This proposal was modified to fit within the size constraints of Snapshot. Read the original, full proposal on Discourse

TL;DR

• Proposal to whitelist $MONA with 150K BNT Co-investment (0x275f5ad03be0fa221b4c6649b8aee09a42d9412a).
• Integration for Bancor with the Fashion x DeFi bridge enhances interoperability for Bancor and the $MONA liquidity pool across other DeFi protocols and the fashion retail market.
• The $MONA pool draws liquidity from an expanded market beyond DeFi, crypto, NFTs.
• DIGITALAX pioneers a new sector for web3, through digital and physical fashion. This infrastructure is essential for more intrinsic sustainability translating to growth of the entire crypto ecosystem
• Project Website
• Project Whitepaper
• DIGIFIZZY Web3 Metaverse Magazine
• Project Documentation

Security

All DIGITALAX and $MONA contracts have limited admin permissions, such as; Administrators are not able to move tokens on behalf of token holders. What they can do is update the token URIs for digitalax token metadata to ensure the quality of the NFT data and safeguard against mistakes— all metadata is stored in a dedicated IPFS gateway. Admins can also mint NFTs, but once a token holder receives that token only them or approved parties to their wallet are able to move it. The contracts and addresses with the highest concentration of $MONA tokens are predominantly the token staking contracts and DIGITALAX multi-sig treasury address. The DIGITALAX dev team performs persistent code peer reviews and unit tests across all deployed code, conforming to contribution guidelines. Each solidity contract is cross reviewed with other Solidity devs on the team to make sure there are no vulnerabilities and funds are safe. We pertain to the latest code and syntax standards and ensure our tests have decent test coverage. We check all the important methods in our code with unit tests to make sure there is no risk that value will be lost at any time. Both $MONA and DIGITALAX tokens are under the leadership of the admin team which also coordinates token rewards and token splits between the different NFT and LP staking pools we operate. DIGITALAX uses a system of primary sale prices to decide the awards that any given user receives in a staking pool.

Tokenomics

$MONA is the core ERC-20 utility for the DIGITALAX ecosystem.

It is primarily used as:

• The unit of value exchange for Players on the DIGITALAX NFT marketplace to purchase and recharge in-game skins as authentication of their eligibility to play in ESPA casual esports tournaments.
  • It is their income stream, as they are scored on a leaderboard and receive payouts for successful play.
• Developers/Modders who showcase content in ESPA, and Designers who create these NFT skins receive $MONA payouts from a split of profits on marketplace sales.
• $MONA is a payment method on the DIGITALAX “DRIP” marketplace for hybrid digital-physical NFT fashion.
• It serves the same function for unlockable content bundles within the DIGIFIZZY Magazine.
• DIGITALAX progresses through stages of deliberate decentralisation, whereby $MONA token and Genesis MONA NFT holders (Governance NFTs distributed at launch of the project) will govern upgrades to the project through votes on proposals across protocol development, monetary, and treasury policies.
• Genesis MONA NFT and $MONA token holders are eligible to receive a portion of the platform’s marketplace revenue from Auctions and Instant Buy sales. The revenue distribution is derived from protocol fees collected by the platform at the point of sale for assets. This goes live in Q4 2021, upon launch of our new staking and revenue distribution contracts on Polygon.

The Vested Composite NFT product is being made available for sale from the end of July/ early August. It allows the holder to stake it in our new to-be-deployed Polygon staking contracts for a composite yield on profits from the DRIP fashion NFT sales combined with vested $MONA distribution ($MONA = DIGITALAX native ERC-20). This new product specifically gives exposure to this arbitrage between fashion, gaming and decentralised technologies.

• A mix of ERC-20s are accepted on DRIP for purchases of the fashion items. 15% of the profits delivered in this dynamic ERC-20 mix will be distributed as a monthly yield to holders of the composite NFT that they have staked in the new contracts. Eligibility for this profit split allocation is supported for 6 months.

Genesis MONA NFT Distribution

$MONA Token Distribution

Current Holder Distribution

Community and Ecosystem

DIGITALAX’s community consists of designers, developers, modders, gamers, creators and crypto/DeFi enthusiasts. We maintain a regular daily schedule of active communication with our community members across our Medium, Discord, Instagram, Twitter, Telegram, Linkedin and Youtube accounts, and facilitate the continuous growth and connections between them. The founder and CEO, Emma-Jane MacKinnon-Lee, is personally involved across all communications and community operations, ensuring continuous adherence to the integrity, mission and principles of the project.

Activity on Github is also daily across both closed and open repos.

Market and Trading Data

• As a relatively new token, $MONA has maintained liquidity exclusively on DEXs to date (Uniswap, Quickswap).
  • Our primary focus to date has been across building first and responding to these market needs.
  • Having built out extensive foundations and live products to serve market needs, now we are focused on increasing liquidity and cross protocol usage of $MONA to support scaling of the ecosystem.
• 10,000 $MONA total supply. 1,300 additional mint at the start of August.
  • Strictly limited affordance for governance to recalibrate according to protocol votes to maintain long term utility and viability of the token and the ecosystem.
  • There are currently 9,347.1148 tokens in circulation.
• $MONA’s price at the time of writing is $391.98
• All-time high: $2,840.70
• All-time low: $305.03

Benefits for Bancor

High level first. Bancor gets:

• A new liquidity pool with high volume.
• The $MONA pool draws liquidity from an expanded market beyond DeFi, crypto, NFTs.
• Integration with the Fashion x DeFi bridge enhances interoperability for Bancor and the $MONA liquidity pool across other DeFi protocols and the fashion retail market.
• A transparent mechanism to convert fashion buyer sentiment into loyalty towards Bancor as a DeFi protocol.
• Hybrid digital-physical NFT merch as a new treasury income stream through a profit split on sales.

We partnered with Bancor and 9 other leading DeFi protocols to create hybrid digital-physical NFT fashion collections, with designs and patterns sourced from our Global Designer Network DAO.

This DeFi protocol merch is sold through our DRIP NFT marketplace that targets a completely new retail market beyond crypto and relies on existing buyer behaviour. Broader retail markets are eager for a way to make sense of NFTs, DeFi and web3, but have no current realistic means to get in. DeFi for most people is an obnoxiously complex bit of Voodoo science that inspires a fear they will never be valued fairly or understood. Fashion, on the other hand, intrinsically fulfills a core set of needs and desires, inherent in how we all live, express ourselves and how we define who we are.

You can get some cool BANCOR PHYSICAL FASHION NFTS HERE!! And stake them for $MONA! Payments in BNT soon to be accepted!

Voter Incentives

Each Bancor voter receives an exclusive Bancor inspired DIGITALAX digital fashion animated NFT collectible. This is for all voters that participate. Voters can vote yes or no and will still receive the digital fashion NFT collectible!