🏴‍☠️ Introduction

What is PirateDAO?

PirateDAO is a decentralized reserve currency protocol on the Avalanche Network based on the JOLLY token. PirateDAO develops infrastructure incentives that fulfill its objectives with the JOLLY token as the currency of the metaverse and the gaming universe. As a matter of course, PirateDAO will back and help build the future of metaverse and gaming. Each JOLLY token is backed by a basket of assets (e.g, MIM, JOLLY-MIM LP Tokens, Metaverse Infrastructure Projects, Play-to-earn projects, Digital Land etc etc) in the PIrateDAO treasury, giving it an intrinsic value that it cannot fall below. PirateDAO also introduces economic and game-theoretic dynamics into the market through staking and bonding.

What is the point of PirateDAO?

Our goal is to build a policy-controlled currency system, native on the AVAX network. The JOLLY ecosystem and monetary policy are managed by the PirateDAO. This way we guarantee transparent decision making and long -term stability.

In the long run, we believe this system can be used to optimize for stability and consistency so that JOLLY can function as a global unit-of-account and medium-of-exchange currency – both in real-life and in the Metaverse. In the short term, we intend to optimize the system for growth and wealth creation.

The point is to create a new monetary system backed by metaverse & gaming infrastructure, and to build an economy around it.

How do I participate in PirateDAO?

There are two main strategies for market participants: Staking and Bonding. Stakers stake their JOLLY tokens in return for more JOLLY tokens, while Bonders provide LP tokens or MIM tokens in exchange for discounted JOLLY tokens after a fixed vesting period.

As PirateDAO grows, its objectives is to have a variety of LP tokens from Metaverse and Gaming Projects available for bonding.

How can I benefit from PirateDAO?

Stakers benefit from supply growth. The protocol mints new JOLLY tokens from the treasury, the majority of which are distributed to the stakers. Therefore, the gain for stakers will come from their auto-compounding balances, though price exposure is also an important consideration. That is, if the increase in token balance outpaces the potential drop in price (due to inflation), stakers would make a profit.

Bonders benefit from price consistency. Bonders commit a capital upfront and are promised a fixed return at a set point in time; that return is given in JOLLY tokens and thus the Bonder's profit would depend on JOLLY price when the minted JOLLY matures – i.e. when the fixed vesting finish. So, Bonders benefit from a rising or static price for the JOLLY token!

Who created PirateDAO?

PirateDAO is a fork of Time - Wonderland which is a fork of Olympus. Our team is mostly anonymous, born from the DeFi Community as well as the startup scene. We are a group of serial entrepreneurs, DeFi farmers, blockchain developers, and growth hackers. PirateDAO is working actively at becoming a Decentralized Autonomous Organization — creating a new monetary system backed by metaverse & gaming infrastructure, and to build an economy around it.

Who runs PirateDAO?

At the moment, most of the decisions are taken by the core team, but we expect to be able to turn this into a DAO-governed model as soon as possible!