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type title author url date domain format status tags event_type
source Futardio: Fund the Rug Bounty Program futard.io https://www.futard.io/proposal/4ztwWkz9TD5Ni9Ze6XEEj6qrPBhzdTQMfpXzZ6A8bGzt 2024-06-14 internet-finance data unprocessed
futardio
metadao
futarchy
solana
governance
proposal

Proposal Details

  • Project: FutureDAO
  • Proposal: Fund the Rug Bounty Program
  • Status: Passed
  • Created: 2024-06-14
  • URL: https://www.futard.io/proposal/4ztwWkz9TD5Ni9Ze6XEEj6qrPBhzdTQMfpXzZ6A8bGzt
  • Description: Fund FutureDAO’s Rug Bounty Program (RugBounty.xyz), a novel product designed to protect and empower communities affected by rug pulls. The Rug Bounty Program will support our existing Token Migration tool to provide a structured solution for recovering value from failed projects.

Summary

🎯 Key Points

The proposal aims to launch the Rug Bounty Program to assist crypto communities affected by rug pulls in recovering their investments, enhancing the use of the Token Migration tool and increasing engagement with the $FUTURE token.

📊 Impact Analysis

👥 Stakeholder Impact

The program provides a structured mechanism for community members to recover lost investments and fosters trust in the crypto ecosystem.

📈 Upside Potential

Successful implementation could lead to increased adoption of FutureDAO’s tools, driving higher transaction volumes and strengthening the overall DeFi community.

📉 Risk Factors

Potential risks include challenges in community engagement and the effectiveness of the program in achieving successful migrations, which may hinder its overall impact.

Content

TLDR

Fund FutureDAO’s Rug Bounty Program (RugBounty.xyz), a novel product designed to protect and empower communities affected by rug pulls. The Rug Bounty Program will support our existing Token Migration tool to provide a structured solution for recovering value from failed projects.

Overview

Those affected by a rug pull, are often left to fend for themselves. Rug Bounties offer individuals (and their communities) a mechanism to recover and restore investments and promotes stronger security and trust in the crypto ecosystem.

  • Target Customer: Crypto communities affected by rug pulls, community takeover leaders, and crypto enthusiasts who want to contribute to community recovery efforts.

  • Problem Solved: Rug Bounties offers a mechanism for communities affected by rug pulls to recover and restore their investments, promoting security and trust in the crypto ecosystem.

  • Monetization: Indirect revenue from increased $FUTURE token transactions and higher platform engagement, and potential direct earnings through increased token migrations.

  • Key Metrics:

    • Number of successful migrations

    • Amount of $FUTURE tokens transacted

    • Community engagement and growth

    • Number of bounties created and claimed

  • Value Creation: Rug Bounties empowers community members to recover from rug pulls, fostering a more resilient and proactive crypto ecosystem. It drives the adoption of Future Protocol’s tools and strengthens trust in DeFi.

  • Total Budget:

    • Rug Bounty Platform: est. $5000 USDC

  • This project directly relates to FutureDAO’s business by Enhancing the use and adoption of the Token Migration tool and $FUTURE token, positioning FutureDAO as a leader in safeguarding the interests of the crypto community. 

Problem

Rug pulls leave crypto communities with significant losses and a lack of recourse. A structured, reliable solution is needed to help these communities recover and restore value. There is no reliable resource to help communities affected by rugs; FutureDAO aims to change that. 

This is another step towards becoming Solana’s Emergency Response Team (S.E.R.T.)

Design

Product Description: Rug Bounty is a program incentivizing individuals to onboard communities from rugged projects to our Token Migration tool. 

The process includes:

  • Bounty Creation: FutureDAO or community members can create a bounty with details of the affected project, reward, and required migration.

  • Community Onboarding: Pirates work to onboard members through various platforms like Telegram, Discord, and Twitter Spaces.

  • Collaboration with FutureDAO: A multi-sig setup is required for the token migrator. Trust is never assumed.

  • Successful Migration: Defined as raising over 60% of the presale target in $SOL.

  • Bounty Claim: Awarded to the participant(s) who facilitated the successful migration.

Bonus Features:

No partnerships have been officially made, these are hypothetical examples for what is possible.

  • Token Checker: Enter a contract address to see token holders while filtering out bots.

  • SolChat Integration: Notifications for your portfolio and rug alerts.

  • S.E.R.T.: Solana Emergency Response Team’s home base.

image

Business

Implementation Plan:

  • Platform Development: Integrate a Rug Bounties page on the Future Protocol website. Develop user-friendly interfaces for creating, managing, and claiming bounties.

  • Marketing and Outreach: Launch a marketing campaign, engage with influencers, and highlight successful case studies.

  • Community Engagement: Foster a supportive environment through forums and social media, providing resources for bounty claimants.

  • Partnerships: Collaborate with DeFi projects, security firms, and audit services to enhance credibility and reach. Potential partners could include Fluxbeam’s Rugcheck, Birdeye/Dexscreener, GoPlus Security, SolChat, etc.

Expected Impact:

  • Enhanced Security: Strengthen trust in DeFi by helping rug-pull victims recover.

  • Increased Adoption: Boost usage of the Token Migration tool and $FUTURE token.

  • Community Empowerment: Empower community members to take action against rug pulls, fostering resilience.

Monetization

Financial Projections

  • Initial Development Costs: $4,000 USDC

    • Platform Development: $3,000 USDC

    • Website: $1,000 USDC

    • QA: $1,000

  • Operational Costs: $1,000+

    • API & Hosting: $1,000

    • $FUTURE bounties: Allocation TBD based on project scope.

  • Earnings Projections:

    • Direct earnings via token migrations.

      • For example, helping $IGGY rug victims perform a hostile takeover.

    • Indirect protocol exposure via rugbounty.xyz users.

About FutureDAO:

FutureDAO is a market-governed decentralized organization powered by MetaDAO's futarchy infrastructure.  

FutureDAO is building the Future Protocol to help communities safeguard and amplify value by providing them with on-chain token migration tools to take control of their futures. 

For more detailed information, you can visit the FutureDAO Gitbook.

Raw Data

  • Proposal account: 4ztwWkz9TD5Ni9Ze6XEEj6qrPBhzdTQMfpXzZ6A8bGzt
  • Proposal number: 2
  • DAO account: ofvb3CPvEyRfD5az8PAqW6ATpPqVBeiB5zBnpPR5cgm
  • Proposer: HfFi634cyurmVVDr9frwu4MjGLJzz9XbAJz981HdVaNz
  • Autocrat version: 0.3
  • Completed: 2024-06-19
  • Ended: 2024-06-17