Status Update GAO Week 7: One door closes

Good morning Fam,


Last week’s loot redistribution proposal number 208, passed with almost 50% of shares participating. The measure is currently in cooldown. Per the proposal, new memberships will be closed until we are able to complete the migration to Solana. I want to start off this week’s update by talking a bit about how those plans are going.

My plan this week is to go back over the original project proposal from two weeks ago and make sure that the numbers still work. The rebalance preserved exit value while shuffling shares, and I want to make sure that it does not create a huge imbalance in voting power. Once I incorporate the rebase and have final figures I will create a thread in Discord to work out details related to vesting, distribution and inflation. There are a couple considerations that I will touch on here.


I see three options we have here: an airdrop of the complete supply, or a vesting issuance that plays out over 25 weeks or months. I’m partial to a 25 month unlock, but remain open to alternate proposals. A full unlock might be too chaotic, since we only plan on providing liquidity equal to four percent of NAV on the market. Some members might decide to dump tokens on the market, and last thing we want is a race to the exit. Spreading out the issuance should lead to less volatility and allow us time to build out our various platforms and tools. And given the lead time we expect for Star Atlas development, the longer issuance is appropriate.


The ideal goal would be an on-chain program distribution. There is a timelock program in the Project Serum Anchor framework that makes a good starting point. It only contains a whitelist and doesn’t seem to have a way to provide allocations to individual pubkeys, but my hope is that we can modify it to do so. As a reminder, the original migration proposal would allow us to issue LP tokens, meaning we’ll only need one token vault instead of two. I’ve got a lot more work to do before I fully understand the code, let alone modify it, but I’m hoping that we can go this route. The basic idea is that users will be able to retrieve the requisite number of LP tokens from the vault based on the current unlock period.

Our fallback plan will be to utilize a script to handle the issuance. This will basically use a JS/TS program send LP tokens to users. It’ll be more expensive as we’ll have to fund over a fifty or so user token accounts and send them over, but it should be easier to implement than writing an on-chain program from scratch.


A word on the two-token system with a NAV-tied token and a valueless governance token. I’ve been thinking long an hard about whether this is the way to go, and whether a single token system would work. I don’t think it will. First off let me just dismiss a DaoHaus type system on-chain. Having two tokens tied to NAV will be too difficult to implement at this point in time. And having a ‘valueless’ governance token has major advantages to either a single-token or DauHaus-type system.

I’ll use Curve as an analogy. When one deposits USDC or other tokens in a Curve vault, you receive a vault token. These can be staked or locked up to earn CRV tokens, and the Curve team can distribute CRV tokens as compensation or bounty rewards. Yearn, Maker, Aave and many other defi protocols work the same way. Similarly, by contributing USDC to the SAIAdao vault one will receive NAV tokens. This can either be by purchasing issuance on the open market, or directly through governance. Voting power, via SAIA tokens, will be distributed as rewards for team members or for locking NAV tokens. This will not dilute the value of NAV tokens.


As each unlock period expires, a similar percentage of SAIA and NAV tokens will be minted.

These NAV tokens will not lead to dilution of other tokens, as they will only be issued at par value. A set issuance will be posted directly to the market via order book or AMM. This supply of NAV tokens will, however, represent a smaller percentage of the token supply as time goes on, meaning that large deals may require additional supply be minited following an issuance vote. This procedure may be superseded by an onchain program that will mint tokens directly, but that will require some sort of oracle and will require development work.

The period supply of newly minted SAIA tokens will be issued as rewards. We will continue work on the SourceCred system, and a certain percentage of the supply will be issued to participants based on signaling done through Discord (and later Github, possibly Discourse). A percentage of this supply can be made available for LP staking as is done in other defi protocols.


The tuning of these SAIA rewards and tokenomics will require lots of discussion, but it is my belief that it be weighted heavily toward participation, not capital. If you have not yet read Jacob Phillips’s Governance Mining — liquidity mining for human capital, I encourage you to do so now. It is important that the SAIA rewards for participants be significant enough to incentivize full-time participants. Whether this can be done organically and sustainably will be something that we will have to prove. Doing so without diluting NAV is a requirement.

During discussion of the above, someone asked me if I felt like dao members “weren’t doing enough” to my liking. I said that wasn’t the case, but the truth is that my opinion doesn’t really matter in this case, I shouldn’t be the one decided what should be done or whether we’re doing enough. The incentives should be such that people feel compelled to participate and take their own initiative. And honestly, I’d like to see more. True, I am spending a majority of time working on Solana development and driving most of what’s going on with the dao, but I think most of that may be a result of the fact that I’m holding the private keys to a majority of the dao assets. A lot of that may also be due to the fact that we have no minigame.

So therein is the bet, whether SAIAdao can deliver before Star Atlas. I’m hoping we will.



  • $1200 DCA purchase of POLIS: 179.9 @ $6.6688
  • $1200 DCA purchase of ATLAS: 14513.8 @ $0.8268
  • Liquidity provided to ORCA double-dip pools.
    • 16289 ATLAS + $1349.9 USDC
    • 220.5 ATLAS + $1490 USDC
  • Nominal amount of ORCA harvested and staked

Given the continued delays on delivery of the minigame, I am proposing that we stake our remaining USDC, approximately $80,000 worth, in stable farms. Funds should be staked among at least three different farms, and selection and discussion will take place over Discord.


As of Today, Oct 25, 10AM EST, DaoHaus shows 142 active members, 363,159 shares and 264,210 loot. We have five pending membership proposals with an additional 662 shares, 3310 loot giving us a total of 631341 total claims an increase of 0.35% over last week.

After publication off this report to Discord and Twitter, we will allow an additional 24 hours for any new memberships, but once P208 is enacted, no more will be accepted.


  • $93274.78 in token balances and open USDC orders.
  • $32274.41 in Orca Double Dip pools and Tulip Yield Aggregation Vaults
  • $217543.393 in NFTs

…for a total of $343092.583, a 5.8% decrease since last week.

This week’s estimated exit value for all Daohaus claims is 0.543434662 , a 6.12% decrease over last week.


I feel like this week’s marks a transition of sort. The passage of P208 marks the beginning of the next phase of SAIAdao, but one that’s more akin to a chrysalis than hibernation. I don’t expect much from Star Atlas for the next couple weeks, and likewise, I don’t imagine that I’ll have much to say publicly either until we have something to deliver. I haven’t made my mind up whether to continue with the weekly updates, I’ll wait for feedback from Discord members to make that decision.

Regardless, I will be working furiously behind the scenes to keep us moving toward our goals. I’ve got some great help with the development team, and I’m learning a lot, so I’m confident we’ll be able to deliver. Till then, there is work to be done. And again, let me reiterate, this is a decentralized organization, so if you think there’s something that needs doing, get at it. Every member is empowered to help out wherever they like or take initiative as they see fit.

Long live the IA!
BCM | SAIADao Launch Control


One question about SAIA token, why we called it DUST? any meaning behind it?

It was just a play on starDUST, but I was just using it as a placeholder.

Will probably do SAIA/LOOT or BANK or NAV or anything other than that.

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