that internal property owned by everyone.
Secondly, by investing in BNUGDAO Token, every user gets a voting rights and subsequently the ability to influence the way BNUG Community operates. This is what holding BNUG Token can do for you.
Ownership!
All of the BNUG Community rules and financial transactions are recorded in the Blockchain. This makes BNUGDAO fully transparent, immutable and incorruptible.
All the community's decisions, where and how to spend funds are made via reaching a consensus. Everyone who is holding a stake in the BNUGDAO Token can make proposals regarding BNUG's future.
BNUGDAO.finance is a community driven DeFi initiative designed to empower members with the skill set required to continuously win in the decentralized future. We are Leveraging strong community to build an inclusive financial ecosystem.
The BNUG Token holders are linked together because of their shared goals and interests. The main aim of BNUG DAO is to make our community and token holders work together to make decisions that will improve the well being of the blockchain community over time.
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 is the underlying token of Blockchain Nigeria User Group. It will be the basic utility token for the project which will be launched with its total supply fully minted and fractions of it allocated to different categories including team, development, marketing, etc.
BNUG 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 BNGU 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 the 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.
Next step would be to create the DAO which is run by BNUGDAO token.
In conclusion:
We will be building the following for the projects first phase:
BNUG: Project token BNUGDAO: Governance token BNUGLM: Liquidity mining protocol DAO: Decentralized autonomous community *BNUG Staking contract