The WalletDAO is a Decentralized Autonomous Organization Governed and Owned by The WALLET Token Holders. Its Purpose is to Govern Ambire Wallet Development and Integrations.
The DAO has a treasury managed by a multisig controlled by delegates. The treasury consists of 35.5% of the total WALLET token supply, as well as revenues from transaction fees (collected by the Ambire Relayer) and swaps.
Proposals that involve treasury spending on project development work can only be submitted by the core team, but they can be voted on by all token holders, and would require a quorum.
The DAO Relies on The Following Revenue Streams:
- Swaps: swaps made using the built-in UI (swap, diversify) charge a 0.5% fee
- Relayer: if the relayer manages to save from gas fees by rebroadcasting the txn (with Flashbots, transactions can be re-broadcast with a lower fee), then a portion of the amount saved goes towards the DAO
- Revenue share deals with FIAT on-ramp partners
- Yearn revenue share: Yearn has a rev-share program for dApps that integrate their vaults
- Plugin visibility: revenue from purchasing premium spots in the Ambire Wallet plugin catalog
Example of WalletDAO Governance
Since wallets are the main user-facing component of crypto infrastructure, integration decisions are usually the most contentious. Especially if the wallet is designed to be a full-featured DeFi dashboard like Ambire. For example, what if two DeFi protocols are competing over being the default provider of the Swap functionality? Their respective communities will likely lobby for their protocol to win.The WALLET token and the DAO give the opportunity for everyone to put their money where their mouth is by actually acquiring WALLET and competing through a governance system designed to elect a clear winner.
The WALLET Token
Wallet is The Governance Token of The Ambire Wallet
The maximum supply of WALLET is 1 billion, distributed as follows:
- 12.7% to the early backers with 1 year linear vesting
- 10% to the team on a merit basis, with 3 year linear vesting; allocations to team members are distributed as long as the given person is part of the team - if they leave, they lose the remainder
- 10% to ADX stakers
- 30% allocation for early users and stakers, distributed over 4 years as WALLET rewards
- 35.5% allocation to the DAO
- 0.6% for initial liquidity on Huobi Primelist, 1% for marketing activities and 0.2% for market making
$WALLET Rewards and xWALLET Staking
30% of all WALLET will be distributed as rewards encourage users to use Ambire Wallet
In the first 4 years after Ambire Wallet’s launch, all users would get WALLET tokens based on the proportion of their digital asset value held in their wallet account over the TVL of the Wallet as a form of a liquidity mining program.
WALLET holders can stake their tokens on a single staking pool, and in return they'd get xWALLET which is a token representing their share of this pool. Additionally, WALLET holders can participate in providing liquidity to a variety of third party protocols to earn various token rewards.
What Can You Do With Your $WALLET?
Hold it in your Ambire wallet or any other ERC-20 compatible wallet
Stake it on Ambire wallet for additional rewards
Trade it on crypto exchanges
Provide liquidity on automated market makers (AMMs)
Participate in WalletDAO governance
$WALLET can be acquired on some of the largest crypto exchanges in the world.