PastaDAO’s Gitcoin Contribution
31 May 2021
I’m pleased to announce that PastaDAO has contributed 30,000 DAI to sponsor Gitcoin Grants Round 10. Per a governance vote of PASTA holders, we’ve also committed to continuing donations of 10% of transfer fee revenues to future Gitcoin matching rounds. This means 0.1% of each purchase, sale, or transfer of PASTA (10% of the 1% transfer fee directed to PastaDAO) will be contributed to public goods via Gitcoin’s quadratic funding program.
Read on below to learn more about PastaDAO and our commitment to public goods contributions.
What is PASTA?
PASTA was launched during the height of the food farming craze of August 2020. At the time (maybe still today) it wasn’t clear what it took to build a durable token based community; if people felt like punting on imaginary yams and chicken tenders, why not pasta?
By early September, the tide of sentiment had turned and it was becoming clear an emoji ticker was not enough to sustain a project. Pasta rapidly faded into obscurity and the token market cap continued to sink through the end of the year, eventually settling under $30,000.
But while the project had become dormant, its core functionality presented some interesting opportunities. PASTA is a “deflationary” token, with 1% of each transfer or trade removed from supply and another 1% set aside for community use. By early March, the treasury had accumulated roughly 1.5 million PASTA tokens for community use.
What is PastaDAO?
PastaDAO is an experiment in radical legitimacy.
Earlier this year, I began working on a revival of the PASTA token project. The initial DAO setup is based on a multisig with andy8052 and mubaris, and utilized the PASTA token’s inbuilt “chef’s table” governance mechanism to fund community priorities. So far, voters have supported several Snapshot proposals to fund liquidity mining, development grants, and public goods donations.
Mubaris has also developed and deployed contracts that enable the PASTA/ETH Uniswap v2 LP to serve as an on-chain governance mechanism. This will allow for further decentralization of PastaDAO as responsibilities are transferred from the multisig to direct tokenholder control.
As a community, we’re optimizing for good governance and trust over all else. Some ways we’re doing this:
- Fairness — the project was “fair launched”, and experienced a prolonged period of being essentially valueless. This minimized economic barriers to participation.
- Free association — use of LP shares for voting power supports members’ ability to freely join or leave the DAO.
- Consent of the governed — users must lock their LP for at least 3 days to gain voting rights, serving as exit liquidity for others who disagree with their vote choices.
- Doing right and doing well — we committed to public good donations as our first protocol initiative, even before focusing on revenues or other economic priorities.
Over time, we’ll seek to extend these values to the provision of other key public resources that depend on sound governance. One initial project we’re pursuing is management of money market risk parameters.
Why contribute to Gitcoin?
Gitcoin is the preeminent public goods funding mechanism for the Ethereum and wider crypto ecosystems. This vision has been further enhanced by Gitcoin’s recent push to decentralize governance with the GTC token.
Supporting Gitcoin’s quadratic funding rounds lets PastaDAO extend the financial impact of our donations through well managed infrastructure and the collective knowledge of Gitcoin’s donors (who help determine each grantee’s matching fund allocation).
We’re proud to support Gitcoin Grants Round 10 and look forward to further contributions in the coming months and years!
We’re always happy to make room at the table for another diner!
In the near future, we’re also planning to join Gitcoin’s governance process as a protocol delegate. If you’re a GTC holder and would like to support and steward our donation program, keep eyes out for an announcement with more details!
**Disclaimer**: This article is for informational purposes only, and does not constitute financial, legal or tax advice.