What’s next? Remastering rebase tokenomics, Buybacks, and Our plan to a $100 Floor Price
Our first step on the mountain: Sierra Launch
With tremendous excitement, enthusiasm, and pride, we publicly launched Sierra DAO and our SRA token for public trading on January 7th at 21:00 UTC.
Unfortunately, we have entered the landscape during a treacherous period where even blue-chip DAO’s and crypto are waning in the current climate.
However, at Sierra, we understand that these periods of challenge and uncertainty are essential to developing a long-term, sustainable project; mountains form and rise from these incredible pressures. Therefore, we want to reassure all our adventurers that we are focused on building and expanding under these challenging conditions, riding out the current storm, and emerging as a new apex as the current conditions subside.
To achieve this aim, the core team is expanding the Sierra ecosystem to provide more peaks in our mountain range, enhance stability through innovative diversification, and thus, provide better rewards to all those joining us on our expedition.
Envisioning the mountain range: The SierraDAO ecosystem
SierraDAO does not want to stand alone as a new mountain in the terrain but help forge a whole new mountain range in the DAO landscape. With the power of our community and the success of our launch, we want to use this momentum to help other projects succeed and blossom in our ecosystem.
To succeed in this aspiration, SierraDAO will partner with new and upcoming projects using its BASH fund. BASH functions as a subsidiary of the Sierra treasury, a venture capitalist investor, and most importantly, an incubator for exciting new projects.
Using BASH, Sierra will be able to manage investment opportunities and provide the support and experience of our core team to upcoming projects. This means that new projects will have the extra benefit of the team’s experience throughout their development and beyond their launch. In addition, Sierra can act as an advisor in marketing and product development, provide technical insight, or simply help with fundamental processes such as multsigs and code reviews.
There is a clear space in the ecosystem for a project who is willing to play this kind of role, and in doing so, we will create new mountains and continue to drive Sierra to new heights.
At SierraDAO, we aspire to evolve into an entity that can provide support and services to others in this space, symbiotically and organically grow alongside partner projects, and ensure we take the fundamental ethos from our community and spread it throughout our budding ecosystem.
Operation Basecamp: Launching BASH and forging new peaks
Operation: Base Camp, our plan for reaching a $ 100-floor price.
Let us explain.
A question that may be asked is, “Why does the price keep dropping?”. To answer that is simple; utility first, price second. Now it’s important to realize that price does matter (to an extent), and it is a well-known way to track the performance of projects. But what if we told you it’s actually not the best way to track project performance…
As mentioned in an article by JadeProtocol, “most people think that once the price meets its ‘backing price’, a DAO will initiate a buyback to automatically boost it back above, but that’s false. Because people (falsely) believe that the backed price is the lowest the coin can go.” How we’re going to do it Thanks to BASH, our DAO-owned venture capital fund, Sierra will utilize the JadeProtocol “Rising Floor” to begin raising the “True Floor Price” for SRA.
Using the Rising Floor, the team will create a bot that automatically purchases tokens below the established floor price of SRA. By using 2 separate Treasuries, BASH and Sierra, we can organize both our Investment funds & Backing funds seamlessly to efficiently grow both protocols.
As the market begins to stabilize and the storms pass by, Sierra will look towards the horizon, and the new opportunities brought by the creation and launch of its BASH VC fund. We will be beginning BASH with whitelist opportunities offered to those who have proven loyal and held their SRA tokens throughout the current climate.
The Sierra team will use these funds to begin the LBE for BASH and integrate a public offering further down in BASH’s development to raise funds for the first new peak in the Sierra ecosystem.
The funds raised throughout this process are for investments into promising early-stage crypto projects, which will provide new sources of revenue. Will will also use these funds to reinvest in Sierra as the central peak to our mountain range.
Additionally, we plan on rewarding our loyal SRA holders with BASH and MIM token airdrops while also launching a $750,000 buyback and burn of the tokens in the market. This buyback and burn will heavily decrease the supply of SRA tokens and thus restore the value of SRA tokens held by our community. To also aid in this operation we will suppress our APY, limiting it to incredibly low values to help us control the supply. We will continuously make buybacks in the market and burn tokens in the build-up to Operation Basecamp by adding more liquidity. Taken together, these actions should see the price of SRA rise above its initial launching price.
Finally, a portion of these funds will allow Sierra to build the largest AVAX NFT marketplace. This will allow Sierra to grow its treasury by accumulating the fees involved in the transfer of NFTs between wallets, whilst BASH’s first investment will be the acquisition of artworks on this marketplace. We see the development of our own NFT marketplace as an incredible opportunity and one we are well placed to capitalize on; keep your ears close to the mountainside as we begin to reveal more details about this new expedition.
Together these two new projects will help stabilize and improve Sierra whilst bolstering our ecosystem and adding new peaks to our evolving mountain range. However, these innovations are just the beginning as we strive forwards and reach new summits as a community.
The Hike Continues: Rewarding our loyal adventurers and Operation Everest
We will host several post-launch giveaways and implement innovative post-launch opportunities to reward our loyal adventurers.
Loyalty Rewarded. Our faith community is the driving force behind our success and ambitions to climb to new heights as a protocol. We strive to reward our community and provide new opportunities for their prosperity through their commitment and faith in Sierra; this is why we have added new incentives for those holding and staking SRA after launch.
- The team has taken a snapshot of SRA holders, and this will continue to be a weekly occurrence. In these snapshots, those who continue to demonstrate their commitment to Sierra will receive rewards through random airdrops of MIM and BASH tokens. The more SRA held and staked by community members, the more entries they own into this lottery draw.
- Community members who have held SRA from the first rebase until the launch of BASH will automatically receive a spot on the BASH whitelist. The BASH whitelist will be incredibly limited, and staking SRA is the only guaranteed method of attaining this opportunity. Members of the community holding at least 150 SRA will be eligible for the BASH whitelist. The team has taken this decision to provide better rewards for our loyal Sierra community members.
Operation Everest, rewarding our stakers. Each week, we will astronomically increase the APY of the Sierra protocol for two consecutive epochs. These events are aptly named after real-world peaks to reflect the formidable increases to our APY. However, these events are not for the faint-hearted or those weak at the knees. Those looking to exit out of the expedition early by selling immediately after the rebase will receive a 20% tax. At the same time, we protect our loyal community from opportunity seeks by implementing a two-epoch warm-up period for staking. This mechanism empowers Sierra to reward our stakers while protecting them from outside interests that may seek to take advantage.
Learn more, join the expedition, and climb with us:
You can read more about our journey as a project, from conception to launch, covering issues from tokenomics to Multisigs on our medium, here.
Keep up to date with our expedition via our Twitter
Come and join our community on Discord and feel our ethos.
Learn more about our BASH fund and how it plans to support new, breakthrough projects.