The idea of Square Club was born almost a year ago and has evolved over time, but it has always converged to be a DAO where the Square Masters (Holders) decide the course of the Club. Like many DAOs, our DAO will have a treasury, of which, in the present statement we will explain how it will be managed and how it will be kept transparent enough in order that any member by himself can know each operation that is performed.
Due to the decentralized nature and anonymity provided by NFTs and the blockchain in general, they have been the target of massive scams. Pyramid schemes, rug pulls and fraudulent projects or individuals have damaged the economies of many people in recent years. You don’t need to look far back in history to find examples, the last few months have been very active for scammers.
The team responsible for the development and maintenance of Square Club and its associated projects is composed of: Daniel Mena, Yasiel Cabrera and Cabyas; the last one is a development group, mainly of web 2.0 projects led by Yasiel Cabrera.
The Square Club treasury will initially be composed of 20% of the earnings from private and public sales in their equivalent in the native WagyuSwap token (WAG). These WAGs will be added to the locked pool for 12 weeks in order to increase the number of tokens held by the Club. Once the Staking Club project is launched, we will create pools where you will be able to stake the Club’s NFTs and earn rewards for it. The initial tokens of these pools will be composed of the treasure earnings in the 12 weeks. The WAGs from the treasury will be moved to the manual pool where the earnings will be periodically obtained and divided as follows: 30% will be used for Club development and infrastructure expenses, 20% will be added to the amount in staking (to create a compounding effect) and 50% will be added to the Staking Club pools (those belonging to Square Club).
Additionally, the treasury will count with the income obtained from the sale of the Square Rebels collection, where each NFT will have a value of 3500 BITORBIT. 50% of this income will be used in the development of the Club and the other 50% will become part of the Club’s treasure whose use will be decided by the community.
All Square Club wallets or contracts are listed below:
- Square Club Collection (squareclub.vlx): 0xC04E2F9e7f94736Ea0a75058Ef264396DD457E34
- Collections owner: 0xA96222d86dd430157884D39A182b3BdcE5779ad7
- Square Club treasure: 0x8f3379754b4Cd7b128d2e784bE60EA71ee7e111C
- Bitorbit Account: (EVM) 0xacc01e15d3bb5edec41066e43ca3fe5c8d3892e3
- Bitorbit Account: (Native) 5VG5BQDgjxdhkXJpYeqR7GwNCPiBDkWZiHHpTtoccEyf
- Square Rebels Collection: 0x583029240f0Fa14f489D9dA425b441C2330e1663
Each project developed or incubated directly by Square Club will have the responsibility to, once it is self-sustaining by its own income, contribute up to 20% of its monthly earnings to the Square Club treasury (Square TAX).
Once the Club’s DAO platform is ready, a new section where all the information previously described will be available to everyone, as well as the transactions performed by the DAO in order to increase transparency as much as possible.