Ladies and gentlemen… A happy new year from our 🎪 to you all!

Barnaby believes 2022 to be the year of Ethereum L2s (#L222), and as committed long-term builders of OΞ it’s no secret which rollup, we believe, will attract a big chunk of that growth.

In anticipation of this announcement, our 🤡🤡🤡 had already shipped Juggler🤹 during the holidays. Juggler represents CircusDAO first product to go live and is a V2-style, gas-efficient AMM that is ready to serve the needs of L2 DeFi users and protocols alike; crucially, our main product will also rely on it for multiple reasons.

With Juggler out and ready to become one of the largest DEXs on Ethereum L2s, let’s now get on with what our main product (following, “the protocol”) is about, and how it will be rolled out.

In a nutshell… Barnaby saw the need for a decentralized, yield-bearing store of value on Optimistic Ethereum and saw the opportunity as well, given the most native nature of this protocol, to establish it as the DAO cornerstone product, thereby allowing it to govern the DAO itself, and through it, all of its products.

Barnaby himself got to work, and decided to base this work on the appealing OlympusDAO V2 codebase which was nearing completion at the time, the result is a fully customized, improved, more gas-efficient (much cheaper!) and safer contracts system (some bugs were found) that is now ready to be unveiled in 3 phases!

TLDR;

The crowdsale was engineered to strike the best balance between fairness and attractiveness. It has two main purposes:

• to allocate the initial 🎟️ supply as fairly as possible

• to bootstrap the main protocol treasury with Ξ

Following are all the most important details about it:

• The crowdsale will start on the 22nd of January*, at an unspecified time which may or may not come in a later announcement*

• The crowdsale will span 30.5 days

• The initial exchange rate is 1 🎟️ : 1 WETH. This rate will increase linearly to 1:3

• There is an individual contribution cap of 3 WETH

• The purchased 🎟️ will be claimable forever, starting at the end of the crowdsale

• All proceedings from the crowdsale accrue into the treasury in order to:

  • bolster the treasury excess reserves, allowing for a longer runaway period once staking goes live

  • guarantee that 1 🎟️ will always be backed by at least 1 WETH

• The crowdsale includes a generous unlockable airdrop for gOHM holders (snapshotted at 00.00AM on 01/01/22 GMT+1)

  • The crowdsale will unlock the airdrop only if, at least, 1221 Ξ was raised

  • An eligible address can claim if, and only if, the treasury holds a safe enough excess reserves amount in that moment (read below for more on this)

  • Each address is eligible to claim between 0.01 and 0.03 🎟️, randomly determined by their gOHM holdings at the snapshot

  • If every eligible address were to claim it, then the total airdropped amount would average ~1000 Ξ*!*

  • Eligible addresses will have ~366 days to claim their airdrop

This all-important event will be held imminently, on OΞ, starting on the 22nd of January and lasting for 30.5 days thereafter; it will debut the almighty protocol treasury and the first of the 3-tokens underpinning the protocol: our prized Golden Tickets (🎟️, yea that’s the token symbol, it used to be golden at least on Windows… but worry not for it can be changed later by governance!).

These expensive and special tickets (we paint them in gold) are indeed worth your admission to the 🎪 and thus in turn your access to all of the features that will be rolled out in the next two phases, described further below.

The crowdsale was engineered to strike the best balance between fairness and attractiveness. It has two main purposes: to allocate the initial 🎟️ supply as fairly as possible and to bootstrap the main protocol treasury with the soundest currency yet known to mankind: Ξ!

That’s right, you will need to purchase your 🎟️ with ETH or WETH at an initial exchange rate of 1:1 at the opening, which will linearly increase to 1:3 by closing time. Oh, there is also an individual contribution cap of 3 WETH; so, the earlier you buy the better off you’ll be!

Purchased 🎟️ will be minted right away, but will only become claimable during the claiming window (once the crowdsale is over → ∞). You can buy tickets on behalf of any address, but you will need access to that address to claim them.

Any profit generated throughout the crowdsale from the conversion rate will always be entirely deposited into the protocol treasury as excess reserves. This allows to build up the runaway that will be available to the Main Show (🎪) , when the staking phase is rolled out. It also guarantees that 1 🎟️ will always be backed by at least 1 WETH.

If you are were a gOHM holder at 00.00AM on 01/01/22 GMT+1, then rejoice! For the crowdsale contains a most generous airdrop for you, however, it will have to be unlocked and earned (Hey, nothing that the OHM community couldn’t do!)

Indeed, should the crowdsale raise at least 1221 Ξ, then every eligible address will be allowed to claim a randomly determined amount (between 0,01 and 0,03 🎟️) based on its gOHM holdings amount at the snapshot.

If every eligible address were to claim it, the average airdropped amount would be close to ~1000 Ξ!**

There is another catch (fair, of course), in order for the unlocked airdrop to become claimable, the treasury excess reserves, at claiming time, must also exceed the prefixed amount of 244.2 Ξ

But, fear not…

Once the airdrop is unlocked, eligible addresses will have 30.5 days x 12 = ~366 days to claim it!

In this second phase, the Balloons token (🎈) and Main Show (🎪) contracts will make their debut, furthermore, every other contracts other than governance will also be deployed.

In other words, this will be the long-awaited moment when rebases, staking rewards and bonds all go live!

🎈: the Balloons is the special rebasing token of the protocol

🎪: the Main Show is the staking and wrapping contract that allows attendees to:

• stake their 🎟️ to receive rebasing rewards

• wrap their 🎟️ in order to partecipate in governance or to move them cross-chains later

Details on this phase will be provided in separate announcement posts and at the documentation pages.

The third phase is the most entertaining to Barnaby, and ultimately what we would have been all strifing for this whole time.

With this 3rd deployment, the Cotton Candy (☁️🍭) governance token is unveiled along with the rest of the shiny decentralized governance system contracts (based on the popular and well-thought vote-escrowed model).

The DAO finally takes on a life true to its nature.

At this stage, all of the DAO products can be governed entirely on-chain, on OΞ.

☁️🍭: vote-escrowed governance token for CircusDAO and all of its governable products. Allows for the locking of voting power over time to exercise proposal & execution powers over any smart contract under the DAO governorate.

Details on this phase will be provided in separate announcement posts and at the documentation pages.