NRIDE is the native utility and governance token of the nRide platform. It serves as the underlying currency of the escrow mechanism that protects users from late cancellations or no-shows. To use the platform as a rider or a driver, it is necessary to have NRIDE tokens.
The value of NRIDE tokens is anchored to the convenience fee for cancellations, which reflects the inconvenience caused by a late cancellation or no-show. The escrow deposit adapts to the price of the token, targeting a deposit value of $10 (indicative). As a result, the price of the token is not capped by the market value of a cancellation fee, and it can increase freely with demand.
Token holders have the opportunity to invest in the growth of the nRide ecosystem and own a stake in its financial value. They can benefit from the network’s growth and adoption, as well as indirectly benefit from rides booked on any nRide-compatible application. In addition, NRIDE token holders have governance rights, which allow them to participate in the decentralized governance mechanism of the nRide DAO. The DAO controls a significant portion of the total token supply, and token holders can vote on governance proposals based on their relative holdings. The DAO can fund initiatives that benefit the community or introduce changes to the protocol, ensuring that the nRide ecosystem evolves to meet the needs of its users.
The nRide ecosystem is designed to create a vibrant token economy that encourages community participation and incentivizes growth. As the platform continues to expand and attract new users and developers, the value of NRIDE tokens is expected to increase, providing opportunities for token holders to benefit from their investment in the ecosystem. Through the combination of utility and governance features, NRIDE tokens play a key role in the success of the nRide platform, and help to ensure its long-term sustainability and growth.
“Over-the-Counter” Trades
To increase the circulating supply and to avoid market slippage for investors, the DAO can perform secure “over-the-counter” trades at current market price directly from the DAO treasury to investors. The OTC contracts are being audited by OAK security (https://www.oaksecurity.io/) and we consider them as a secure way to exchange Tokens between two parties.
The OTC Trades will be carried out either on the Osmosis Chain or Juno Chain by now, maybe directly on the CosmosHub Atom Chain in the future.
Traded ATOMS will be kept in the treasury as a hard value collateral, covering real-world expenses and expenses that will occur whole interacting into other chains or ecosystem. Its should be considered as the DAO‘s primary store of value. They could either be staked natively to gain onchain voting power, or be held liquid as stATOM longterm to avoid inflation
Traded OSMO Token will be used first to be pooled into the OSMO/nRide Pool #924 along with DAO owned tokens, providing DAO-owned Liquidity (the pendand to protocol owned Liquidity). The goal is to rise the liquidity up to the projected amount of approx. 100K$, which should suite our needs at first. Furthermore OSMO shall be used as payment for intra-blockchain expenses or staff hiring. They could also be converted into stOSMO or natively staked. Additional OSMO Holdings could either be held in reserve or be traded into IONs.
Traded JUNOs will be held in the DAOs treasury and shall be used as support/kickstart grants to projects building directly on top of the nRide smart contracts. The Juno treasury could be staked natively with the nRide Juno Validator or just held liquid as stJUNO.
Traded USDC will be used to carry out real world expenses or held as strategic runway reserve.
The main difference between holding LSD Assets and to stake natively is that the DAO would gain voting power within the particular networks. DAODAO frontend allows to participate easily in onchain-governments. So the DAO gets an active governance member on that particular chain it is staking.
DAO and Foundation SubDAO: While the nRide DAO is being controlled by nRide Token stakeholders, the nRide Foundation SubDAO is controlled by the founder team and is used to onboard new team members, that have been contributing to the nRide project in an extraordinary way. Currently (Jan ’24) three new team-members have received an allocation from this SubDAO, including me. These expenses are not causing debit on the main treasury, and at this point all team allocations are being used as governance power within the DAO.
This foundation’s treasury is used to compensate efforts from people that showed extraordinary support for the nRide project, while supporting the core team either by organizing and supporting on conferences, marketing, community building or content creation… So new team member are welcome all the time, if you think you could contribute something big to the nRide vision with your own skills, don’t hesitate to get in contact with us….
Thanks to Pedro https://twitter.com/nRide12/status/1729550990821429723 Thanks Cryptodaro: https://www.youtube.com/watch?v=3RAfDiPIwvo
Initial Liquidity: nRide won two times the NKN Hackathon (2021 and 2023) and used the price (10.000$ each) to make nRide tradeable on osmosis. There has been no private Sale, no ICO and no other Token Distributions that are not visible to the public in any way.
The DAO itself is currently the biggest provider of Liquidity, this amount is being represented by the “gamm-924” Tokens within the DAO treasury. The DAO earns currently the majority of occuring swap fees directly into its treasury. Last but not least, a withdrawal of Liquidity is only possible by the passing of a governance proposal and its 7 days voting period, so a rug-pull is not possible.