# The Great Wave Artist Collective DAO {% hint style="info" %} **End of The Great Wave** The DAO has [voted to dissolve itself](/dissolution). {% endhint %} We are building a new plaform for artists, fans, developers and investors that focuses on sustainability, providing and promoting quality work, community, and collaboration. As the world sits on the cusp of a new technological renaissance and creator/investor economy known as Web3, we want to help position artists ride the great wave over this rising tide. ![The Great Wave Flow Cycle](https://raw.githubusercontent.com/acryptos/docs-thegreatwave/main/img/TGW-flowcycle.svg) As an ecosystem, The Great Wave aims to set a new precedent based on the following approach: * DeFi and DAO model allows fans and investors to fund and directly support artists and get return on their investment * Artists to be paid through commission of their work for the DAO, and can choose to reinvest in the WAV ecosystem * Developers, designers and project team help to create and gamify assets for artists, creating more revenue streams while tapping into new audiences and communities * Grow and nurture The Great Wave as a community where artists can network and collaborate with each other, while positioning ourselves as a brand to partner with various projects and marketplaces * Revenue generated to be reinvested in treasury and shared with artists and DAO token holders # Dissolution The DAO has [voted to dissolve itself](https://vote.thegreatwave.io/#/proposal/0x8c0081e5f644c63a2a390cd7ca2c5b4593e4f7eac7ce0365e53f81401069a73d). ### Instructions for TGW holders to receive the distribution of DAO assets following dissolution: 1. Swap TGW for acs(ACS/WBNB-10000) at: 2. Withdraw acs(ACS/WBNB-10000) for ACS and BNB at: #### Important Notes: * For step 1, you should receive \~2.359 acs(ACS/WBNB-10000) for 1 TGW. * For step 1, choose "Uniswap" route. * Contracts are TGW (0x8888888818b6e5BBdF1F73c5F3A7F73b2454d2cA), acs(ACS/WBNB-10000) (0x013578e12Ada4aaB4a3253260460640C8620e01d) * Instructions to swap ACS can be found here: ### Additional instructions for WAV holders Swap WAV for TGW at: #### Important Notes: * You should receive \~0.071 TGW for 1 WAV. * Choose "Uniswap" route. * Contract for WAV is 0x888888883BF208d3b1AcD0052a88b9Fd07bA5851 # Roadmap #### First Wave #### Q4 2021 ☑️ Refine Tokenomics ☑️ Launch Docs/Livepaper ☑️ Launch LP ☑️ Build MVP Site ☑️ Build WAV App ☑️ Finalize TGW Logo ☑️ Test AMA #### Q1 2022 ☑️ Emissions Begin ☑️ Coordinate Marketing Team ☑️ Onboarding First Wave of Artists, Producers, Engineers ☑️ Onboarding Industry Advisors ☑️ Draft MOU for Commissioning First Wave of Artists 🕒 DAO and Artists to Vote and Begin Work 🕒 Refine Governance NFT Mechanics 🕒 Key Visual Update for Site 🕒 Press Release Announcement for Music & Blockchain Media 🕒 Prepare Assets for Q2 Launch # Artists **Be Like Water** There is no one-size-fits-all approach for how artists want to manage their career. Being in a collective offers flexibility and autonomy, as opposed to being tied down by exclusive deals bloated with opportunity cost. We value indepedence and collaboration. Instead of owing the label, you own part of the collective. The DAO funds your work, provides industry and developer support, exposes your art to new audiences and communities within the Web3 space, and shares the profits with you. The Web3/NFT space can be overwhelming. We want to cut through the noise and help artists navigate this space, by building more opportunities for interactive, two-way artist/fan relationships that incentivises long-term fan rewards. We are currently open for artist submissions. ![Example #1](https://raw.githubusercontent.com/acryptos/docs-thegreatwave/main/img/artists-example1.png) # Community **Why a DAO?** Investing in The Great Wave is to back and be part of a Decentralized Autonomous Organization that is artist-driven and led in a new creator/investor economy. Creating a DAO allows us to be nimble and adapt accordingly to the times (insert “be like water” Bruce Lee quote), while the appeal of a collective allows us to build strength in numbers and have more influence over the various industries we are in. The format of the DAO is inherently open, inclusive, and accountable, sharing value with the participants who create it. While the beginning phases of any organisation has to be founder-led and driven, we must encourage and elevate contributors’ creativity and contribution in order to progressively move towards decentralisation and allow for more projects to be developed and approved autonomously. We believe that this is key to building a flatter, egalitarian model that will help support artists in this industry. # Tokenomics **WAV** is our Native Token, on Binance Smart Chain. **WVP** (WAV Pool) is our Core LP, consisting of **WAV-ACS-BNB** in 6:2:2 ratio. It is a Balancer V2 LP, on the [Acsi.Finance](https://app.acsi.finance/#/pool/0x44a9ce69ef2a71a9630697ca5cab3f4adaf8f90d00010000000000000000001a) deployment, on Binance Smart Chain. **TGW** is our Governance Vault, consisting of staked **WVP**. The locked TGW governs the DAO, and also earns DAO revenue and emissions, which will be automatically compounded in the Vault. Withdrawing from the Governance Vault incurs a withdrawal fee, which is shared among the remaining TGW holders. * TGW withdrawal fee is set at 88%. \~ Withdrawal fee was initially planned to be reduced to 18% after 12 months. There will be a governance vote to decide on changes to the withdrawal fee. ## Emissions 3000 WAV per day will be emitted, reducing by 16.88% every 88 days to give a maximum supply of 1,979,869 WAV. Emissions distribution: * 80% to TGW * 10% to Treasury * 10% to Farms \~ Initial emission distributions were 60% TGW, 10% Treasury, 30% Farms but change was voted on 6th June 2022 by the DAO for more weightage to be put towards TGW vault. ### Initial Farm allocations : * [WVP](https://app.acsi.finance/#/pool/0x44a9ce69ef2a71a9630697ca5cab3f4adaf8f90d00010000000000000000001a) ACSI.finance 5X * [WAV-BNB](https://pancakeswap.finance/add/BNB/0x888888883BF208d3b1AcD0052a88b9Fd07bA5851) PancakeSwap LP 1X * [A2B2 WAV Pool](https://app.acryptos.com/wav/) 1X ![WAV Token Emission](https://raw.githubusercontent.com/acryptos/docs-thegreatwave/main/img/WAV-Token-Emission.svg) ## Genesis * [415,888 WAV](https://bscscan.com/tx/0x2fc52fbcb89abe63f8e14dfc0eda62363d19472daecb95be59af6c0e70cbf618) were minted, and pooled with $284,112 of liquidity provided by the Founding Team, giving WAV an initial value of $1, creating [$700,000 of WVP](https://bscscan.com/tx/0x6b9a83485552b0e3336ae0c05f55b98db60faf5ff4d74a9a5f2c26de38e83464). * $280,000 WVP was staked into TGW and given to the Founding Team. (TBC) * $378,000 WVP was staked into TGW and given to the Treasury. (TBC) * $42,000 WVP was given to the Treasury. (TBC) **Effectively 94% of WAV and WVP was locked into TGW which has a 88% withdrawal fee for the first 6 months of the project, reducing to 18% in months 6-12.** ## Farm Boost [Similar to ACryptoS](https://docs.acryptos.com/acryptos-farms#farm-rewards-boost), TGW holders can boost their Farm returns by up to 2.5 times. Unlike in ACryptoS, TGW is transferable, and Farm boost will be calculated using a time-weighted average of users’ TGW holdings, including TGW staked in NFTs. The amount of boost is determined using the same formula as in ACryptoS: 1.5 \* \[% user's share of Governance Vault] \* \[TVL in Farm] (up to a maximum of 2.5X of users’ holdings in Farm) ## Governance NFTs TGW NFTs will be able to have TGW staked inside each NFT, which can be unstaked by burning the NFT, setting a base value for each NFT. TGW staked in users’ NFTs boost their Farm returns by up to 2.5 times. ## Notes Liquidity is built into the Governance Vault, so there is no longer a need to separately incentivise liquidity. It also means Governance Vault holders are expected to take on Impermanent Loss risk. The TGW withdrawal fee acts as a lock-in for the Founding Team and early investors. # NFT Many promises are made regarding ownership of NFT and crypto through minting and sales. How can we be sure that these are honored and fulfilled? Will the centralized metadata be [wiped](https://www.vice.com/en/article/pkdj79/peoples-expensive-nfts-keep-vanishing-this-is-why) along with its perks and content? ## True Ownership Own music rights through participating in the DAO through our governance token. The format of the DAO is open and accountable, sharing value with its participants, paving the way for a more egalitarian model for artists and musicians and art lovers alike. Having TGW (staked WAV) gives you a way to have a say, a vote to back up your voice on the direction of the DAO. DAO token does not rely on any centralized mechanism / metadata. ## Our NFT Our governance NFT mechanism simplifies the process as well where the governance NFT value is back by TGW on-chain…an NFT that actually meets the criteria of decentralised ownership. TGW NFTs will be able to have TGW staked inside each NFT, which can be unstaked by burning the NFT, setting a base value for each NFT. TGW staked in users’ NFTs boost their Farm returns by up to 2.5 times. # Governance **TGW** holders govern the DAO, and control the treasury. An elected Core DAO administers the Treasury and controls its multi-sig, this will initially consist of * [Charlie Lim](https://instagram.com/wherewascharlie) * [x - Acryptos](https://twitter.com/acryptosx) * [HM - unrekt.net](https://twitter.com/getunrekt) ## About Acryptos ACryptoS offers 3 products on Binance Smart Chain: * yield optimizer: ACS Vaults * next-gen AMM: ACSI Finance * stablecoin DEX: ACSI StableSwap Tokenomics and fees are designed for [safety and sustainability](https://medium.com/acryptos/what-sets-acryptos-apart-d6345e2f5d7f), rewarding long term holders of our ACS and ACSI governance tokens. For more info, [www.acryptos.com](https://www.acryptos.com) # Contracts * **WAV** Token [0x888888883bf208d3b1acd0052a88b9fd07ba5851](https://bscscan.com/token/0x888888883bf208d3b1acd0052a88b9fd07ba5851) * **WVP** Pool Token [0x44a9ce69ef2a71a9630697ca5cab3f4adaf8f90d](https://bscscan.com/token/0x44a9ce69ef2a71a9630697ca5cab3f4adaf8f90d) * **TGW** Vault Token [0x8888888818b6e5BBdF1F73c5F3A7F73b2454d2cA](https://bscscan.com/token/0x8888888818b6e5BBdF1F73c5F3A7F73b2454d2cA) #### Notes: **WVP** The Great Wave Pool is a Balancer V2 LP, on the [ACSI.Finance](https://acsi.finance) deployment, on Binance Smart Chain. # FAQ ### Trading/Listing, Supply Cap #### 1. Where is WAV traded? The Great Wave (WAV) is currently listed on: * [ACSI.finance](https://app.acsi.finance/#/trade/0xbb4CdB9CBd36B01bD1cBaEBF2De08d9173bc095c/0x888888883BF208d3b1AcD0052a88b9Fd07bA5851) #### 2. What is the maximum supply cap? * The maximum supply cap for WAV is 1,979,869. ### How do I stake my WAV and participate in the DAO? #### 1. How to form WVP LP * [ACSI.finance (HOW TO video tutorial)](https://www.youtube.com/watch?v=oe5DyLA1p0I) by [CryptoBKT](https://t.me/cryptoBKT) #### 2. Can I form WVP LP from WAV? * Yes. You may use WAV to form WVP without the other tokens. This method is easier but sub-optimal, means you may get less WVP by doing so. ![How to TGW](https://raw.githubusercontent.com/acryptos/docs-thegreatwave/main/img/community-thedaoway.png) #### 3. Why would anyone want to buy WVP? * You will need WVP to stake in order to get the governance token. #### 4. How to vault WVP as a governance token * Guide available soon #### 5. It's too complicated! Is there an easier way? * We will be launching the Governance NFT, where TGW governance token will be imbued within, allowing one to own the NFT to be part of the DAO. ### Governance and Voting #### 1. Is there a treasury? * Yes. A treasury was formed to fund anything that adds value to the protocol, taking up to 10% of WAV emissions. #### 2. What is the main goal of the treasury? * Beyond commissioning works for the Collective, the treasury funds will be used to add value/improve the project (marketing/pr/administration/management/audits/etc) #### 3. Who controls the treasury? * The treasury is controlled via governance, and needs to be signed off by the Core DAO. #### 4. Who can vote? * WAV held in the TGW Governance Vault will form governance tokens. Voting weight is measured in TGW. #### 5. Why TGW and not WAV as the governance token * TGW being the vaulted WAV LP, commits long term holder to be able to vote on proposal/issues, while benefiting from the protocol's earning. Given the longer term staking nature of TGW, it helps prevent short term vote manipulations as well. #### 6. Which governance platform is used for voting? * We will be using the well-established gasless [governance client](https://vote.thegreatwave.io/#/) by Snapshot Labs.