Genius Contracts - Summer Season Update 1 ($RSAL, $wTACO, DAO Activities and more)
Hello Geniuses, we hope you enjoyed the beta release of the sCasino. Thanks for 700 House Bets! You can already see the positive divergence of $GSAL in the casino bankroll.
Here are some quick updates on what’s coming next in Summer Season.
After careful debate, we’ve decided to take certain actions to improve the tokenomic health of $RSAL. The first action is to burn all dev held $RSAL. That takes about ~35m out of the network. Another ~35m is locked in the V3 Taco selling contract. We’re unsure if the price of $RSAL will go above the arbitrage price again, but there is a permanent arbitrage opportunity if it ever does. The other 60m or so is owned by the ecosystem.
Furthermore, there will be an $RSAL_QPT bonus farm for providing liquidity in $RSAL/XTZ, generating 1m $sDAO rewards over 6 months.
The price list for getting 1 $wTaco token is below:
V1 Taco + 10000 $RSAL
V2 Taco + 5000 $RSAL
V3 Taco + 100 $RSAL
We’ve taken into account the contract design of V1 and V2 tacos to set these prices. The aim is to peg the price of $wTaco to within the 5–10xtz range. Since taco prices increase over time, they will start a bit below the target range and then increase. Depending on the price of $RSAL, we may modify these prices before release. Once they’re released, the prices will be permanent.
So, what can you do with $wTaco?
Use $wTaco to purchase a build-your-own Taco NFT
4 Rarities, each with one more color than the last. Price list below, the aim is to have BYOTaco available to purchase at all price points:
Normal (3 colors) = 1 $wTaco
Rare (4 colors) = 2 $wTaco
Hidden (5 colors) = 5 $wTaco
Secret (5 colors + Star) = 10 $wTaco
Don’t have enough $wTaco tokens and want a Secret BYOTaco? Stake your $wTaco in a new circular farm to earn more $wTaco over time. We want everyone to have the chance to get at least one Secret BYOTaco.
Interested in more rewards? Stake $wTaco to earn $sDAO in our second bonus farm. Farm will run for 3 months and dispense 1m $sDAO.
Explore Page Boosts
BYOTaco is the pinnacle taco, and there will be beautiful color combinations coming out. So they will be the focal point of the main Explore page, and they will be boosted to the top by default. You can use our upcoming Reactions to boost other tacos up to the front page.
Reactions changes: due to the $RSAL integration into $wTaco, reactions will be unconnected to any currency. The plan is to offer a base set of reactions that anyone can get from a Faucet for free. Future special reactions and badges will go out for things like: interacting heavily, helping in telegram, having diamond hands, being a taco whale, etc.
Another special plan for BYOTaco is the ability to Etch your BYOTaco directly into the blockchain. Etching means the full taco image data will be stored on-chain; we use a specific technique to do this while not spending too much in storage fees. The plan is to implement permits in the Etch contract, so we at Genius Contracts can cover the gas and storage fee for Etching your BYOTaco.
When you Etch directly into the blockchain, you’ll get a special “Etched” badge and extra UI bells/whistles to show off!
A couple of big updates are coming to the DAO, including our first votes. Two contracts are currently being tested: a personal time lock contract for Dev Fund Holdings, and a general referendum contract.
This will be an easy way to monitor Dev Fund Holdings and what they’re used for. It’s a simple contract that sets the amount of time that the contract is locked for. If it’s unlocked, tokens can be transferred out of it.
The plan is to keep a rolling time lock which will be renewed every 30–45 days. The audit log of time lock activity will be available on the SalsaDao website. All of the Dev Fund Holdings for $sDAO will be put in this time lock to begin with.
The long-term state of the DAO is a hardened, audited, and in a migrate-ready contract which will manage the treasury and hold proposals. Unfortunately, we simply aren’t there yet. So we are going to use referendums for the time being. Referendums will be held using a simple multiple-choice voting contract that will be used for informal votes until we have a real DAO contract. This will provide easy access to the history of DAO decisions, so that people can compare real world results to what was voted on.
The first DAO vote will be for the next currency to allow in sCasino betting. The choices will be a list of FA2s around the Tezos ecosystem, and the top 3 or 4 voted will get a betting house deployed in sCasino.
This second vote is still tentative. A developer from an early-stage project has reached out requesting to use salsadao website to host a Quipuswap LP Farm. We’re still unsure about this project so we want to let SalsaDao decide. If the dev still wants the collaboration, this will be put up for a vote.
Important: If the farm collaboration passes, we will be negotiating a fee for hosting the farm on SalsaDao.
This fee will be split between GC (10–20% cut) and $sDAO holders. This is another example of profit sharing within the SalsaDao ecosystem.
More optimizations, features, and fixes to come into the casino and taco shop as well. We see your feedback!
Thanks for reading.
-Arri (FounderJabba of Genius Contracts)