In mid-January 2022, I was talking with a developer friend about the possibilities of collaborating on a project together. He came back with this:
I’ve had a long term interest in developing this project called Wagies, that are like bots that do grunt based tasks…Ultimately, they could be collected in some kind DAO that has an investment strategy in which each Wagie undertakes this task to generate a return.
From that message spawned WagieDAO, a passive income project built on the Oasis Emerald blockchain. This article serves to introduce WagieDAO and provide a brief overview of how it works.
Wagies, Companies and Hustlers
Before we go any further, let’s get some terminology out of the way.
- Wagie: Someone whose life consists of waking up, working in a dead-end job all day, coming home to spend the evening staring at a screen, ad infinitum (see here). In WagieDAO, a Wagie is simply an NFT connected to the profile of a company worker.
- Company: In WagieDAO, sets of 100 Wagies are grouped together into a company. There is a maximum of 7 companies in WagieDAO (700 max Wagies). Each company has an investment pool which generates income for that company.
- Hustlers: Hustlers are our community of NFT holders. Hustlers who have hired a Wagie (i.e hold that Wagie NFT) receive regular payouts in $ROSE into their wallets from the relevant companies income.
The WagieDAO Structure
Each company in WagieDAO follows a three stage life cycle. Initially, investors can Train a Wagie (aka Mint a Wagie NFT) from the WagieDAO website. This is known as a companies’ Training Day. Funding from the Training Day (Mint) is split up, such that 85% of the funds form a set of Investment Pools and 15% directed to the team to cover start-up costs, marketing and development.
After Training Day, each company will invest the funds in its pool in accordance with a given investment strategy. Each company has a different strategy through which to generate yield, both within the Oasis ecosystem and also across other blockchains. By default, each company will pay out 50% of profits generated, and reinvest the remaining 50% back into the strategy. This percentage and the strategy itself can be altered through the vote of the Hustlers. Addition funding also comes in every time a Wagie is traded, with 5% of sales paid straight into the company pools.
The companies in WagieDAO continue in this manner, generating yield and paying it out to Hustlers on regular “paydays”. There is however one hope for our hardworking Wagies….. Retirement Day. Should a company vote to that effect, the entire investment pool will be liquidated become claimable by Hustlers in return for sending their Wagie to the Retirement Smart Contract, where they shall remain forever in peaceful bliss. This mechanism allows a ‘cash out’ option to token holders, reducing investment risk and providing the option to capitalize on increased $ROSE prices in the future.
Next Steps
The first Training Day is scheduled for 8pm UTC on Wednesday 23 February. At this time, four WagieDAO companies will go live allowing the training (minting) of 400 Wagie NFTs. Minting will occur on our website, with a maximum mint of 5 Wagies per transaction. A single wallet can hold more than 5, you will just need to put through multiple transactions. The mint price is 500 $ROSE, resulting in an initial investment pool for each company of 42500 $ROSE.
We recently put up the WagieDAO telegram and Twitter pages, and we encourage you to join us there for regular updates. We are holding an AMA on Youtube on Sunday 20 February, with 250 $ROSE to be given away to the five people selected as having asked the best questions. 500 $ROSE has also been set aside as a ‘new employee bonus’, which will be randomly paid out to five Wagie holders at the completion of Training Day through our partnership with the Oasis Network NFT Community
In our next Medium, we’ll provide some more details about the companies themselves and the strategies they will use. Following that, we’ll share about our Wagie Bonus Scheme to reward the members of WagieDAO.
WagieDAO — Make Your Hire.
