Virgo (DAO)
Virgo is a trustless decentralized autonomous organization (DAO) that is run solely on immutable smart contracts. It is these immutable smart contracts alone that facilitate taking funds from the treasury, purchasing tokens that have been voted on and then distributing these to the stakers. The design of Virgo ensures that it is a truly decentralized and trustless system; there is no use of a middleman who ever has access to any funds at any point of any process.
The treasury of Virgo collects fees from a multitude of Messier products & services that offer solutions to problems consumers often face within the decentralized finance sector. These products & services aren't only geared towards only benefiting M87 token holders, but instead are tailored to benefit a broad range of consumers all throughout the Defi space.
Our method of funding the Virgo treasury has long-term sustainability, because it does not require the acquisition of new token holders to generate fees that are then recycled to existing token holders. Instead, Virgo is funded by taking small fees from consumers of the various Messier products & services and sends these collected fees to the treasury. These can then be used by the DAO to purchase new tokens that are then distributed to those who are actively staked in Virgo.
Virgo will exist exclusively on the Ethereum network, but there is also the possibility of launching a second DAO onto the Pulsechain network once it is live. Since Pulsechain is doing a full system state copy of the Ethereum network, every ERC-20 token in existence (including M87) will be copied over to the network and all holders will be given a new token with the same ticker & contract address as their ERC-20 version, except that it will be a PRC-20.
The name of the DAO on the Ethereum network is Virgo; if we decide to launch a second DAO onto the Pulsechain network, it will be named Astraea. Virgo and Astraea would work identically with only some minor changes as to the types of fees it collects from services and the values of the tokens it can hold within their respective treasuries. Virgo would collect wrapped ETH from products & services built across the various networks that support wrapped ETH, whereas Astraea would collect Pulse from the various products & services built exclusively on the Pulsechain network.
Virgo would only interact with ERC-20's and Astraea would only interact with PRC-20's on their respective layer one networks. Launching the DAO onto both layer one networks could be very advantageous to M87 token holders as it would allow for separate proposals to take place on each network independently of one another. Since the DAO is designed to directly reward M87 stakers with newly acquired tokens, there will be unique tokens that are exclusive to each layer one that otherwise would not be obtainable through the DAO. This will add a layer of complexity & depth to the DAO; stakers will be able to build a highly diversified portfolio through the rewards given on the Ethereum network as well as the Pulsechain network.
Since the Pulsechain network is not yet live, Messier can only speculate for now and cannot solidify any decisions until it is. This section of the catalogue will pertain to Virgo only and if in the future Messier is able to launch Astraea onto the Pulsechain network, it will have its own section in the Catalogue that will be added at that time.
Last modified 1mo ago
Copy link