Status Update GAO Week 9: Wave 4


So the big news this week was the discovery of ATLAS markets as part of the Wave 4 GAO drops. It’s just a lucky coincidence that we had enabled ATLAS base pairs on the DEX last weekend, but the timing could not have been better. I got wind of the new token mints early Tuesday morning, thanks to Loid @ The Club, and had all markets added to the DEX before lunch. I think we had our announcement and Tweets out before Atlas Co. did, so there’s that.

As a result of this knowledge, I immediately started screaming BUY ATLAS to my wife, who understandably was a bit taken aback. I kid, but Tuesday morning was a bit of a panic for me, as I tried to fill massive orders for ATLAS before word got out of the additional markets.

In all, we accumulated some thirty thousand dollars in ATLAS around the $0.13 mark. The price is currently trading around 0.18, so it was a pretty good play. Everything that was acquired was put into ATLAS/USDC liquidity pairs on Raydium via Tulip.Garden (formerly SolFarm).

The main question we have now, as we’ve had for several weeks, is how to deploy our current warchest. All we know for now, gamewise, is about Tuesday’s ship sales, and that we expect an final confirmation of the minigame launch on or before next Tuesday.


At this point there is still no word on the C11, and we are entering into a critical juncture, decision-wise. Do we hold steady, and risk lost opportunity cost while we hold cash? Or do we assume that it’ll be several weeks before the C11 shows up, and try to farm tokens and flip ships in the hopes that we can liquidate enough assets to buy it once the market is listed? Discuss in Discord.

Till then, I’ll be nose to the grindstone, trying to get tokens to market.

Until next week…
Long live the IA!
BCM | SAIADao Launch Control


The other conversation that we had this week was regarding manager fees. The general consensus is that an Axie scholarship model is too generous for what we expect out of the mini-game. Obviously 70% is too high of a cut and will have a huge ramification on compounding gains. Since we’ve got so much else to focus on right now, I’ve basically agreed to forgo any manager fees for minigame activity for the time being.

There are lots of dao members who are eager to participate in farming these assets, so we’ll need a long term strategy to figure out how to do this. I’ve got a couple ideas but for now my main focus is on the Solana migration.

Generally speaking, dao compensation will be in the form of SAIA tokens, distributed by some sort of SourceCred grain distribution mechanism. I’ll flesh this out in a subsequent update, following more progress on the migration.


Progress continues, and I’ve fleshed out the broad strokes of the migration. Right now I’m working on a test script to make sure we’ve got a simple mechanism that will get the job done. Once that’s complete I’ll start looking at converting that to an on-chain programs. Here’s the broad strokes.

  • CSV is taken from Daohaus, and run through functions which will adjust the loot for the Gr1 and Gr2 proposals as previously approved. Subsequent functions will calculate members’ exit power, by dividing a members total claims (shares+loot) by the total outstanding, as well as their voting power, which is their percentage of outstanding shares. This will give us a final calculation used for migration.
  • Members will be required to submit a signal proposal with the Solana wallet that they wish to use post-migration. Members will be required to submit this proposal using their membership ETH address, that is, the one that has shares in the dao. These proposals do not need to be sponsored or passed, they are just being used as a proxy for a signed message designating a particular SOL address to their Daohaus account.
  • There are particular tokenomic questions that need to be answered, such as total supply and allocation of SAIA for rewards, the actual number of SAIA/LOOT tokens that a member is entitled to will be based on the number of tokens distributed to founding members multiplied by their exit and voting power.
  • At launch, the requisite markets for SAIA/LOOT and USDC will be created, and liquidity provided as needed. I am still debating whether to use basic Serum markets, or to deploy our own copy of the Solana foundation AMM contracts. I’ve also been looking at Atrix, but they have 50% LP lockups that will make things problematic on the USDC pairs. More details to come.
  • CRANK TURNING: The CSV with member addresses and power factors will be used to distribute tokens. The initial setup will involve the creation of token accounts for each member, one each for SAIA and LOOT. When the crank is turned once a week, two percent of the requisite number of tokens will be minted and distributed to these member accounts. Members who have provided their SOL pubkeys will have unlimited approval granted on these accounts, meaning they can transfer or claim these tokens to their own associated wallet accounts. Members who have not provided pubkeys will see these balances accumulate week after week.

Members will be free to buy, sell, transfer, or stake these tokens however they so choose. It is our intent to provide some sort of staking rewards for the SAIA/LOOT market. Again, we’ve got lots of details to work out, but my primary focus will be getting things initialized and setup so that we’ll just need to decide on the supply numbers, basically how many actual tokens we’re minting each week. There’s no reason to stick to the current Daohaus figures, we can start with a nice, clean round number.

More details and discussion in Discord.


As I mentioned earlier, we purchased $30,000 in ATLAS tokens. I placed a number of orders on the new ship markets for the PC9 and PR8 before Wagner confirmed that the actual numbers listed were in USDC-equivalent numbers. I had been hoping that they were anticipating a $1 USDC ATAS price, or were signalling that ATLAS markets would trade at a steep discount. (I still am.) Ultimately I cancelled everything as it didn’t make sense to have that much liquidity locked up in market orders when we can farm for another week.

We currently have about 24 hours before the next wave of ships starts dropping to formulate our strategy.


New memberships are closed, although I did have to recreate one from last week that went without a single vote.

Assuming it passes, the total (and final) numbers for the DaoHaus will be 148 members, 363,924 shares and 268,033 loot, or 631957 total, the same as last week.


  • $34048.1 in token balances and open USDC orders.
  • $113610.46 in Orca Double Dip pools and Tulip Yield Aggregation Vaults
  • $232439.3384 in NFTs

for a total of $380097.8984, a 9.09% increase since last week.

This week’s estimated exit value for all Daohaus claims is 0.601461648, again, a 9.09% increase since last week.