- Yes
- No
Summary
With the upcoming launch of VCX, veTokenomics, bribing markets, and a new UI, it is time to sunset the ‘Popcorn’ branding to focus exclusively on ‘VaultCraft’. Additionally, the new system should be managed in a fully decentralized manner through multisigs controlled by proven, tenured contributors to the DAO.
Background
Since its inception in 2021, PopcornDAO has grown into a strong community built around the mission of developing cutting-edge technology while creating positive global impact. Today, the “why?” of the protocol remains the same, but the “how?” has a slightly new vision. Rather than being a pure-play yield aggregator, the protocol is entering a new era where it serves as a liquidity layer, infrastructure tool, veToken economy, and yield aggregator… and that’s just VaultCraft v1.
Over the past year, as the protocol has developed and incubated the VaultCraft product suite, it has become clear that the branding should be consolidated under one identity. These are good growing pains, as various projects have similarly rebranded to indicate their expansion into new markets and product categories (See Twitter, HTX, Summer.fi, OKX, Trust).
Ultimately, the rebrand is an opportunity for PopcornDAO to reintroduce itself to the world, backed by a ever-consistent community and a whole new suite of products. This is not the end of Popcorn, it is just the start of a new age, the Age of VaultCraft…
Branding
To alleviate confusion when referring to the protocol as ‘Popcorn’, ‘PopcornDAO’, ‘VaultCraft/Popcorn’ or ‘VaultCraft by Popcorn’, the protocol and DAO will simply be referred to as ‘VaultCraft’. All publicly branded websites (Twitter, Discord, Immunefi, Magic Store, etc) will be adjusted accordingly. Brand Assets will remain largely unaffected, besides changing “Popcorn” to “VaultCraft” on lettertype logos.
Vault products will remain branded as ‘Smart Vaults’, the no-code vault creation tool will remain branded as the ‘VaultCraft Interface’ or ‘VCI’ for short, and the SDK will be the ‘VaultCraft SDK’.
Decentralization
The upcoming launch is not only an opportunity to improve the protocol’s external messaging but also its internal operations and commitment to decentralization. Specifically, how key contracts and assets are controlled.
Treasury management
After the POP-VCX conversion contract is live, the DAO will convert the entirety of the POP treasury it has accumulated into VCX. As outlined in the VCX tokenomics, approximately 400M VCX will be held in the DAO’s multi-sig for the following purposes: burn matching (100M), fundraising (125M), partner incentives (100M), and liquidity (75M). Since disbursements for each of these categories is not an automated process, it is necessary to place these assets under the control of a multisig governed by proven, tenured contributors to the DAO. Disbursements will be made strictly in accordance with the published tokenomics or subsequent updates via DAO governance amendments. Initially, the multisig will be a 5/8 with the following signers:
- 0xB99906BAbed9a0dEB8e17f154Eb1C0722E7A185A
- 0x22FCB443ce4D922d1526c642e6374c8dCA6F23C6
- 0x22f5413C075Ccd56D575A54763831C4c27A37Bdb
- 0xD560005C85221ddd8446807CcBda4a44493a59e6
- 0xA5aEf04E03789AD15405D153a82D0b128c36988b
- 0x08A18882c04c2383043eC9C7007FbFDFBd0E5b28
- 0x7b6f5707BAE87d80c45d71C9128A3F63aa0f134a
- 0x49872B809d27baf36ad3c86720f3d40d45C7F859
Contract management
All smart contracts will have their ownership permissions migrated to a multisig regardless of whether they were initially launched by an EOA. Similar to the treasury management multisig, a 5/8 contract controller multisig will be created with the following signers:
- 0xB99906BAbed9a0dEB8e17f154Eb1C0722E7A185A
- 0x22FCB443ce4D922d1526c642e6374c8dCA6F23C6
- 0x22f5413C075Ccd56D575A54763831C4c27A37Bdb
- 0xD560005C85221ddd8446807CcBda4a44493a59e6
- 0xA5aEf04E03789AD15405D153a82D0b128c36988b
- 0x08A18882c04c2383043eC9C7007FbFDFBd0E5b28
- 0x7b6f5707BAE87d80c45d71C9128A3F63aa0f134a
- 0x49872B809d27baf36ad3c86720f3d40d45C7F859
oVCX minting
In order to ensure a non-inflationary total supply tokenomic model, oVCX can only be minted and distributed in two circumstances: normal veTokenomic emissions through gauges, or by the DAO multisig when for the purpose of pre-approved activities (partnerships/fundraising) AND when the treasury holds sufficient VCX to fund the corresponding oVCX redemption.
oVCX emission contract
Similarly, the tokenomic model outlines an oVCX emission schedule through normal veTokenomic activities with a maximum budget of 100M. Since the max total supply of VCX will be minted from inception, the corresponding VCX to fulfill this 100M oVCX in veTokenomic distributions will be minted and immediately funded into the oVCX redemption contract.