DegenDAO Launch Details — 27 Jan

Get exclusive access to alpha calls and multi-sig treasury management

We are excited to announce DegenDAO NFT will be launching on Only1 on 27 January 2023.

Being a premier Decentralised Autonomous Organisation (DAO) on Solana, DegenDAO aims to reward community members by providing in-the-moment & long-term investment advice on NFTs and crypto, a solid network of possible connections and friends, and developing other advantages to make being part of the community enjoyable, exciting, and enticing.

With over 5,000,000 messages sent in the past year alone in their Discord channel (averaging to 14,000 messages per day), DegenDAO has been a high functioning DAO since 2021 and has continued to grow since the DAO’s inception.

Holders of DegenDAO NFT will get exclusive access to alpha calls and multi-sig treasury management, while 66% of the mint proceeds and 75% of the royalties will go to the DAO for the community to decide how it will be operated.

Mint details:

• Quantity: 5,555 NFTs
• Price: Whitelist — 25 USD; Public — 40 USD (Price will be in SOL, to be announced in Twitter/Discord on 25 January 2023)
• Launch Model: Lottery for allocation. (see details below)
• Max Ticket: Each wallet can deposit a maximum of 10 tickets (OG + Whitelist + public)
• NFT per winning ticket: 1 DegenDAO NFT
• Launchpad Link: https://only1.app/launchpad/degen-dao

Procedures:

Step 1 — Deposit SOL to enter tickets into the lottery

Each user will be eligible for a maximum of 10 tickets (OG + Whitelist + public). Whitelist snapshot will be taken at 25 Jan 23:59 UTC. Users will deposit SOL to enter their tickets into the lottery.

Lottery Ticket Deposit opens: 27 Jan 17:00 UTC

Step 2 — Pool Closes

Lottery Ticket Deposit Closes: 27 Jan 20:59 UTC

Example: Assume finalised price in SOL is 25 USD on 25 Jan, each whitelist and public ticket cost 25/25 = 1 SOL and 40/25 = 1.6 SOL respectively. Leon have 1 whitelist and he’d like to enter for 6 NFTs in total, he’ll have to deposit 1 + 1.6*5 = 9 SOL by 27 Jan 20:59 UTC to enter those tickets into the pool.

Step 3 — Lottery

Lottery will take place shortly after the pool closes, claim of winning NFTs or refund will be available after 2 hours at 27 Sep 23:00 UTC. Each winning ticket will receive 1 DegenDAO NFT, and each losing ticket will have their deposit refunded. If there are 11,110 tickets deposited in total with 5,555 NFTs for lottery, then each ticket has a 50% chance of winning a DegenDAO NFT. Note: Whitelist mints are prioritised.

Step 4 — Claim

Users can claim 1 unique DegenDAO NFT for each winning ticket and are able to claim refunds for each ticket that did not win.

Claim opens: 28 Jan 02:00 UTC

Example: Leon deposited 9 SOL for 1 whitelist ticket and 5 public tickets; and he won 4 NFTs, 1 from whitelists and 3 from public. He would claim 4 DegenDAO NFTs and 3.2 SOL back.

About Only1

Only1 is a web3 social platform where users earn by engaging, and can launch memberpass NFTs and post exclusive content for members. Only1 offers a web 3.0 solution to creator economy and fan engagement, decentralisation is coming to social media.

Twitter / Medium / Whitepaper / Website / Telegram / Discord