SIP #03: Launchpad V3 and launchpad enhancements

1. Launchpad V3:

The first iteration of the launchpad was released in Q4 2021 to support the launch of NuNet.

With the launch of multiple spin-off projects in 2023, a launchpad and new set of smart contracts have been developed.

Whilst the current system has many, strong features, it also contains a few that could be considered outdated. By keeping the current strengths and mitigating or replacing the weaknesses, the SingularityDAO launchpad could become an example for the industry and a technical leader in the space.

Current weaknesses:

• Individual launches require individual reservations, creating unnecessary barriers to entry.
• FCFS is not appropriately distributed.
• Social engagement is not rewarded. There is currently little incentive for users to hold their allocations or engage socially with the projects.
• Current solutions for token refunds are non-optimal.
• Participation networks vary launch by launch, making it more difficult to participate and sometimes resulting in incredibly high GAS fees.

Proposed changes to rounds:

• Launchpad V3 will consist of a single round. Anyone who has completed their ‘Know Your Customer’ (KYC) can join the round. There is no need to make a reservation.
• Rounds take a certain number of days (can be flexible). Within that period all users can deposit any desired amount.
• The user could choose to deposit any amount they wish. There is no minimum or maximum amount. SingularityDAO will display current total amounts of contributions and contributors.
• As soon as the round closes, users will be assigned allocations. The allocations consist of two parts: a guaranteed amount (based on the user’s DAO tier level at that moment of determining the allocations) and a flexible amount.
• If the user deposits $200 and the 'guaranteed allocation' for the users tier is $500, the user would receive $200 in allocation.
• All remaining unsold tokens (after guaranteed allocations) will be distributed among those users who deposited more than their guaranteed allocation, relative to their tier.

Example:

There are ten users in total (for the sake of simplicity), who want to participate in a $5,000 Initial DEX Offering (IDO). There are three users in Iron, two in Bronze, two in Silver, two in Gold and one in Diamond.

So according to the models, the guaranteed allocations for these tiers would look like (for the sake of simplicity, everything has been rounded to the nearest full dollar):

The ten users made these deposits.

All deposits combined total $7,730 but there is only $5,000 available. Initially, all users get their guaranteed allocation. After the guaranteed allocation there is still $1,138 left to distribute. This will be distributed over the users who want to acquire more tokens (flex allocation) respectively to their tiers. An additional benefit for gold and diamond members is that the total allocation will be eligible for refunds, not just the guaranteed allocation.

Deposits that have not been allocated will automatically be sent back to the user.

After this round is complete, all tokens are allocated and no FCFS is necessary.

In some cases, tokens have been refunded while trading above the ‘Token Generation Event’ (TGE) price. If this happens, SingularityDAO could choose to run a FCFS second round on those refunded tokens. This round will be after TGE and not eligible for refunds and participants need be KYC’ed.

2. Ambassador Tier

The Ambassador tier is a new tier that SingularityDAO will propose to introduce to Singularity Launchpad. The purpose of the Ambassador tier is to reward social engagement. SingularityDAO are currently talking to multiple different platforms that could be integrated to support this tier.

The idea behind the Ambassador Tier is to earn points for everything the user does on the SingularityDAO Launchpad, as well as for projects specifically. There would be two types of leaderboard. A SDAO leaderboard and a project leaderboard.

The user earns points by completing certain activities for either SDAO, or the project. All points earned for a project will also add to the users SingularityPoints (a new name is required, and it should be different from SREP) on the SDAO leaderboard.

For projects, it could be activities like joining the projects social networks, retweeting certain tweets, interacting with their testnet, or answering questions about their whitepaper. For everything the user does, they will receive points for this specific project, and they will be added to the users SingularityPoints.

SingularityPoints may be earned with everything that the user does for the projects. Additionally, the user may get extra points for depositing and participating in launchpad events, stake into staking pools, creating bridge liquidity, farming the launchpad or generating a referral code and making other users participate by using the referral code. SingularityDAO could also give additional points for users that create content and more. One of the possibilities could be that the top three of each project leaderboard in the Ambassador tier would receive an XSDAO. The possibilities here are endless.

SingularityDAO are looking to reserve $27,500 of every allocation. The $27,500 allocation would be split into twenty tickets of $1,000 allocation and thirty tickets of $250. This amount can be increased or decreased, depending on the size of the IDO.

The fifty tickets are split into three categories.

Ten tickets of $1,000 would go to the users that gained the most SingularityPoints in the past hundred days. The user will always keep all the SingularityPoints that they have earned, and there might be some surprises for the users at the top of the all-time leaderboard, but ten extra allocations will only be available for the top ten of the past hundred days.

Another ten tickets of $1,000 go to the users that are at the top of the specific project’s leaderboard. Projects will be announced in advance, with clear tasks so all users can start earning points for each project. For instance, Twin Protocol could give certain daily tasks to earn points for their leaderboard or the user could earn extra project points (and therefore SingularityPoints) for interacting with Twin Protocol’s Socials.

Finally, the remaining thirty tickets of $250 will be raffled between all users who are on the project leaderboard. The more points the user has on the leaderboard, the higher their chance. Users could possibly, if they are lucky, receive multiple extra allocations or receive allocations in all three categories.

All allocations coming from Ambassadors, may be refundable if the user is also a Gold or Diamond tier member. Users with a DAO Tier can participate in the Ambassador tier so long as they are registered.

For example:

A user in Iron tier deposits $1,200. Their guaranteed allocation from the previous example would be $139. However, they retweeted some of the tweets and interacted with the project’s socials. They are in the top ten of the project’s leaderboard, but not in the top ten of SingularityPoints. In the special raffle for projects, they manage to win another $250 allocation.

This user would get the $139 guaranteed allocation + $1,000 allocation for being top 10 + $250 allocation for winning the raffle. Their total allocation would be $1,389. They deposited $1,200 so will get the total allocation of what they asked for. The remaining $189 will then be distributed across all other participants in flexible allocations.

3. Moving to a single network

Ethereum, whilst being the biggest network, has proven to create an unnecessary barrier to some users due to its fees. SingularityDAO propose to make all the deposits on a single network, with high liquidity, but low fees. The token itself can launch on any chain and will be available in their native token, but all deposits will always happen on the same network.

SingularityDAO have targeted and spoken to multiple networks that support this, and have identified BASE as the optimal choice. In short, all deposits for all projects will always be in USDC on the BASE network, and all claims will happen on the tokens native chain.

BASE is supporting SingularityDAO in this transition. Moving to BASE also opens doors with the introduction of their new SmartWallet, paving the way for a simplified onboarding process for new on-chain users.

If a user requests a refund, the refunded token would be returned to the address on the BASE network.

4. xSDAO

xSDAO was an incentive given to our first stakers in the bonded vaults back in 2021. At the moment there are 2490 xSDAO but only 1322 holders (nearly half of all tokens are still within the old, bonded vault.

To celebrate our earliest supporters, SingularityDAO would like to introduce the first use case for xSDAO (not the last). Whoever has the token in their wallet, will receive a 25% boost to their SREP when it comes to determining Launchpad tiers.

If user A has 10,000 SDAO staked for 360 days, they would have 3,600,000 SREP. If the user holds the xSDAO token, they would be boosted to 4,500,000 SREP.