Neta
Last updated
Last updated
NETA is money on Juno. The token was created and distributed by Core-1, the core Juno Network development team. The only utility of $NETA is to be a decentralized asset for savings not only on the Juno network, but also in the whole Cosmos ecosystem.
All tokens were distributed via airdrop to $JUNO stakers in the following quantities:
Staking from 25 JUNO = 1 NETA
User voted on at least one sentence = 10 additional NETA
User voted on all sentences = 5 additional NETA
User delegated at least one validator from outside the top 20 = 0.2 additional NETA
The total supply is 32,950 NETA. The snapshot included users who staked JUNO before the Moneta update on December 15, 2021. This is an update that brought smart contracts to Juno. Users could claim NETA airdrop from February 1st to February 28th. 1063,4 NETA went unclaimed and were burned. Now the total supply is 31886,6 $NETA.
Thus, the maximum number of tokens available for claiming was 16.2 per wallet. All tokens were distributed among 5,372 wallets. For those who like infographics, here are thr charts below from Twitter user @iamtherealjohn_
It should be mentioned that the hype around NETA airdrop was not bad. The community named NETA as Bitcoin in Cosmos ecosystem (tweet). Some users also thought that those who sold 2k+ would regret it later (tweet), etc. As of today, the reality is that those who sold right after the claim made good money. Look at how the price has changed:
But we are not flippers. People still like NETA, and there is still hype around it. So let’s see what else we can find in NETA.
The tweet from the official account explicitly states that Neta is not a project, and all development depends on the community. In other words, Core-1 is not responsible for the token after its initial distribution.
This is why the Neta DAO, a decentralized autonomous organization (DAO) run by $NETA holders, has emerged to act as a community to fund and develop $NETA and the Neta DAO. The proposal originated on 05/25/2022 on Commonwealth, initiated by cryptomuse, envy, GlowGator, Heisenberg1, HODLer, Massv, Paul123, TrickyCrypto, whiskey, wtrsld.juno. You can read the official document here: https://netadaozone-backup.neocities.org/docs/neta-dao-statement-2022-05-25.pdf
The main Neta discord community still exists, although it is not active. In the disclaimer the guys from Neta DAO write that the organization left the official discord, but they will call themselves Neta DAO, because they came up with it first. However, they do not deny that there may be several organizations.
The DAO provides benefits and privileges such as:
Community. By locking your $NETAs into the Neta DAO, you help build a powerful Neta DAO community for the Neta and Juno ecosystems. You also will receive benefits such as airdrops, NFT exclusives, and NFT whitelists.
Choice of the development vector. As a member of the Neta DAO community, everyone can not only pitch their opinion through Commonweatlh, but also participate in DAO voting.
Treasury. DAO members play a key role in curating and voting on the allocation and use of DAO Treasury funds and the LP incentives. These funds will accelerate teams creating dApps, services, NFTs, games, and other protocols.
All of this is expected, along with the ability to lock your $NETA. There has already been a drop from Gelotto, and there will probably be a drop from IDOLS NFT https://twitter.com/BeholdIdols, as the tweet mentions @Neta_DAO https://twitter.com/Neta_DAO, and Neta DAO is mentioned in the footers of the collection presentation.
Let's summarize the facts, and then thoughts and conclusions on them.
The $Neta token was developed by Core-1, the founders of Juno. Here is their tweet about it: https://mobile.twitter.com/CRootHQ
There already was an airdrop for NETA holders (Gelotto https://gelotto.io/airdrop)
The $NETA community does not seem to be strong, but create decentralized organizations. There are two of them now: the main one, which emerged together with Neta.money, and Neta DAO, which split off on May 25, 2022 and is merging into DAO.
It is likely that the $Neta hold will be some sort of flag indicating early support of Juno. Also, since token was developed by JUNO founders, perhaps this fact will be taken into account while distributing tokens for the next projects.
If they launch DAO, then you can participate in governance for the sake of progress, as well as for the airdrops and incentives that Neta DAO promises.
Neta staking started on 8/11/2022
Contract Address: juno1c5v6jkmre5xa9vf9aas6yxewc7aqmjy0rlkkyk4d88pnwuhclyhsrhhnhns6
Staking provides only governance rights, there are no rewards from staking and you are not able to earn more with extra $NETA.
Unbonding Period: As decided by the community, this period is initially 91 days. This longer undbonding period (in comparison with other tokens) is associated with a security deterrent due to the unique and innovative nature of Neta DAO.
Note: Idols NFT will be taking a snapshot of Neta DAO stakers to give these wallets early access to Idols mining with discounted price.
The Neta DAO is a community effort to accelerate the development and adoption of Juno and the Cosmos ecosystem.
As NETA was created not only for early adopters of JUNO, but also for early and active governance participants, the Neta DAO seeks to develop this foundation by a number of activities and potential sub-DAOs. These activities includes, but are not limited to: validating networks, participating as an organized entity in their governance, identifying teams/dApps/public resources/documentation and distributing grants to developers, producing educational materials on current governance proposals and ecosystem issues, brainstorming for new governance mechanisms, working to create "best practices" for Proof of Stake validation, etc.
The Neta DAO is and will be a collective run by its members without a front man. Because of the unique nature of NETA drop and the fact that Neta DAO is focused on developing public/network resources and further decentralizing of the Cosmos ecosystem, NETA uses initiatives of its users to achieve the goals: public goods require more than one person or a faction.
Neta DAO currently operates as an unincorporated non-profit organization. It is working on the establishment of an explicit non-profit structure to establish jurisdiction and formally limit any taxation and responsibility issues that might affect DAO members.
Neta DAO has several methods of protecting its members' shares. Because the NETA token is a scarce decentralized store of value with a closed contract, NETA has created a number of checks and balances for offerings.
NETA DAO has:
The unbonding period was set at 91 days when the DAO was created. In the future, there are plans to introduce multiple options of unbonding period, subject to community approval.
The Neta DAO can accept and distribute funds to projects or teams at the discretion of the DAO management; therefore, they need protection from scammers. In the interim, NETA created a 9 member Multisig with a pass threshold of 6 out of 9. They are responsible for ensuring that funds are used in accordance with the wishes of the community. Also, if the DAO needs to move to a new version of the DAO contracts, the treasury will be able to handle it without the logistics problems, happened with some of the related DAOs.
Organizational Multisig members and corresponding addresses:
massv (Neta DAO): juno1fzw7lp3u708rg49zqv48pdm8e03uz4srw2dx39 | Verification
wtrsld (Neta DAO): juno1e6fhmfer34hh7kl9um6p52nkqflkp4jajgxunw | Verification
envy (Neta DAO): juno1g5t9r670acafp8ys3zpd5dxzunv99l3t6ruq9r | Verification
whiskey (Neta DAO): juno1hcqjney83mcm50jvf70lk3h6yytkke0x98czhz | Verification
dude from internet (Neta DAO): juno15jxj5tcfqwnmupfzleuxaqfqvyjkjvd35vdea9 | Verification
NETA is a scarcity supply token that was fully liquid and widely distributed when it was created, and this fact leads to unique circumstances related to the distribution and, therefore, management. Neta DAO has created an executor function in its DAODAO that allows a multisig of 9 members (with a pass threshold of 6 out of 9) to reject any malicious offer from the DAO before it passes. This is done to protect the community and funds invested by members in the DAO, and to prevent the threat of DAO activity from bad players with big capital that cannot be countered.
Executive Multisig members and corresponding addresses:
Aswever (Howl): juno1998l0qxj346eznrmwhw3a2z7pacdxepypmxz7f | Verification
ekez (DAODAO): juno1m7a7nva00p82xr0tssye052r8sxsxvcy2v5qz6 | Verification
Elsehow (DAODAO): juno175q6smvgnuec5e62rs4chnu5cs8d98q2xgf4rx | Verification
envy (Neta DAO): juno1g5t9r670acafp8ys3zpd5dxzunv99l3t6ruq9r | Verification
Lil D (Neta DAO): juno1kkerfymlqzjd45xlvvle6yyjh849m7xvpf9jaq | Verification
massv (Neta DAO): juno1fzw7lp3u708rg49zqv48pdm8e03uz4srw2dx39 | Verification
Max (Wombat): juno1j60rdmtrwjyleql5y4dtr0mfsac2pnswmfceyz | Verification
Poroburu (Neta DAO Validator): juno17fzx4rvw04586s8f2c2vv53pe3yypu0ccu566q | Verification
wtrsld (Neta DAO): juno1e6fhmfer34hh7kl9um6p52nkqflkp4jajgxunw | Verification
Like any other organization, Neta DAO will have a multisig to handle operating costs.
They are listed below:
Basic validator fee for Poroburu $125 per month (validator management, upgrades, best practices). If a new network is added, this will add $125 per validator fee.
netadao.zone website domain ($50/year approximately)
Akash hosting ($100/year approx.) - may vary depending on additions
Total $140 USD/month
Addresses of current operating members Multisig:
massv (Neta DAO): juno1fzw7lp3u708rg49zqv48pdm8e03uz4srw2dx39 | Verification
wtrsld (Neta DAO): juno1e6fhmfer34hh7kl9um6p52nkqflkp4jajgxunw | Verification
envy (Neta DAO): juno1g5t9r670acafp8ys3zpd5dxzunv99l3t6ruq9r | Verification
whiskey (Neta DAO): juno1hcqjney83mcm50jvf70lk3h6yytkke0x98czhz | Verification
dude from internet (Neta DAO): juno15jxj5tcfqwnmupfzleuxaqfqvyjkjvd35vdea9 | Verification
Membership: The treasury and executive multisigs are "6 of 9" multisigs. These multisigs of 9 members require 6 of the 9 members to vote for or against a proposal to pass or do not pass. Initial multisig has the following structure:
5 DAO members who have regularly attended community meetings, done extensive work and research on DAO initiatives, and have demonstrated their dedication to the DAO from the beginning
4 Interchain influencers: people who are either major contributors to projects built on Juno or members of Juno itself
This structure ensures a healthy mix of DAO members and "outsiders" to accept or reject proposals. For example, if members of the DAO community vote unanimously in favor of a proposal, the signature of one of the "outsiders" will be required.
Neta DAO proposals will be structured with these parameters:
Deposit required: 15 NETA
Voting duration: 5 days
Re-voting? You can change your vote.
Quorum: 10%
Passing threshold: Majority
Refunds for unsuccessful offers: None (all deposits for unsuccessful offers will go to Neta DAO coffers)
With current business law, it is not possible to run a DAO that distributes income to stakeholders worldwide, without invasive KYC procedures and complicated tax issues.
Neta Money
Website https://www.neta.money/
Twitter https://twitter.com/NetaMoney/
Neta DAO
Twitter https://twitter.com/Neta_DAO
Discord https://discord.gg/gvjC86WXC2
Other
NFT Hold IDOLS https://twitter.com/BeholdIdols
Core-1 (Juno developer) https://mobile.twitter.com/CRootHQ
Neta Money Commonwealth https://commonwealth.im/neta-money/
