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title: Pool-Party CCO & $FLOAT Whitepaper

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# Pool-Party CCO & $FLOAT Whitepaper 

## Part I - Welcome to the Party 
### Introduction 
Congratulations! You found the Pool-Party whitepaper. Our goal here is to welcome you, explain why you should stick around join the party, and let you know where this wonderful shindig of open-finance for communities is heading. 

Pool-Party is a protocol for helping DAOs DeFi. Right now, most DAOs, or decentralized autonomous organizations, aren't doing a great job of treasury management, if they're thinking about managing their treasury at all. Our Pool-Parties are helper smart contracts and associated UIs that make it simple for a DAO to take it's treasury and start earning yield, diversifying its tokens, etc. The goal is to help DAOs accomplish their goals faster and/or be in a position to reward their members. 

When Pool-Party started a few years ago (then know as Peeps), we were similarly focused on letting people pool their funds to achieve the goals and support the missions they care about. After lots of exploring, we realized that the easiest way to do this is make it simple for DAOs to access trusted DeFi protocols. 

Our original Pool-Parties were Moloch DAOs with native support for a particular DeFi protocol. But we realized this wasn't fair to all of the DAOs that already existed or wanted to take advantage of multiple different DeFi protocols or strategies. That's when we further evolved to focus on creating Pool-Parties that could plug into any Moloch DAO. Each Pool-Party is focused on a particular DeFi protocol (ex. Aave) and built with how DAOs operate always in mind. When you build a bridge to DeFi specifically for DAOs, you end up with more powerful and succesful communities. 

The next step in our journey is to further decentralize and empower our community to take more of an active role in the direction and governance of Pool-Party. That's where the ERC20 $FLOAT token will come into play. $FLOAT will be a governance and incentive token -- think loyalty rewards where one of the rewards is a meaningful say in the community and product. In order to distribute these $FLOAT tokens in an equitable way and allow our community to support the further development of the project, we've decided to do a "CCO," or community contribution opportunity, that will give community members the opportunity to support the project. In exchange for participating in the CCO, contributors will gain governance rights via $FLOAT tokens plus recieve some other cool, rewards. Think of a CCO like a Kickstarter where you not only walk away with some cool "thank you" gift, but a way to directly participate in the future of the product and community. 

If this seems interesting to you, please continue on and don't skip Part IV, Disclaimers...  

  
### Why We Exist

Pool-Party exists to helps DAO's DeFi. What do we mean by that? Over $1 billion in value has been held in DAO treasuries. While waiting for those funds to be spend, they mostly sit idle. That means over a billion dollars doing nothing for the DAO and nothing for the DAO's members. Most DAO's exist to achieve for a purpose or goal. It's our mission to help DAOs achieve those goals faster or show a little extra love to their members by leveraging the right DeFi tools for their community. 


### What We're Doing

We're not trying to build a new kind of DAO (been there, kinda done that). We're building a series of smart contracts that bridge DAOs and trusted DeFi platforms. 

Our initial focus is supporting DAOs built on the Molochv2 framework. We like Moloch's because they're open-source, community supported, and you can interact through most Molochs with DAOhaus -- another open-source project near and dear to our hearts. Our smart contracts are based on the Moloch Minion, originally developed by Raid Guild. We build a new Minion for each DeFi platform, one that's focused on connecting Moloch DAOs to that particular DeFi platform in a way that allows the community to manage it's risk appropriately, interact with the DeFi platform easily, and (if the community chooses) distribute its earnings back to DAO members. We believe that these DeFi-protocol-specific minions represent the best way for DAOs to DeFi. 

We already have a few what we call "native DeFi DAOs" that integrate natively with Idle.Finance, use WETH, or allow for dividends with custom tokens. Our Native DeFi DAOs have held over $150,000 in funds and proved that DAOs do in-fact DeFi. The only problem was that this model meant that these DAOs were pretty much tied to a single DeFi option. That's why we're now focused on the Pool-Party Minions. 

The first two, true Pool-Party minions we're launching are for Aave / Agave and Uniswap / Honeyswap / QuickSwap. We believe that these two give DAOs a nice choice between a much safer options -- just earning yeild on their treasuries -- and something a little riskier -- doing token trades and providing liquidity to LP Pools. Of course, one big advantage of our Pool-Party Minion model, is that any DAO could launch both of these. And you can interact with either of these Pool-Party minions via a single UI hosted on app.v2.pool-party.club. 

[Add graphic of where Pool-Party sits between DAO and DeFi]

For us, these two Pool-Party minions are just the start...

### Product Roadmap 

The near-term future for Pool-Party is a Pool-Party for every HAUS. That is, we plan on developing a suite of different Pool-Party minions that can be added to any DAOhaus DAO (or other MolochDAO) as a "boost." In order to meet the needs of various communities, the plan is to provide pool-party minions for a number of different trusted DeFi protocols in a way that represents a range of different risk-profiles. So, if your DAO is feeling a little more conservative, you can just use our Pool-Party Aave minion to earn interest. If you're DAO is bullish on a particular token, it could add a Swap Minion to purchase tokens or add liquidity on Uniswap, Honeyswap, Quickswap, etc. The possibilities are pretty endless, so long as new DeFi projects keep on coming up with different ways to be exposed to the market. 

While it will still be possible to add a Pool-Party to your DAO via the pool-party site, you can also launch a Pool-Party for your DAO via the DAOhaus site. And, in the medium-term, we plan on adding more functionality into the DAOhaus boost, so you don't have to leave their site (unless you want to still use our UI). 

Long term, we plan on adding Pool-Party minions to other non-Moloch DAO platforms as communities develop on those platforms. We also want to explore building Party Suites, which will strategic combinations of Pool-Partys or unique DeFi strategies to help DAOs optimize their treasury management based on a pre-determined risk preference. The other long-term goal is exploring the ability for DAOs, or even coalitions of DAOs, to run their own lending pools and directly lend their treasuries out in exchange for an attractive yeild. 

See below for a snapshot of our roadmap: 

[Add Image]


## Part II - Getting this Party going (CCO)

Our mission is to build a platform and ecosystem to help DAOs achieve their goals faster by connecting them to the power of trusted DeFi platforms. Basically, we're all about DAOs and making DAOs better. Our love of DAOs is the primary reason we've chosen a CCO to help take the platform to the next level. 

The goal of our CCO is raise up to [975,000] xDAI to support the next phase of Pool-Party. Subject to the approval of the CCO DAO, once the CCO DAO hits the minimum contribution threshold, it will vote on creating the $FLOAT token, of which 15% will be distributed to CCO contributors. 

### What is a CCO? 

A CCO is a community contribution opportunity. It is exactly what it sounds like: For a predefined period of time the Pool-Party community is able to contribute wrapped xDAI to support the further development of what will become an open, community run platform. As the funds from the CCO are spent by those working on the platform, the wxDAI is replaced by governance tokens that will go to those who contributed. Those who contribute at certain levels will recieve additional rewards like token-permissioned chat access or exclusive NFTs. 

A CCO is a lot like a decentralized KickStarter campaign, except with a few important differences. The first major difference is that the distribution of governance tokens as a base reward for contributing means that those who contribute to the CCO can also participate in the decisions that will determine the future of the platform. The other major difference is that the wxDAI is not released to the project team all at once; instead, the project team has to request the funds on a schedule and contributors have the right to remove their remaining pro-rata share of the funds plus any governance tokens earned before the next tranche of funds are released to the development team if they no longer like the direction-- though this means the quitting contributor won't recieve any of the special rewards. The final, minor, but important distinction, is that the funds raised in the CCO go to a DAO for the project team to encourage various community members to also get invovled in the development, marketing, community support, and operations of the platform.

A CCO is NOT a securities offering, an ICO, or DAICO. Making a contribution to a CCO does not entitle those who contribute wxDAI to any future profits or revenues generated by the platform. Again, it's like a Kickstarter--an opportunity to fund a project you want to see exist--where you get to participate in governance.  

### The Pool-Party CCO

The Pool-Party CCO will be much like the CCO process described above, except we'll give the first opportunity to contribute to DAOs. We've decided to give the first chance to contribute to our CCO to DAOs, because DAOs are the users Pool-Party and we want to give our users a first crack at being our supporters and recieving the governance tokens distributed as the wxDAI contributed is spent. If any room to contribute is left, we'll open the CCO for a few days to members or voters in DAOs and other tokenized communities. The priority is for us to recieve contributions from those who will use and benefit from Pool-Parties, since those are the constituents who will have have a pretty significant governance stake going forward.  
Here are the basic terms of the CCO: 
* Taking contributions up to 975,000 wxDAI
* Minimum goal of 500,000 wxDAI (we'll return all funds if we don't hit this)
* Governance tokens distributed 1,500,000 (15% of expected total supply)
* DAO exclusive period will last 14 days 
* Open period will last 6 days (or until we reach the 975,000 wxDAI cap)
* Minimum contribution is 1,000 wxDAI for DAOs or 100 wxDAI for individuals
* Maximum contribution is 250,000 wxDAI for DAOs or 25,000 wxDAI for individuals
* Special NFT rewards at 50,000 wxDAI for DAOs and 5,000 wxDAI for individuals
* Special chat access at 10,000 wxDAI for DAOs and 1,000 wxDAI for individuals  


### Contribution Periods and Whitelist

The CCO will be split into two contribution periods. The first period will be for 14 days, in order to accomodate DAOs that have potentially longer voting and grace periods. The second period, which is open to individuals will be open for the 6 days following the 14 day DAO contribution period. The CCO may end at any time once the contribution cap is hit. 

The DAO period will be open to DAOs that operate on DAOhaus (Moloch), Aragon, DAOstack, the LAO, and other tokenized communities of over 25 tokenholders that use a combination of snapshot and Gnosis Safe. We will exclude any DAOs on the foregoing platforms if they do not have more than 2 members -- that doesn't seem very DAOish. For tokenholder communities that use a combination of snapshot and tokens, we'll require at least 25 different tokenholders and an actual snapshot space (or other online voting tool). 

During the open period of the CCO process anyone can contribute who has been a *member* of a DAO on DAOhaus, Aragon, DAOStack, Colony, the LAO (and it's related DAOs) or *voted* in a Badger, Yearn, 1Hive, Uniswap, Sushi, Quickswap, Compound, Aave, Idle Finance, Synthetix, mStable, 88 mph, NexusMutual, TheGraph, MetaFactory or Balancer snapshot vote. 

The whitelist will be locked on May 31st, 2021. 

### Rewards: Tokens and Otherwise 

Anyone who contributes in the CCO will receive a portion of the $FLOAT governance tokens in exchange for their contribution, subject to the CCO DAO approving the minting and distribution of the tokens. The 1,500,000 $FLOAT tokens will be distributed pro-rata across all contributors based upon the size of their contribution. For example, if a DAO contributed 97,500 and the CCO hit the cap of 975,000, then the DAO would receive 150,000 $FLOAT, or 10% of the 1,500,000 million tokens. Another example where the CCO doesn't reach it's cap would be: A DAO contributes 75,000 wxDAI and the entire CCO raises 750,000 wxDAI, that DAO would still recieve 150,000 $FLOAT, or 10% of the 1,500,000. The uses of $FLOAT tokens and how $FLOAT tokenholders will participate in governance is described in more detail in Part III. 

As mentioned above, there are also special rewards for those who contribute at different levels. These special rewards are exclusive chat group access for those who contribute at 10x the minimum and a special NFT for those who contribute at 50x the minimum. 

The special chat group access will be based upon the number of $FLOAT tokens held. We'll use the Abridged Collabland bot to create a special Telegram chat and channel in our Discord. To maintain membership in the special channel, the contributor will have to hold the minimum $FLOAT tokens required. The number of $FLOAT tokens required for join the chat will depend on how much is raised during the CCO, but will at a minimum be [333] $FLOAT (if the CCO only raises the minimum) and at a maximum be [650] $FLOAT (if the CCO hits the cap). 

The special NFT is a Flamingocorn NFT and physical floaty for those who want to provide an address. Individuals will recieve 1 NFT and floaty. DAOs will recieve 10 NFTs and 10 floaties that they can hodl or distribute to their members as they see fit. 
 

### Token Transfer Schedule 
As mentioned above, the way CCOs work is that the team (Party Buidlers DAO) asks for wxDAI from the CCO DAO and, once the wxDAI is transferred to the Party Buidler's DAO, an equal proportion of the $FLOAT governance tokens are released either to the CCO DAO or the CCO participants. In the case of Pool-Party, we've opted to make the $FLOAT tokens claimable by CCO participants as the wxDAI is spent, rather than make people wait to claim their tokens until all wxDAI in the CCO DAO is spent.

While the expectation is that the CCO funds will provide at least 12-18 months of development resources to grow the platform, we expect the Party Buidlers DAO to ask for the funds sooner (and obviously stash any idle funds into Pool-Parties).

The expected schedule for transfering wxDAI and distributing $FLOAT will be as follows: 

* 20% 1 week after the close of the CCO contribution period
* 20% 3 months after the close of the CCO contribution period 
* 20% 6 months after the close of the CCO contribution period 
* 20% 9 months after the close of the CCO contribution period 
* 20% 12 months after the close of the CCO contribution period

This means that all tokens and rewards will be distributed no later than 1 year after the close of the CCO contribution period. The developer DAO may ask for a greater percent one quarter or for a special release to cover unexpected or large costs, like an audit, meaning that the full amount of $FLOAT might be distributed sooner than 12 months, but, like all things, that will be subject to the approval of the CCO DAO. 

The Special Rewards NFTs will be distributed once all of the $FLOAT is distributed to CCO participants -- think of it like a Diamond Hands bonus. 


## Part III - Staying a $FLOAT

### Overview 
The $FLOAT token is an ERC20 token intended for governance purposes. $FLOAT will be distributed to the Pool-Party community, including CCO participants, core developers and other Pool-Party contributors, members of v.1 Pool-Parties, and other early financial backers. In the future, additional utility for the $FLOAT token may be added by the community. For example, the community of $FLOAT holders could require that a number $FLOAT tokens be spent by DAOs in order to launch new Pool-Parties.  

### Token Genesis 
The $FLOAT token will only be created after Snapshot vote of the CCO DAO members authorizing the creation of the token and the distribution schedule outlined below. The token will be created as a standard ERC20 token on mainnet with a supply cap of [10,000,000]. All 10,000,000 will be minted to a Gnosis safe with the core development team as one signer, a representative of the CCO participants as another signer, and someone from the MolochDAO ecosystem as the third signer. Once the tokens are minted, they will be transfered to a second Gnosis Safe on xDAI that will be responsible for transfering the tokens to the various smart contracts where they will be held or distributed based on the schedule below. 

Once FLOAT DAO (described below) has greater than 10 members, control over the $FLOAT token will be transferred to minion contracts owned by FLOAT DAO.

### Governance 
While it will ultimately be up to the $FLOAT token holders in terms of what form governance takes, the initial plan is that $FLOAT will be governed by a Moloch DAO with a Moloch Minion set as the token owner in charge of future minting, transfers, grants, and any other actions that might benefit the Pool-Party ecosystem. 

**FLOAT DAO**
FLOAT DAO's genesis membership will consist of CCO participants, core team, and early contributors that elect to stake a substantial portion of their initial $FLOAT tokens into the DAO. We expect that the initial DAO members will stake at least 3,000 $FLOAT, though that minimum stake can be changed by the DAO members. Once the initial genesis membership is established for the $FLOAT DAO, that membership will also be incharge of setting the standard for future members to join, including how much each new member needs to stake and what kind of tokenholders are eligible to join the DAO. 

**CCO DAO**
CCO DAO operates as described in Section II. It's just the DAO that will recieve contributions from CCO participants and issue those participants Loot Shares which will entitle them to their pro-rata portion of the DAO's treasury. The DAO's treasury will slowly transform (or transmute) from the wxDAI contributed to the $FLOAT token. Once all of the $FLOAT tokens are distributed and the wxDAI is transferred to Party Buidler DAO (described below), this DAO will be retired. 

**Party Buidler DAO**
When wxDAI is transferred out of the CCO DAO, it will be moved to a minion controlled by Party Buidler DAO. Party Buidler DAO is the DAO for the team of individuals and organizations working on developing Pool-Parties and the Pool-Party ecosystem. It will be open to anyone who wants to contribute work to the Pool-Party ecosystem and get paid for that work. We expect the Party Buidler DAO to comprise of three different circles: Hypsters (Marketing / Community), LifeGuards (Operations / Admin), Party Makers (Development). 


**Other Governance**
We also expect to setup a Snapshot space that will be open to all $FLOAT token holders. The Snapshot space will initially be used for governance signals (i.e. non-binding votes).
 

### Distribution 
$FLOAT token is being distributed to communities that use Pool-Parties, contributors to Pool-Party's development, CCO participants, Peeps Democracy, Inc. (the core development team), other members of the Moloch DAO ecosystem, and others purely as a way of thanking them for their support and giving them a voice in the future direction of the product.

The expected distribution is: 
* [15% of tokens to the CCO participants 
* 7.5% of tokens to early Pool-Party backers (Peeps Note Investors)
* 10% of tokens to the core developers (Peeps Democracy)
* 2% of tokens to other early Pool-Party contributors and partners
* 0.5% of tokens to Party Buidler DAO to reward those contributors
* 2% of tokens to v1 Pool-Party DAO members (as of May 1st)
* 3% of tokens to v2 Moloch DAOs on DAOhaus (as of May 31st)
* 5% of tokens to distribute as rewards over 1st year to Pool-Party users (based on volume)
* 55% of tokens to $FLOAT DAO reserves (future use)]

All distributions to core developers, early Pool-Party backers, and other early Pool-Party contributors and partners will be unlocked on the same schedule as the CCO participants tokens (described above in Part II, Token Transfer Schedule).

## Part IV - Disclaimers
 
The information currently provided within this White Paper does not purport to be complete. We do not believe $FLOAT to be a security as defined by Securities Act of 1933, as amended (the “Securities Act”) and thus any of the protections offered by the Securities Act to purchasers of securities are likely not applicable. This White Paper does not constitute an offer to sell, or a solicitation of an offer to buy, $FLOAT and is for informational purposes only. $FLOAT will only be minted upon the vote of the Pool-Party CCO DAO ("CCO DAO") shareholders if, at the conclusion of such vote, the "yes" votes exceed any "no" votes. 

Neither the United States Securities and Exchange Commission nor any other federal, state or foreign regulatory authority has approved the purchase of $FLOAT nor has made any predetermination as to whether $FLOAT is exempt from the Securities Act. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of any information in this White Paper, nor is it intended that the foregoing authorities will do so. 

You should **absolutely not** participate in the CCO or purchase $FLOAT for investment or speculative purposes. $FLOAT has no market value and may never have any market value. Furthermore, $FLOAT will only be minted upon the successful vote of the CCO DAO shareholders, thus there is the possibility that $FLOAT is never created at all. Additionally, if $FLOAT is minted and distributed, neither Peeps nor its representatives will be creating liquidity pools for $FLOAT on any decentralized or centralized exchange. 

The reciept of DAO shares in the CCO and the $FLOAT issued to CCO participants, other Pool-Party contributors, and other ecosystem partners **does not entitle the holder to any profits, collected fees, or revenue collected by Peeps Democracy, Inc. (d/b/a Pool-Party) ("Peeps")** or any revenues, profits, or fees gathered from the Pool-Party smart contracts launched by Peeps. $FLOAT is intended solely as a utility and governance token distributed to those contributors that provide value to the Pool-Party platform and wish to meaningfully engage in the goverance of such platform.

## Part V - Final Thoughts 
Pool-Party's end goal is to help DAOs DeFi. DAOs bring communities together to accomplish a mission, and we want to super-charge those missions and strengthen those communities by connecting them in a DAO-native way to the best DeFi has to offer. To accomplish this mission we need to transition from the small team, mostly boot-strapped by Peeps Democracy, into an open and collaborative ecosystem of builders and community members. We believe a CCO and token launch is the best way to build this long-term community and create a stake-holder economy. 

It's time to take this party to the next level; $FLOAT control to the communities: a Pool-Party of the DAOs, by the DAOs, for the DAOs. 


