“Hear the sum of the whole matter in the compass of one brief word — every art possessed by man comes from Prometheus.”
― Aeschylus, Prometheus Bound
New waves of innovation come with abundant opportunity. The fruits of these opportunities reign among those that can seize it. Because of this the emergent ecosystems are flooded with all types of participants seeking to implement innovation and reap the benefits of the value they create. In the past implementing this innovation was mostly done by private and centralized entities with high barriers of entry and predatory techniques. In Web3, this opportunity can be seized by anyone with an internet connection and laptop. Groups can form without geographic barriers. One can be in New York, one in London, one in South Africa, there really is no difference. Protocols and DAOs can tokenize early and easily, allowing for decentralized control and participation. Products of all kinds can be developed for low upfront cost enabling start-ups to avoid selling their soul to the highest bidder. This wave of innovation is the most democratized yet.
With easy access, enormous TAM, low costs, and decentralization, DAOs are the prime entity to capitalize in this emerging ecosystem. DAOs allow for collaboration, scalability, and efficiency we’ve never seen before. A DAO dominated ecosystem means more power is in the hands of the contributors and community rather than a select few and centralized capital. Aggressive building mixed with decentralized capital should be enough for a DAO with a clear vision and quality contributors to succeed. Enter Prometheus. Prometheus is a Super DAO built for longevity and healthy growth. The design of Prometheus sets itself up to enable and strengthen other innovators, be a hub of collaboration, and yield its own innovation and products. Initially Prometheus will be deepening its roots and positioning itself to grow over and up. A resilient and open entity chasing expansion.
but ser, why Prometheus, why now?
The time is now for future juggernauts to set the stage for innovation and growth. The overall ecosystem is heavily lacking well equipped and properly designed DAOs to compete in the competitive, yet abundant ecosystems we are seeing emerge. From financial products to infrastructure to real world connections to creator economy platforms we are seeing centralized and walled entities positioned to reap the majority of power, value, and control. By establishing Prometheus we the people, we the builders, we the creatives, etc. can build a decentralized hub that stands on the pillars of openness, collaboration, and growth in every possible direction.
Another major problem Prometheus solves is the weak and crippling treasuries of solid and impactful DAOs. For example:
You can see in this treasury holdings screenshot that some of the most impactful and influential DAOs are dangerously heavily denominated in their native token. This is what causes fragile treasuries that happen to be the lifeblood of DAOs. This leads to fragile foundations and in turn fragile ecosystems at best. Non-native treasuries are important for many reasons with some of the most important being funding runway, diversification, and POL. Many protocols learned the hard way that over incentivized activity leads to nothing gained and a future lost. DAOs now have a couple options to try and turn their fragile treasuries into well-equipped power sources. However none of those current options are optimal or even realistic. With Prometheus and its Ether heavy Reserve DAOs can now create bond offerings that Prometheus can take part in. This allows for efficient token sales that results in a stronger treasury and more expendable capital. A major importance of this process is also the fact that the capital raised will be decentralized and not lead to any increased power clusters or centralization.
With Prometheus every participant can win. DAOs can gain access to decentralized capital and a full-stack partner to strengthen their treasury and ecosystem, Prometheus can grow its Reserve through bonds and other methods that allow for healthy and diversified growth, and individuals can have a solid investment product and ecosystem to build and interact in. In short, Prometheus is the optimal hub and Super DAO to take Web3 to new heights while remaining true to its ethos.
To plant its seed Prometheus needs to bootstrap and align itself with its vision. Bootstrapping the Reserve will be the first step in creating a resilient power source for innovation to breed from. The Reserve begins as the lifeblood of Prometheus. The Prometheus DAO will govern over the Reserve, buy bonds from other Treasuries, and grow the overall ecosystem through building, granting, investing, acquiring, and collaborating. The DAO will focus on DeFi products of all kinds as well as community and creator economy products. Initially supporting, collaborating, and building in DeFi with DAO and consumer products and then exploring NFT powered applications and community/creator products. The DAO will also look for partnership with other entity types to accelerate reach in certain verticals.
The ecosystem of and around Prometheus will be responsibly curated. Products will have standards that benefit all parties. Security will be prioritized and maintained through a number of methods including DAO2DAO review. DAO tooling experimentation and optimization is encouraged within the ecosystem. Individuals, groups, entities, and more can find their home alongside and within Prometheus to build and grow together. Ecosystem health is key to the overall Reserve as it is the Web3 native home building for the masses and reaching into the real world. The crypto native power source design of Prometheus allows for power to remain in the hands of the people, the builders, and the community. Ownership and power can remain abundant, yet decentralized. The community will have to evolve Prometheus as power and influence clusters emerge and monopolies establish. Open protocols and equal access will be incentivized and defended while the torch of Prometheus remains lit.
The time is now for the community, the builders, the creatives, the strategists, the contributors to take control and work under one vision. The goal is to build a healthy ecosystem that is designed to breed innovation. It accomplishes this in a democratized, fair, and scalable way that we have never seen before. High quality, efficient and useful products will fill the ecosystem. The community will now have an optimal way of having a home to build, interact, and relax. The strategic Reserve-first approach allows for the community to be resilient and anti-fragile as it focuses on long term alignments and growth. The Reserve also allows Prometheus to pump life into the current DeFi and DAO ecosystem. Prometheus can deploy its Ether heavy Reserve into other DAO/Protocols bonds which benefits all participants. The recipient gains non-native treasury power through decentralized capital access that can be used for many things including POL, while at the same time Prometheus gains discounted exposure to its surrounding ecosystems. Beyond this Prometheus will build and incentivize growth within its own ecosystem to secure its positioning as the people’s Central DAO. It is the Central Reserve, it is the people’s juggernaut, it is unleashing the full power of our ecosystem’s combined power. Long Live Prometheus!
Our next article will go over some implementation and technicals of the initial protocol design. We will lay out our optimized design and tokenomics as well as give some clarity on the execution path of Prometheus.
We are excited to embark on this journey, but ultimately the growth of Prometheus will rely on the growth of our community. We hope you join us in building the ecosystem we can all thrive in.
Full Gitbook coming soon with mainnet launch to follow shortly.
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