The DeFi space has seen a huge amount of innovation in the last year. In 2019–’20, it was still in its early days and many protocols didn’t succeed. However, since then many of those nascent ideas have been built upon with improved security, sustainable tokenomics, and added features. That is what we are doing with Track DAO.
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What is Track DAO?
Track DAO ($TRACK), built on Ethereum, is a synthetic asset pegged to the floor prices of the top 10 Blue Chip NFT projects. As a single entry trading derivative, $TRACK allows investors to speculate on the Blue Chip NFT market simultaneously, rather than having to purchase those assets or select a portfolio. This will be of value to investors interested in the NFT field, those priced out of such assets and those who require immediate liquidity on their investments without requiring a peer-to-peer purchase arrangement. Our Team has identified this as a large portion of the market.
In addition, a reflection on market sales of 5% will create a fund with which the DAO will be able to buy NFT Blue Chip Protocol assets to create an asset-backed value for $TRACK holders. Each Sale will attract a 5% fee, where 4% of the sale of $TRACK is burnt for $ETH and sent to the DAO Treasury Wallet for DAO Asset purchases, inherently increasing the pegged treasury value which marginally increases the value of $TRACK accordingly. The remaining 1% goes towards project development & maintanance costs.
Whilst synthetic asset pegged tokens are not new, what is new is building a treasury so that over time, the token becomes asset backed and is less susceptible to speculation.
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Who are we?
Well firstly, we’ve been quietly building Track DAO for over a year!
There are four of us in the core team - Kenny, Mahendra, Chirag and myself, Stephen. We are all Doxxed and you can read more about us on our Website. We’ve been in the crypto space since 2018 and met through our mutual love of DeFi and NFTs (probably why Track DAO incorporates both!).
There are plenty of anonymous projects that have grown to be very successful, but for that added level of security, particularly until a project has proven itself, a public, doxxed team is an advantage.
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When and Where are we Launching?
Watch this space! Although I can say that it will be sometime Q1 2023 and our Liquidity Bootstrapping Pool (LBP) will be launched on Fjord Foundry. I’ll write another article on how LBP’s work in general, and more specifically the Track DAO LBP in the near future. Until then, keep up to date with our progress on our Twitter.
Many thanks for reading. Please send us any questions or inquiries via Twitter DM if you have any!
All the best, Stephen.
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Website — TrackDAO.org
Twitter — @NFT_TrackDAO
