In this article, we take a look at some of the many uses of the YGG Token, which is going on sale to the public on July 27th via MISO on SushiSwap. For more details about the token, you may check our previous article about its tokenomics here.
What does the YGG Token do?
As the utility token of the YGG DAO, the YGG token (YGG) will perform many functions and be used for several purposes within the scope of the DAO’s activities.
YGG is more than just a token. It is the oil that keeps the different parts of the YGG DAO running smooth, the lifeblood that binds guild members together, and the primary currency for payment of services within the YGG DAO.
Additionally, YGG tokens can be staked in different ways to receive guild-related benefits and rewards. For example, tokens can be staked for:
- token rewards related to individual subDAO activities
- token rewards related to YGG DAO’s overall activities
- access to exclusive guild-related content
- access to exclusive content and benefits within the YGG Discord server
- access to exclusive merchandise selections
- voting in DAO-related matters
With regard to guild membership, voting in DAO-related matters is what gives the community a direct say in the DAO’s operation. Anyone holding at least one YGG token is considered to be a member of Yield Guild and thus entitled to be part of its governance and representation. This means YGG token holders can submit proposals, vote on them, and ultimately help to decide the direction the YGG DAO will take.
Initially, proposals will fall into the following categories:
- Technology — Maximizing DAO efficiency through tech upgrades;
- Products and Projects — Choosing which games YGG should expand into and how to best collect rewards from them;
- Token Distribution — Planning DAO, subDAO, and community reward payments;
- Governance Structure — Working out details for how decisions are made.
This list will undoubtedly be expanded after the YGG DAO is up and running on its own, as other issues will inevitably arise as the guild grows and encounters success.
How does voting in the YGG DAO work?
As mentioned above, all that is required to participate in guild governance is ownership of a single YGG token. This establishes someone as part of the YGG DAO network — a member of Yield Guild — allowing them to send proposals via the YGG website. Proposals will be put up for voting and subsequently voted upon by members of the guild.
A proposal receiving the majority of votes is considered a winning proposal. The effects of the proposal will then be implemented into YGG DAO in a distributed fashion. This means that no single person or entity unilaterally decides how a proposal is implemented into YGG DAO, but rather a collective of individuals working together.
To incentivize participation, tokens may be given as a reward to members who submit winning proposals.
Ultimately, YGG token holders aren’t just members of the YGG DAO but owners and creators of its future as well.
Everyone who is interested has an equal opportunity to participate in the launch of something brand new; a completely unique way of running a gaming guild that empowers the players like no other. Yield Guild believes that human potential can truly shine when the playing field is level, and it is with this mindset that the framework for YGG DAO was built. What the members decide to do with YGG next is up to them.
For more information about YGG DAO, subDAOs, and the specifics of the upcoming token sale on July 27th, read the YGG whitepaper here.