Ecosystem tokens
Last updated
Gold DAO whitepaper
Last updated
The Gold project will be entirely decentralized and governed by a DAO on the Internet Computer Protocol (ICP). DAOs on ICP are commonly known as SNS (Service Nervous Systems), which is an integrated DAO platform within ICP that enables complete man- agement and governance of smart contracts in a decentralized fashion.
Users have various incentives to participate in the SNS and can benefit in different ways:
Actively engage in the Gold project’s evolution by participating in governance, proposing initiatives, voting on proposals, and guiding the project towards a successful future.
Earn rewards for participating in governance.
The funds raised through the SNS will be allocated to various activities to ensure the project’s successful advancement:
Remunerate developers for maintaining current projects and advancing future phases.
Invest in marketing and product growth.
Cover payments for third-party services such as token listings, future code audits, etc.
Various tokens are involved in this project, each serving a specific purpose—whether utility or governance—and contributing value to the ecosystem.
Beyond the three inherent tokens derived from the core products of the Gold project outlined earlier in Product chapter —namely GLD NFT, GLDT, and USDG —two additional tokens, OGY and GOLDAO, play roles within this ecosystem. The interplay between these tokens is as follows.
The overview of flow between the different components in the Gold ecosystem is illustrated in the figure below.
The project is governed by the GOLDAO token - Gold governance token. This token is issued upon the SNS launch of the project and gives the governance rights for users to participate.
Details about the SNS are described in the next section but there are various utilities for participants in the SNS
1. Decide about the direction of the Gold project 2. Govern any upgrades to the canisters 3. Receive staking rewards from governance participation
The total supply of GOLDAO token is capped at 1 billion.
GLD NFT are non-fungible tokens that grant the holder ownership rights to physical gold bars stored in vaults in Switzerland. Details about the GLD NFT can be found in gold token chapter.
GLDT (Gold token) is a fungible token which is backed by the GLD NFT and issued at a rate of 100 GLDT to 1 g GLD NFT. The tokenomics of the GLDT is inherited by its design and described in more details in gold token chapter.
USDG is the USD-pegged stablecoin that is backed by the GLDT and, hence, physical gold in vaults. The mechanism design of USDG is described in more details in USD-pegged stablecoin chapter.
There are two additional third-party tokens involved in the Gold project, OGY and ICP. OGY is the native token to the ORIGYN protocol. It is used to pay for any issuance fees of the GLD NFT and also used to trade NFTs on marketplaces like Yumi.
ICP is the native token to the Internet Computer Protocol (ICP). It is also one of the tokens available to trade GLD NFT and fuels the entire ICP ecosystem.
