Introducing Galleon DAO — DeFi Structured Products Methodologists & 17th-Century Roleplay
Ahoy. This short article aims to delineate the core mission Galleon DAO sets out to achieve as an organised, community-driven effort to the 17th-century golden age of piracy roleplaying theatre (that we also value equally).
So what's the objective?
Galleon DAO is a Set Protocol ecosystem project founded by Andrew from Set. With his experience working and collaborating with Set since the first version iteration of the protocol, two key opportunities have been identified in the sea of on-chain structured products — an ecosystem poised for exponential growth in 2022 and beyond.
Prefacing the below, Galleon DAO is taking a ‘Scalable EVM first’ strategy where our focus is aligned with Ethereums scaling solutions and significantly growing EVM based networks.
Guild of Index Methodologists
At present, the infrastructure laid down by Set enables scaled, fully composable, 100% collateralised structured products to be built. However, there has been a distinct lack of reliable strategy creators and implementors that are comfortable developing and managing index products in light of regulatory uncertainty, liquidity and funding.
Galleon looks to create DAO to research, curate and nurture and pipeline of products with the aim to be developed and deployed alongside Set ecosystem partners (e.g. Index Cooperative) whilst also having the advantage of a methodologist token to bootstrap growth and liquidity via incentives.
Distribution platform aligned with protocol growth
Distributing structured products through decentralised exchanges is excellent in increasing your product’s reach and total holders, but are you growing? The way products built on Set Protocol work is that value can only be locked and unlocked via an issue and redemption process; once the Set is minted, it can be swapped and treated just like a standard ERC-20 token, but no more value is locked past that point. The problem statement here is that once you hit a certain level of product liquidity, growth tends to stagnate as incentives to issue the product decline.
Galleon DAO looks to own a distribution platform, SetSwap, specifically for structured products to promote DAO products alongside Set Protocols TV by directing incentives correctly into what grows the ecosystem (issuing, not swapping products).
What is $SHIP?
Galleon DAO will have a native governance doubloon at its centre to align a community around the building, distributing and incentivising all that the DAO looks to achieve. The details of the token are still entirely in flux, but there are four easy to identify reasons for the token to exist and its use.
- Funding contributors to create, maintain and ship products through ecosystem partners (Set Protocol). Revenue from products will be accrued back to the DAO treasury.
- Funding development for a DAO owned distribution platform with correct alignment and incentivisation around issuing products.
- Bootstrapping and incentivising DAO and partnered products using $SHIP to promote growth in revenue-generating, sticky capital products.
- Governance and voting rights upon the galley. $SHIP holders will have the ability to shape the DAO, its initiatives and direction in addition to where its treasury funds should be allocated.
$SHIP will be launched on Arbitrum is aiming towards the allocations below. Please reach out if you are interested in helping to bootstrap Galleon DAO. Updates regarding the $SHIP airdrop on Arbitrum will be announced on Discord and Twitter, and the eligibility requirements are decided; a snapshot has not been taken yet.
Interested in Galleon DAO? Join us, swashbucklers, in our Discord — roleplay mandatory — discord.gg/58uXXVWx7z
Follow us on Twitter and help share the word of Galleon DAO — @GalleonDAO
Follow Andrew on Twitter — @andrew_eth
Visit our website — www.galleon.community