#12 - July 2022 DAO Progress Update
Welcome to the 5th official newsletter from the Merit Circle DAO
Welcome to our fifth official newsletter!
And what a time we’re in. Since we were last in touch, the market has turned upside down and the industry is navigating choppy waters. However, we’re ready to take full advantage of these trying times to build products, leverage lower valuations and, where possible, de-risk.
What’s more, we’ve been keeping busy. Over the past few months, we’ve battle-tested our DAO’s governance, moved closer to releasing two products and formed numerous new partnerships with promising games. Read on as we share what we’ve been working on as well as what lies ahead!
As we announced in our last newsletter, we have been developing our very own NFT marketplace. Recently, we were able to reveal more about this exciting project and introduce you to the new marketplace that we now now as Sphere.
Sphere is a marketplace for gaming assets and it will be the driving force behind our DAO, cementing our key position within the gaming industry. Incorporating improved design, usability, efficiency and security, we know that this marketplace will set a precedent for the industry.
Find out more about the development of Sphere and the role it will play in the Merit Circle DAO by reading this article.
The Merit Circle gaming platform
The Merit Circle DAO was founded on gaming. It’s the core of our operations, long-term vision and every day philosophy. Therefore, we’ve been working hard to develop a home for our gamers and the future of decentralized gaming.
This first version is mainly aimed at providing the required logistics for us, Merit Circle, to manage all the gamers that we have. Through various games, we still maintain a group of thousands of gamers that are playing games using DAO-owned assets every day. To more effectively and efficiently manage these flows, the current set-up of features and back-end utilities were required.
We’ll share an in-depth article in the next few weeks, taking you on a journey through the first version of the gaming platform, considering how it's built and what’s to come for the gaming platform.
Newly formed partnerships
We are constantly looking for new potential investments and partnerships to broaden our operations. Since our latest newsletter, we have formed a strong set of partnerships that we’re delighted to share with you:
Decentralized we explore
As part of our journey to decentralization, transparency and accountability, we are always looking for ways to involve our community and share what happens throughout the DAO.
Therefore, along with our newsletter and treasury reports, we want to show what goes on behind the curtains with something new. Starting this month, we’ll be sharing a bi-monthly governance update in collaboration with our community that will shine a light on everything that’s been happening on the governance side.
This update covers the following:
Situation concerning YGG – MIP-13 and MIP-14
Discussions regarding staking v2 – MP-1, MP-2 and MP-3
NFT aggregator incentivized by one of our community members – MIP-15
Ongoing development of our marketplace “Sphere” – MIP-16
Read the full update here
We are privileged to have so many talented individuals that are part of the Merit Circle DAO all contributing in their own way. One community member, 0xDouwe, decided to step up and share his vision for NFT trading with the DAO in the form of a proposal. In MIP-16, 0xDouwe described the development of an NFT aggregator and proposed to develop this in collaboration with the Merit Circle DAO.
After a deliberation period and discussion within the DAO, the proposal went up for voting. With a convincing 99.32% of the votes, the proposal has been voted in. 0xDouwe will now start forming a team, preparing for the future of the aggregator and taking the DAO along with him through its development. Read the full proposal to learn more here.
We are thrilled to present the very first version of our live treasury dashboard. This provides a clearer overview of the treasury and allows investors to navigate through investments made. As we proceed, more features will be added in another step towards increased transparency and accountability.
Visit the dashboard here - treasury.meritcircle.io
This dashboard has been developed by DAO contributor CryptoCarl.
To properly show what we have been doing in terms of handling our treasury and the funds raised, you can read our monthly treasury report. This report includes all the ins and outs of Merit Circle DAO’s finances.
A small quote that summarizes the treasury report of the previous month;
“In the past month the treasury decreased from $115,318,533 in April to $107,350,041 at the end of May, a 6,9% decrease from the previous month. During the month May, the Merit Circle DAO burned a total of 25,426,186 MC tokens (2,54% of the initial total supply). This consisted of 22,250,000 MC tokens out of the community incentives and retroactive wallet. The remaining part, 3,176,186 MC tokens ($3,493,805), has been burned based on trading activity of the DAO. Additionally, we added $1,500,000 USDC to the treasury out of these activities.”
Stay tuned and subscribe to Substack to receive the next treasury report that will come out in the next couple of days!
Together, we grow
As we enter the next quarter, it’s important that everyone knows what we have in-store including our new gaming platform, our marketplace Sphere and tons of interesting proposals. It’s an exciting time to operate in this industry and we are privileged to do this together with our beloved community.
Again, thanks everyone for your support. Together, we’re building the metaverse!
Our next newsletter will be sent early September.