It’s Turtles All The Way Down
Pronounced “tattoo dow,” tatwdDAO is a Decentralized Autonomous Organization (DAO) whose primary purpose is to give money to charity. Our mantra is best understood by visiting our website and scrolling all the way to the bottom. We’ll pause a moment while you do that – make sure to scroll all the way to the bottom.
Get it? The remainder of this article will serve as an introduction to tatwdDAO.
As mentioned above, our primary purpose is to give money to charity. The DAO uses JuiceBox to collect ETH donations and distribute them to charities. For each funding cycle, which lasts roughly 90 days, the charities will be chosen by the DAO. Anyone can contribute ETH and receive tatwd tokens in return. JuiceBox retains a 2.5% protocol fee, and the remaining 97.5% goes to the charities. tatwdDAO receives nothing.
The tatwd tokens that are received for donating ETH, along with Tiny Turtle NFTs, can be used to vote on Snapshot for the charities in the next funding cycle. Here are some specifics:
JuiceBox distributes tatwd tokens for ETH donations in the ratio of 5,000 tatwd tokens per ETH
Each tatwd token gets one vote on Snapshot
Each Tiny Turtle NFT gets 10,000 votes on Snapshot
In addition to the primary purpose of raising money for charities, tatwdDAO’s secondary purpose is to educate. We plan to write a series of articles explaining crypto/web3 concepts and providing additional resources for you to dig deeper. Whatever you do, don’t send ETH to JuiceBox unless you understand what you are doing. If you already know what you are doing (or think you do), feel free to donate on JuiceBox. But please, start small.
If you do feel compelled to donate some ETH on JuiceBox, there’s one question that needs to be addressed up front: What keeps the DAO from changing the Ethereum funding distribution addresses in JuiceBox and performing a rug pull? There’s a feature in JuiceBox called “locked until” that prevents us from changing the funding distribution until a predetermined date. We have “locked until” set just after the end of the funding cycle, and anyone can distribute the funds from JuiceBox to the charities prior to the “locked until” date.
More to come soon. In the meantime, here are more specifics:
The Tiny Turtle NFT collection is a specific collection of 300 turtles. There are other turtle NFTs, so don’t get confused. The description says there will be 10,000 Tiny Turtles, but there are only 300 of them. If more are minted, only the existing 300 turtles will have voting power.
An initial charity, Coin Center, has been chosen for the first funding cycle. Future charities will be chosen through the governance process.
We have a Twitter account
Occasionally, you’ll find us hanging around the Tiny Turtle discord channel
Important disclaimer: We are not financial advisors, lawyers, or experts in anything, really. Crypto is risky, DAOs are relatively new and experimental, and you should always do your own research before signing a transaction on the blockchain.
Slow and Steady, Turtles!