420 DAO Launch and What to expect
After months of preparation, we are thrilled to announce that we will officially launch on the Avalanche network at 4:20PM (UTC) on 2nd April 2022. The launch means a wider audience will have access to 420 DAO’s technology and the decentralized world it has become a part of.
Users can buy and stake tokens directly on the 420 DAO dApp at app.420da.org and become 420 DAO’s members who can vote on all decisions regarding the DAO’s activities. The voting power is represented through the governance token — 420 (ticker: $420).
420 tokens are issued according to a double-halving mechanism, which means both the number of tokens issued and duration of token issuance will halve on each following phase. There are four phases in total. Read here for more.
Here are some frequent questions that can help you understand what to expect after the launch.
How to purchase 420 tokens?
For the first phase that will start immediately once launched, each day there will be maximum 100K tokens available for public batch-auctions. Simply go to app.420da.org and locate the tutorial that walks you through the app step by step. The app is very user-friendly and surely you will get a hang of it in no time!
Once you deposit, wait until the auction ends to see how many 420 tokens you will receive. The number of tokens received will be decided by the total amount of money deposited on that auction.
Can I claim and stake tokens immediately after I deposit?
No. You will have to claim 420 tokens at the next auction. Stake after you claim tokens.
The 420 token is named “420” and the staked 420 token is “s420”. You will see them on the left side of the app. This is where you keep track of numbers of each type of token.
When will I receive my staking reward?
The next day after you stake. Each day of phase 1, a pool of 220K tokens is designed for staking reward only. You will receive the staking rewards according to the ratio of s420 (staked 420 tokens) you own in the staking pool.
Can I unstake my s420 tokens anytime?
Yes, you can. However there is a “penalty” for unstaking. The fine caps at 42% then decreases until reaching 0 on the 787th day. Read here for more.
According to our Roadmap, around April-May, 420 DAO will create a community channel with high-quality crypto market views with actionable insights. A venture investments database and a risk management bot which helps traders mitigate against futures liquidation risk will also be built and developed. 420 tokens will be required to gain access to the database and tool.
Once the Treasury reaches its size, it will be invested in other lucrative crypto projects, deployed in potential native DeFi protocols or is allocated to institutional hedge funds (esp. in bear market regimes).
There is a lot of excitement ahead and we cannot wait for you to join and become our companions in this adventure. 420 DAO is for everyone whose vision is to build a better decentralized crypto ecosystem.