# Introduction Planet Degen is dying. The inhabitants of the planet have neglected the environment and used up natural resources at an unsustainable rate for years. Climate change has caused coastal flooding, forests have become deserts, temperatures continue to rise, and air quality has become almost unbreathable. Most species of life have suffered from mass extinction. The only known surviving inhabitants are 1,001 Dogs. But the Degen Dogs cannot survive for long on the surface. Their only hope is to descend, one-by-one, to the ***C**anine **L**aboratory **U**nderground **B**ase*, the **CLUB**. The only entrance to the Degen Dogs CLUB, deep below the planet's surface, is via an elevator that has space for [only one Degen Dog at a time](/degen-dogs/basics/auctions). ## Mission 2 A total of 201 Dogs joined the CLUB on Planet Degen (Polygon). Starting in November 2024, the Dogs will teleport to a new planet with a similar name: Degen Chain. The Dogs will still do defi, though the [streamonomics](/degen-dogs/basics/streamonomics) have changed. And new Dogs continue to [join one at a time](/degen-dogs/basics/auctions). Join the club for Mission 2! Start by going to the [/degendogs](https://warpcast.com/~/channel/degendogs) channel on Farcaster. {% content-ref url="/pages/cYBRFiqZEqbWasRboTa3" %} [Getting Started](/degen-dogs/getting-started) {% endcontent-ref %} # Getting Started NFTs that do DeFi {% hint style="info" %} **Degen Dogs** are NFTs on Degen Chain that stream tokens to holders in real-time. Degen Dogs are minted and sold via auction, one at a time. Auction proceeds are added to stream to all Dog holders. {% endhint %} ### The Basics: Jump right in Information about the key aspects of Degen Dogs: {% content-ref url="/pages/HX3toAk1Z4mD81vi8nr7" %} [Auctions](/degen-dogs/basics/auctions) {% endcontent-ref %} {% content-ref url="/pages/hxZqe93n6zgUNXAL8GEf" %} [$WOOF](/degen-dogs/basics/woof) {% endcontent-ref %} {% content-ref url="/pages/McKZPnrOwDNcVlR6SbRk" %} [Streamonomics](/degen-dogs/basics/streamonomics) {% endcontent-ref %} ### The NFTs Meet the Degen Dogs: {% content-ref url="/pages/KOpeyNHvP9kCAtryFmvM" %} [Artwork](/degen-dogs/nfts/artwork) {% endcontent-ref %} {% content-ref url="/pages/Rib7ishMlop3SqTBKVVt" %} [Rarities](/degen-dogs/nfts/rarities) {% endcontent-ref %} # Auctions How to become a Dog owner {% hint style="info" %} **Important:** Degen Dogs cannot be minted directly. Dogs are auctioned one-by-one and then issued to the highest bidder. {% endhint %} Degen Dogs are sold via auction, with only a single Dog being auction at any time. Auctions are held via Farcaster [frames](https://warpcast.com/~/channel/degendogs). Bids are submitted on the Degen Chain in native DEGEN. (On Degen Chain, the native gas token is DEGEN, not ETH). When each auction ends, the auction is settled and the Dog is transferred to the winning bidder. ## Bridging to Degen Chain If you have DEGEN on Base, you can send some to your address on Degen Chain. The official bridge is one option, and can be found at . You can get a small amount of native DEGEN for gas using the faucet at , but this won't be enough to bid in Degen Dogs auctions. ### Bidding * The reserve price (minimum bid amount) is `1000 DEGEN` (subject to change) * The minimum increment over the current bid is `10%`. This means that you must bid at least 10% more than the current highest bid. (subject to change) * The `timeBuffer` is `5 minutes`, the minimum amount of time left in an auction after a new bid is created. Sometime referred to as popcorn bidding, this gives other bidders time to respond to any last minute (or last second) bids. If a bid happens with less than 5 minutes remaining in the auction, the auction gets extended by 5 additional minutes. (subject to change) * The time period for bidding is 24 hours for Mission 2 * The winning bidder also receives all `$WOOFx` streamed during the auction. For more info, see [Streamonomics](/degen-dogs/basics/streamonomics) ### Settling Auctions Completed auctions must be settled via transaction that transfers the Dog to the winner. Although the auction winner has the most incentive, the settlement transaction can be sent by anyone. On Degen Chain, transaction cost a tiny fraction of a cent in gas. {% hint style="info" %} **Important:** The next auction *will not start* until the previous auction is settled. {% endhint %} When the auction is settled, the next auction begins for the next Dog. # $WOOF The WOOF Token ## Degen Dogs say $WOOF {% hint style="info" %} The `$WOOF` token is a central component of Degen Dogs Mission 2. {% endhint %} Degen Dogs `$WOOF` is a [bonding-curve](https://docs.mint.club/tools/bonding-curve-design) ERC20 token powered by [MintClub](https://mint.club/token/degen/WOOF), on Degen Chain. Key details include: * backed by DEGEN (technically WDEGEN, which can be exchanged for native DEGEN 1:1) * 0% fee to BUY, 11% fee to sell * starting price: `0.0001 DEGEN` per `$WOOF` * ending price: `~0.168 DEGEN` (if max supply completely minted) * max supply: 6,000,000,000 * pricing steps: 500 * price increase each step: 1.5% ## How it Works The $WOOF token is backed by actual DEGEN which serves as liquidity, which means that you can always sell at a predictable price. The amount of DEGEN backing the token at any moment is often referred to as the **TVL**, the *Total Value Locked* -- in this case, it means the amount of DEGEN locked in the contract that would be returned on holders if they sell (burn) their `$WOOF.` There is no need for liquidity pools such as Uniswap. For each of the 500 "steps" on the curve, there is a fixed price. That price increases 1.5% on each step. As people mint (buy) $WOOF, the price moves along the curve. Earlier buyers pay a lower price that later buyers. As people burn (sell), the supply decreases and the price moves along the curve in the opposite direction (the price decreases). Since the maximum supply is 6 Billion, each price step is (6B / 500 steps) is 12 Million. Each time the supply increases/decreases by 12 Million `$WOOF`, the price increases/decreases. For example, during step one, `12 Million $WOOF` will cost `1,200 DEGEN`. During step 500, `12M $WOOF` will cost over `2,000,000 DEGEN`. When minting (buying), there is no fee. When burning (selling), an 11% fee is taken. These fees will go back to holders of Degen Dogs NFTs. The reasons for this fee are 1) to encourage people to hold the token, enabling price appreciation for all holders, and 2) to mitigate the risk of front-running the regular minting of `$WOOF` by Degen Dogs (see below). ## Daily Minting via mcdegen The Degen Dogs treasury has been moved from Polygon to Base, swapped for DEGEN, then locked in the Degen Vault. By locking this DEGEN, the Degen Dogs have a tipping allocation of approx 10,000 DEGEN per day. Using a MintClub feature known as mcdegen, the tip allocation will be used to mint $WOOF daily. After fees, this amount to approximately `9,000 DEGEN` added to `$WOOF` TVL each day. This has the same impact of someone directly minting `9,000 DEGEN` worth of `$WOOF`, in both cases paying the price specified for the current pricing step. Like all minting of $WOOF, this increases the minted supply and thus increases the price with each step. (Of course, any sales/burns happening along the way will have the opposite effect). What is important to note here is that *Degen Dogs will be minting \~9000 DEGEN worth of $WOOF daily*. Over the course of one year, this equates to adding over `3,000,000 DEGEN` in TVL. (At the time of writing, this equates to over `60,000 USD` each year). Further note that [auction](/degen-dogs/basics/auctions) proceeds will also be used to mint additional `$WOOF`. Also important is that the $WOOF minted by Degen Dogs *cannot immediately be sold*. Instead it is streamed per-second to holders of Degen Dog NFTs over 90 days. See [Streamonomics](/degen-dogs/basics/streamonomics) for more details. The streaming acts as a form of vesting that reduces sell pressure of `$WOOF`. ## How to say (buy) $WOOF Degen Dogs say $WOOF by minting (buying) `$WOOF`. This can be done in two ways: * Using the MintClub $WOOF page: * Using Farcaster frames posted to to /degendogs channel () ## Another way to get $WOOF Of course, abnother way to acquire WOOF is to hold a Degen Dog and earn a share of the stream. Buy one on Jeeves.Market or bid on one in an [auction](/degen-dogs/basics/auctions). # Streamonomics Tokenomics for Streams {% hint style="info" %} **Summary:** Streamonomics refers to the tokenomics of streaming tokens to multiple recipients as an incentive mechanism. {% endhint %} All of the `$WOOF` minted by Degen Dogs are streamed to Dog holders in real-time, per second, over 90 days. Powered by [Superfluid](/degen-dogs/basics/streamonomics/superfluid-finance). Note that the 90 day time window gets reset each time additional `$WOOF` is added to the pile. When new `$WOOF` is added, the new total amount of `$WOOF` is divided by 90 days, and the stream is updated such that that total amount would be fully streamed to Dog holders in 90 days. As long as new `$WOOF` is added to the pile daily, the streams will continue indefinitely. Note that during the first 90 days, it likely that the amount of `$WOOF` added to the pile each day will exceed the amount streamed out each day. In other words, the total pile will be *growing* each day, and the "flowRate" -- the amount streamed to each Dog -- will increase daily. If you own a Dog on day 1, you are likely to increasingly larger amounts of `$WOOF` each day. ## $WOOFx The token streamed is actually `$WOOFx` instead of `$WOOF`. $WOOFx is a streamable version of $WOOF that enables it to be streamed per second, powered by [Superfluid](/degen-dogs/basics/streamonomics/superfluid-finance). It can be redeemed 1:1 for $WOOF -- this can be done using the Superfluid app or via a Farcaster frame (TODO: add link to frame here) ## Each Dog gets Equal Share of $WOOFx Each Degen Dog receives an equal share of the `$WOOFx` stream. If you own 2 Dogs, you will receive twice as much `$WOOFx` as someone who owns a single Dog. Note that if you acquired a Dog via auction, the price you paid in the auction has no bearing on your share of the stream. ### Secondary Sales / Transfers When a Dog is sold or otherwise transferred to another address, *streams are redirected to the new owner*. ### Claiming Streams New Dog owners need to claim their streams in order to view the real-time balance of `$WOOFx.` This only needs to be done once -- if you acquire a second Dog, you don't need to do it again. Note that even if you do not claim immediately, you will still accrue your full share of the stream from the moment you acquired the Dog. To claim a stream in the "Pool" of Degen Dog holders, the easiest way is to use the Farcaster frame. TODO: insert link here. (It can also be done via a "connect" link on the Stream Distribution tab in the Superfluid app.) When a Dog is sold or transferred, the new owner will need to claim (unless they already own another Dog and have previously claimed). # Superfluid Finance Streaming tokens in real-time [Superfluid Finance](https://www.superfluid.finance/) enables tokens to be streamed in real-time, with token balances updating every second. Degen Dogs uses Superfluid to [stream](/degen-dogs/basics/streamonomics) tokens to Dog owners. ### Super Tokens In order to stream an ERC20 token using Superfluid, it first needs to be *upgraded* to a Super Token. (A technical term for this process is *wrapping*). For Degen Dogs, the `WOOF` tokens are upgraded to `WOOFx`. Note: the `x` suffix is typically used to denote a Super Token) The `WOOFx` token can be found on Degen chain explorer [here](https://explorer.degen.tips/address/0x58E90e043Fe47d224CC475349992A90317ACBD69). Dog owners will receive streams of `WOOFx` in the their wallets, with balances increasing every second. # Founder's Reward Also know as dogMaster(s) Because 100% of Degen Dog auction proceeds are streamed to Dog owners, founder(s) are compensated with Degen Dogs. Every 11th Dog for the first 420 mints of the project (ids #0, #11, #22, #33 and so on) will be automatically sent to the `dogMaster` to be shared among the founding members of the project. *At the time of writing, there is only one founder/dogMaster, but this is subject to change.* {% hint style="info" %} **Note:** This reward structure is inspired by [Nouns DAO](https://nouns.wtf), in which the *Nounders* receive every 10th Noun for the first 5 years of the project. {% endhint %} # Secondary Sales Degen Dogs are ERC721 tokens, and can be traded on any marketplace that supports ERC721s on the Polygon network. ### Degen Dogs Club on Jeeves Market Jeeves.Market is an NFT marketplace for NFT collections on Degen Chain. Degen Dogs can be traded similar to OpenSea. TODO: insert Jeeves link here # Artwork Degenerative art ![A Degen Dog](https://3561889925-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZjlMt7GuVpfAdyVbCKLh%2Fuploads%2FUyRTxXrfYGRTtZZeSwrg%2F0.png?alt=media\&token=5911acca-9ab6-4f52-8a08-142042daf339) The artwork for Degen Dogs was inspired by the pixel art of Cryptopunks. The degenerative art combines 12 Dog body types with various accessories such as glasses, hats, earrings, and more. Some traits are more [rare](/degen-dogs/nfts/rarities) than others. There are 1,001 known Degen Dogs, each with a unique combination of traits. ### Artists For the initial hackathon submission for Degen Dogs, a small number of dogs and traits were designed by pixel artist [Diconcilio](https://twitter.com/CryptoMuseumNFT). For the Polygon launch of Degen Dogs, [@\_wampa\_\_stompa](https://twitter.com/_wampa__stompa) built upon that foundation to arrive at a total of 46 traits. {% content-ref url="/pages/Rib7ishMlop3SqTBKVVt" %} [Rarities](/degen-dogs/nfts/rarities) {% endcontent-ref %} # Rarities The degenerative art of the 1,001 known Degen Dogs are based on 46 traits of varying rarities. Listed below are the 7 categories of traits and the rarities of each trait. The traits of each Dog are revealed at the beginning of each auction and not before. ### Body | Trait | # of Dogs | % of Dogs | | ---------- | --------: | --------: | | Alien | 10 | 1.0% | | Black | 109 | 10.9% | | Blue | 90 | 9.0% | | Brown | 110 | 11.0% | | Dalmation | 100 | 10.0% | | Grey | 120 | 12.0% | | Orange | 90 | 9.0% | | Rainbow | 42 | 4.2% | | RedBrown | 151 | 15.1% | | SugarSkull | 69 | 6.9% | | White | 109 | 10.9% | | Ukraine | 1 | 0.1% | ### Eyes | Trait | # of Dogs | % of Dogs | | ------------- | --------: | --------: | | 3DGlasses | 43 | 4.3% | | BlueLaserEyes | 100 | 10.0% | | EyePatch | 80 | 8.0% | | Glasses | 120 | 12.0% | | MaskSnorkel | 100 | 10.0% | | Monocle | 70 | 7.0% | | RedLaserEyes | 50 | 5.0% | | Sunglasses | 150 | 15.0% | | VRGoggles | 100 | 10.0% | | None | 188 | 18.8% | ### Head | Trait | # of Dogs | % of Dogs | | ------------- | --------: | --------: | | BaseballCap | 100 | 10.0% | | Beanie | 60 | 6.0% | | BlackCap | 74 | 7.4% | | CrazyHair | 75 | 7.5% | | Headphones | 61 | 6.1% | | Hoodie | 50 | 5.0% | | PartyHat | 43 | 4.3% | | RedMohawk | 75 | 7.5% | | StripedBeanie | 80 | 8.0% | | Unicorn | 42 | 4.2% | | WaldoHat | 1 | 0.1% | | WhiteMohawk | 70 | 7.0% | | Toque | 69 | 6.9% | | None | 201 | 20.1% | ### Ears | Trait | # of Dogs | % of Dogs | | ----------- | --------: | --------: | | Earbuds | 325 | 32.4% | | GoldEarring | 151 | 15.1% | | LoopEarring | 275 | 27.5% | | None | 251 | 25.1% | ### Mouth | Trait | # of Dogs | % of Dogs | | ------ | --------: | --------: | | Bone | 25 | 2.5% | | Coin | 25 | 2.5% | | Pizza | 100 | 10.0% | | Teeth | 50 | 5.0% | | Tongue | 100 | 10.0% | | None | 701 | 70.0% | ### Neck | Trait | # of Dogs | % of Dogs | | ------------- | --------: | --------: | | GoldNecklace | 200 | 20.0% | | RedCollar | 300 | 30.0% | | StuddedCollar | 100 | 10.0% | | None | 401 | 40.1% | ### Background | Trait | # of Dogs | % of Dogs | | ----- | --------: | --------: | | Halo | 100 | 10.0% | | None | 901 | 90.0% | # License CC BY 4.0 Degen Dogs artwork is licensed under a [Creative Commons Attribution license](https://creativecommons.org/licenses/by/4.0/) (CC BY 4.0). # Governance Degen DAO {% hint style="info" %} Degen Dogs governance is based [Nouns DAO](https://nouns.wft) governance, which is turn is based on Compound governance. {% endhint %} Degen Dog owners are members of the DAO: *one Dog equals one vote*. ### Proposals To submit a proposal to the DAO, you must hold at least `0.25%` of the total Degen Dogs supply. This equates to 1 Dog up until the supply reaches 400 Dogs. Examples of proposals include: * funding Degen Dogs community projects * compensating DAO members or 3rd parties for services that benefit the DAO * investing [treasury](/degen-dogs/dao/treasury) funds * expanding the Degen Dogsverse by \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ * other ### Quorum A quorum is the minimum number of total votes -- whether `for`, `against`, or `abstain` -- needed for a proposal to succeed. The quorum threshold is `20%` -- a value that can be changed by DAO. This means that at least 20% of minted Dogs (at the time the proposal was made) must submit a vote. *Proposals that do not meet this threshold will not be executed*, regardless of the number of votes for and against the proposal. ### Voting Period Voting can begin immediately after a proposal is created, although the DAO could implement a delay between proposal creation and the start of voting, if desired. The voting period is approximately `7 days`. ### Timelock A Timelock is a delay between the end of the voting period for a successful proposal and when the proposed transaction(s) actually can be executed. This delay gives DAO members time to react before execution. For example, a DAO member who is unhappy with a proposal may decide to sell their token or take other steps they deem appropriate. The timelock delay for Degen Dogs is `2 days`. ### Changing Governance Settings The thresholds and time periods mentioned above are *settings* that can be adjusted by the DAO via proposals. For example, the DAO may decide to change the proposal threshold or the length of the voting period in future. ### Vetos Initially, the Degen DAO governance grants veto power to the founder(s) of the project. A key reason is that, due to the one-at-a-time auction process, the total supply of minted Dogs is very low in the early days. This could enable a single person to execute successful proposals before the community has had chance to grow and develop. The goal is for the veto power to be renounced (on-chain) at the appropriate time -- feedback and suggestions are welcomed in this regard. ### Tally Governance Interface [Tally](https://www.withtally.com/) provides a governance UI that DAO can use to submit and vote on proposals. Proposals and votes submitted via Tally get submitted on-chain to Degen DAO governance contracts and are subject to the above thresholds and time periods. [Visit Degen Dogs DAO on Tally here](https://www.withtally.com/governance/eip155:137:0x18288e01e2247166d7dF094743a5669BF7fDAaD2). {% content-ref url="/pages/TVdtTwYgOf4LeTkAGk8a" %} [Treasury](/degen-dogs/dao/treasury) {% endcontent-ref %} # Treasury Timelock / Executor The Degen Dogs *Treasury* is contracts that holds the tokens of the DAO and executes the transactions approved by the DAO, after the timelock delay has passed. For these reasons, the contract can also be referred to a *Timelock* or *Executor*. The contract itself is based on the timelock/executor contract of Nouns DAO, which in turn is is a modified version of Compound Lab's Timelock. The "admin" of the Treasury is set to the DAO Governance contract, meaning that *a successful governance proposal is required for all transactions*. # App Degen Dogs can be accessed at: * Farcaster channel: * (TODO: update app for Mission 2) # Contracts Degen Dogs is comprised of the following smart contracts on the Degen chain network: TODO: update table below once Degen contracts have been deployed.
ContractAddress
Dog.sol - Minting/issuing of ERC71 NFTs, investing in DeFi, creating/redirecting streams0xA920464B46548930bEfECcA5467860B2b4C2B5b9
DogsAuctionHouse.sol - Managing auctions0xC9F32Fc6aa9F4D3d734B1b3feC739d55c2f1C1A7
TokenVestor.sol - Managing streams of tokens to Dog owners0xE0159F36b6A09e6407dF0c7debAc433a77511625
BidTokens.sol - ERC20 contract for Dog Biscuits (BSCT)0x600e5F4920f90132725b43412D47A76bC2219F92
DegenDAOLogicV1.sol - Governance contract for proposals an voting0x9bf49265d8538BeD4dAAe7Fe304F2D41b8Cce265
DegenDAOProxy.sol - A proxy to above governance contract0x18288e01e2247166d7dF094743a5669BF7fDAaD2
DegenDAOExecutor.sol - Treasury / Timelock / Executor0xb6021d0b1e63596911f2cCeEF5c14f2db8f28Ce1
Ukraine.sol - Forwards donations to Unchain Ukraine and issues ERC1155 tokens0x22B5CD016C8D9c6aC5338Cc08174a7FA824Bc5E4
### Contracts Diagram
# Source Code Degen Dogs source code can be found at . # Introduction Planet Degen is dying. The inhabitants of the planet have neglected the environment and used up natural resources at an unsustainable rate for years. Climate change has caused coastal flooding, forests have become deserts, temperatures continue to rise, and air quality has become almost unbreathable. Most species of life have suffered from mass extinction. The only known surviving inhabitants are 1,001 Dogs. But the Degen Dogs cannot survive for long on the surface. Their only hope is to descend, one-by-one, to the ***C**anine **L**aboratory **U**nderground **B**ase*, the **CLUB**. The only entrance to the Degen Dogs CLUB, deep below the planet's surface, is via an elevator that has space for [only one Degen Dog at a time](/degen-dogs-mission-1/basics/auctions). As time passes, more and more Degen Dogs will join the CLUB, forming a [DAO](/degen-dogs-mission-1/dao/governance) (Dog Action Organization). Together the Degen Dogs must plan for the survival of the species. How to best use the limited supply of Dog Biscuits ([BSCT](/degen-dogs-mission-1/basics/dog-biscuits-bsct)) to sustain themselves? Can they develop tools and accessories to reverse climate change and heal the planet? Or should they develop spaceships and related technology, to embark on a space voyage in search of a new home? And could the rumors be true, that some of the Cats have managed to survive as well? Members of the Degen Dogs CLUB will have to decide where they go from here... Join the CLUB! {% content-ref url="/pages/cYBRFiqZEqbWasRboTa3" %} [Getting Started](/degen-dogs-mission-1/getting-started) {% endcontent-ref %} # Getting Started NFTs that do DeFi {% hint style="info" %} **Degen Dogs** are NFTs on Polygon that stream DeFi tokens to holders in real-time. DegenDogs are minted and sold via auction, one at a time. A portion of auction proceeds are invested in DeFi and streamed to owners of previous Dogs. A portion of proceeds are kept in the treasury, controlled by a DAO of Dog Owners. {% endhint %} ### The Basics: Jump right in Information about the key aspects of Degen Dogs: {% content-ref url="/pages/HX3toAk1Z4mD81vi8nr7" %} [Auctions](/degen-dogs-mission-1/basics/auctions) {% endcontent-ref %} {% content-ref url="/pages/vrg9jDzQIt0sMMLRrJwi" %} [DeFi](/degen-dogs-mission-1/basics/defi) {% endcontent-ref %} {% content-ref url="/pages/McKZPnrOwDNcVlR6SbRk" %} [Streamonomics](/degen-dogs-mission-1/basics/streamonomics) {% endcontent-ref %} {% content-ref url="/pages/FofTEzbIsp0PndDPnt8v" %} [Donation](/degen-dogs-mission-1/basics/donation) {% endcontent-ref %} {% content-ref url="/pages/hxZqe93n6zgUNXAL8GEf" %} [Dog Biscuits (BSCT)](/degen-dogs-mission-1/basics/dog-biscuits-bsct) {% endcontent-ref %} ### The NFTs Meet the Degen Dogs: {% content-ref url="/pages/KOpeyNHvP9kCAtryFmvM" %} [Artwork](/degen-dogs-mission-1/nfts/artwork) {% endcontent-ref %} {% content-ref url="/pages/Rib7ishMlop3SqTBKVVt" %} [Rarities](/degen-dogs-mission-1/nfts/rarities) {% endcontent-ref %} ## Join the Club {% hint style="info" %} **Degen Dogs owners are voting DAO members.** One Dog = One Vote. The club belongs to the DAO. {% endhint %} {% content-ref url="/pages/WTFc2OaVwXnLVVFbXFHJ" %} [Governance](/degen-dogs-mission-1/dao/governance) {% endcontent-ref %} {% content-ref url="/pages/TVdtTwYgOf4LeTkAGk8a" %} [Treasury](/degen-dogs-mission-1/dao/treasury) {% endcontent-ref %} # Auctions How to become a Dog owner {% hint style="info" %} **Important:** Degen Dogs cannot be minted directly. Dogs are auctioned one-by-one and then issued to the highest bidder. {% endhint %} Degen Dogs are sold via auction, with only a single Dog being auction at any time. Auctions are held at . Bids are submitted on the Polygon network in [WETH](https://polygonscan.com/token/0x7ceb23fd6bc0add59e62ac25578270cff1b9f619) (Polygon Wrapped Ether). When each auction ends, the auction is settled and the Dog is transferred to the winning bidder. ### Getting WETH on Polygon {% hint style="info" %} **Tip:** If you don't have `Matic Mainnet` or `Polygon` in your Networks dropdown in Metamask, go to and scroll to the very bottom of the page -- on the right side of the footer, click "Add Polygon Network". {% endhint %} If you haven't used Polygon yet, you can access the bridge at where you can bridge tokens to Polygon. When you send ETH across the bridge, you end up with WETH on the Polygon side. You will have the same address on Polygon as you use on Ethereum mainnet. You can also bridge other tokens and then swap them using Polygon DEXs to get WETH. Note that you also need (very little) MATIC to pay for gas on Polygon. The [gas swap](https://wallet.polygon.technology/gas-swap) tool is one way to get some. Finally note that transactions on Polygon cost a few cents (or less). ### Bidding * The reserve price (minimum bid amount) is `0.05 WETH` (subject to change) * Bidding is a two step process: *1) Approve* then *2) Bid* (much like many DeFi transactions) * The minimum increment over the current bid is `10%`. This means that you must bid at least 10% more than the current highest bid. (subject to change) * The `timeBuffer` is `5 minutes`, the minimum amount of time left in an auction after a new bid is created. Sometime referred to as popcorn bidding, this gives other bidders time to respond to any last minute (or last second) bids. If a bid happens with less than 5 minutes remaining in the auction, the auction gets extended by 5 additional minutes. (subject to change) * The time period for bidding varies from 2 hours to 24 hours. See [Auction Cadence](/degen-dogs-mission-1/basics/auctions/auction-cadence) for details. * All bidders (including winners) receive [Dog Biscuit tokens](/degen-dogs-mission-1/basics/dog-biscuits-bsct) (BSCT). ### Settling Auctions Completed auction must be settled via transaction that transfers the Dog to the winner and triggers the [DeFi](/degen-dogs-mission-1/basics/defi) and [Streams](/degen-dogs-mission-1/basics/streamonomics). Although the auction winner has the most incentive, the settlement transaction can be sent by anyone. At the time of writing, settlement transactions may cost as much as `0.2 MATIC` in gas. {% hint style="info" %} **Bonus:** the sender of the Settle transaction gets bonus `BSCT` tokens. ([more info](/degen-dogs-mission-1/basics/dog-biscuits-bsct)) {% endhint %} {% hint style="info" %} **Important:** The next auction *will not start* until the previous auction is settled. {% endhint %} When the auction is settled, the next auction begins for the next Dog. # Auction Cadence The time period for bidding in each auction {% hint style="info" %} **Important:** The time period for bidding in Degen Dog auctions is not the same for every dog. {% endhint %} The auction cadence refers to the time periods of each auction. To start, the auctions will be quite short and then get longer, eventually stabilizing at one auction every 24 hours. | Dogs | Auction Length | | ------------ | --------------------------------------------------------------- | | Dog 1 | 72 Hours ([Ukraine Dog](/degen-dogs-mission-1/basics/donation)) | | Dogs 2 - 26 | 2 hours | | Dogs 27 - 39 | 4 hours | | Dogs 40 - 46 | 8 hours | | Dogs 47 - 50 | 12 hours | | Dogs 51+ | 24 hours | Another way to think about the auction cadence is *the number of Dogs that are auctioned each day*. | Day Number | Number of Auctions | | ------------ | ----------------------------------------------------------- | | Days 1 - 3 | 1 Dog: [Ukraine Dog](/degen-dogs-mission-1/basics/donation) | | Days 4 - 5 | 12 per day | | Days 6 - 7 | 6 per day | | Days 8 -9 | 3 per day | | Days 10 - 11 | 2 per day | | Days 12+ | 1 per day | ### Why? The reason for faster auction cadence at the beginning is to quickly establish a community of Dog Owners, each of whom is a member of the DAO. Each Dog owner benefits from the proceeds of future auctions, and this cadence schedule enables the community to form towards the common goal of promoting future auctions. ### Future Cadence The initial plan is for the auction cadence to settle at one per 24 hours after the first 50 Dogs. But this *ongoing cadence* could be changed by the [DAO](/degen-dogs-mission-1/dao/governance) if members vote to do so. # DeFi {% hint style="info" %} **Summary:** Auction proceeds from Degen Dogs are automatically invested in DeFi protocols, earning yield. {% endhint %} The `WETH` proceeds from Degen Dog auction are immediately and automatically invested in DeFi and start earning yield for Dog owners. The `WETH` is invested in the "Best Yield" vault on [Idle Finance](/degen-dogs-mission-1/basics/defi/idle-finance). Idle tokens representing the vault shares are issued to Degen Dogs contract. ### Distribution of Proceeds * 50% for the past, 50% for the future * 50% is [streamed](/degen-dogs-mission-1/basics/streamonomics) back to past Dog owners * 10% is immediately donated to a charitable DAO * The remaining 40% goes to the treasury, where it is controlled by the DAO. ![Distribution of Degen Dogs auction proceeds](https://content.gitbook.com/content/QhSpck7hXdkBdL9e0svA/blobs/SoJtUMUAAVPtxaukiry0/Degen_Dogs_-_Pie_chart_1_-_Google_Sheets.png) {% content-ref url="/pages/xqZJBGiFSivQOGnbWUI3" %} [Idle Finance](/degen-dogs-mission-1/basics/defi/idle-finance) {% endcontent-ref %} {% content-ref url="/pages/McKZPnrOwDNcVlR6SbRk" %} [Streamonomics](/degen-dogs-mission-1/basics/streamonomics) {% endcontent-ref %} # Idle Finance Auction proceeds are invested via [Idle Finance on Polygon](https://polygon.idle.finance/). Specifically, `WETH` is invested in the WETH "Best Yield" strategy. As described by Idle: "Best Yield benefits users by socializing gas costs, automating the yield generation and rebalancing process, and automatically shifting capital as opportunities arise." For more information on Idle Best Yield strategies, [click here](https://docs.idle.finance/products/max-yield). {% hint style="info" %} **Important:** The current strategy for *Idle WETH Best Yield* is invested 100% in Aave V2 (Polygon). ([see more stats](https://polygon.idle.finance/#/dashboard/stats/best/WETH)) {% endhint %} ### Idle Tokens Investment in Idle Best Yield strategies issues *Idle Tokens* representing the investment. In the case of WETH Best Yield, the Idle Tokens issued are `idleWETHYield`. [The contract can be found here](https://polygonscan.com/address/0xfdA25D931258Df948ffecb66b5518299Df6527C4). These tokens are *not inflationary*. This means that the balance in your wallet does not increase automatically as you earn yield. Instead, there is a *token price* which increases over time. When you redeem your Idle Tokens (withdraw), this price will be used to determine the amount of WETH received, including the yield earned. # Streamonomics Tokenomics for Streams {% hint style="info" %} **Summary:** Streamonomics refers to the tokenomics of streaming tokens to multiple recipients as an incentive mechanism. {% endhint %} 50% of auction proceeds are streamed in real-time to owners of previously minted Dogs, with wallet balances updating in real-time for 365 days over the [Superfluid Finance](/degen-dogs-mission-1/basics/streamonomics/superfluid-finance) protocol. Degen Dogs is pioneering the concept of *Streamonomics*: a set of rules that determines how the token streams are distributed amongst the owners of previously minted Dogs. Each Streamonomics rule has 4 elements: * `percentage` - the percentage of proceeds to be shared under the rule * `start` - counting backwards from the current Dog, this specifies the first Dog to receive a stream under the rule. For example, a value of `1` refers to the Dog minted previous to the current Dog. * `step` - the *next* Dog to receive a stream under the rule, counting backwards from `start`. * `limit` - the maximum number of Dogs to receive streams under the rule. ### Degen Dogs Streamonomics There are 3 Streamonomics rules that determine the distribution of the 50% that gets streamed to previously minted Dogs:
PercentageStartStepLimitSummary
10%11110% to the owner of previous Dog.
30%1520a share of 30% to every 5th previous Dog, shared between a maximum of 20 Dogs.
10%101110% to the owner of the Dog minted 10 prior to the current one.
### Example: Dog#27 As an example of the above Streamonomics, let's consider the auction proceeds for Dog#27, for each of the above 3 rules, respectively: * 10% would get streamed to the owner of Dog#26 * 30% would be shared equally between the owners of Dogs #22, #17, #12, #7, and #2 * 10% would get streamed to the owner of Dog#17 In all cases, the proceeds would be streamed over 365 days. ### Secondary Sales / Transfers When a Dog is sold or otherwise transferred to another address, *all streams are redirected to the new owner*. ### Claiming Streams When a Dog owner is eligible for a new stream, it must be *claimed* (launched), similar to claiming yield-farming rewards. ![Use the \[CLAIM\] to launch new streams](https://content.gitbook.com/content/QhSpck7hXdkBdL9e0svA/blobs/9QgujnNhHkQzweFQS4Kp/claim-streeam.png) For the first 50 auctions, a bot automatically launched streams on behalf of Dog owners. After Dog#50, Dog owners should take the follow steps: 1. Go to 2. Connect your wallet with address owning one or more Dogs (Polygon network). 3. *If* a new stream is available, you will see a claim button, as shown above. No button is shown if there are no new streams available to claim, try again after one or more auctions complete. 4. Hit the \[CLAIM] button, and submit the transaction. Note that this will launch *all* available streams to this wallet address, *even if you have more than one Dog*, up to a maximum of 25 per claim transaction. Note that unclaimed streams are effectively *paused*. No tokens will be lost if streams are not claimed immediately, the clock only starts ticking when claimed. When a Dog is sold or transferred, the new owner will need to claim streams, even the ones that were flowing prior to the sale/transfer. # Superfluid Finance Streaming tokens in real-time [Superfluid Finance](https://www.superfluid.finance/) enables tokens to be streamed in real-time, with token balances updating every second. Degen Dogs uses Superfluid to [stream](/degen-dogs-mission-1/basics/streamonomics) [DeFi](/degen-dogs-mission-1/basics/defi) tokens to Dog owners. ### Super Tokens In order to stream an ERC20 token using Superfluid, it first needs to be *upgraded* to a Super Token. (A technical term for this process is *wrapping*). For Degen Dogs, the `idleWETHYield` tokens are upgraded to `idleWETHx`. Note: the `x` suffix is typically used to denote a Super Token -- and the `Yield` part was removed just because the token symbol was already quite long!) The `idleWETHx` token can be found on Polygonscan [here](https://polygonscan.com/token/0xEB5748f9798B11aF79F892F344F585E3a88aA784). Dog owners will receive streams of `idleWETHx` in the their wallets, with balances increasing every second. ### Token Vesting [Token Vesting](https://tokenvesting.finance) enables the deployment of *Token Vestor* contracts. Token Vestors enables the creation and management of multiple Superfluid streams per address. Degen Dogs uses a Token Vestor to manage the streams to Dog owners. Streams will thus come *from* the Token Vestor contract, rather than the Degen Dogs (ERC721) contract. While claiming (launching) a stream is an interaction with the Vestor contract, this can be be done from and Dog owners do not need to interact with the Token Vestor contract or UI directly. {% hint style="info" %} **FYI:** Token Vesting was created by the same developer as Degen Dogs. It can be used by NFT projects, DAOs, and web3 teams to manage streams of reward tokens to community or team members. Questions? [Join the Discord](https://discord.gg/uG52tSSzP2). {% endhint %} ### Withdrawals Once you have `idleWETHx` in your wallet, you can downgrade/unwrap them to `idleWETHYield`. The easiest way to do this is via the [Superfluid dashboard](https://app.superfluid.finance/) (Currencies tab). After that, you can then optionally redeem your `idleWETHYield` for `WETH` by using the [Idle Finance app](https://polygon.idle.finance/#/dashboard/best). # Donation 10% for the Future As part of the "50% for the Future" distribution plan, **10% of the proceeds from *****all***** auctions will be donated to charitable causes** -- with the exception of the first auction, for which 100% of proceeds will be donated ([see below for details](#special-auction-ukraine-dog)). {% hint style="info" %} **Important:** As a last minute change for the launch, the recipient of donations has *changed* to support Ukraine. Donations will be sent to [Unchain Ukraine](https://unchain.fund). :flag\_ua: {% endhint %} ### Unchain Ukraine Unchain Ukraine a charity project created by blockchain activists to support people in Ukraine during this crisis time, urgently raising funds to directly support Ukrainian people on the ground. At the time of writing, over $2,000,000 has been raised. For more information about Unchain Ukraine, [click here](https://unchain.fund/). ### Ukraine Donation NFTs All auction winners will receive an ERC1155 NFT featuring the flag of Ukraine, as a thank you for the donation to this important cause. A link to the collection on OpenSea will be added here when available. ### Special Auction: Ukraine Dog ![Dog#1: Ukraine Dog](https://content.gitbook.com/content/QhSpck7hXdkBdL9e0svA/blobs/9Vv1nvVqDPj9OPgUjYFL/1.png) Degen Dog #1, the very first auction, will feature a special "Ukraine Dog" body trait, and will be the only Degen Dog with this trait. *100% of the proceeds of this auction will be donated* to [Unchain Ukraine](https://unchain.fund/). This special auction will last *72 hours*. ### The Future Both the donation *recipient* and *percentage* can be changed in future if the [DAO](/degen-dogs-mission-1/dao/governance) decides to do so. # Dog Biscuits (BSCT) The BSCT Token Dog Biscuits -- `BSCT` tokens -- are ERC20 tokens issued to all bidders of Degen Dog auctions, *including both unsuccessful and winning bidders*. `BSCT` tokens are issued at a ratio of 1000:1 based on the bid submitted. For example, a bid of `1 WETH` would result in `1000 BSCT` tokens. In addition, `BSCT` tokens are issued to the sender of *Auction Settlement* transactions, *even if they did not bid in the auction*. The same ratio of 1000:1, based on the *winning* bid, applies. {% hint style="info" %} **Note:** Consecutive bids from the same address will not earn `BSCT`. For clarity, if you are the highest bidder, and then you outbid yourself, your bid will succeed, but `BSCT` will not be issued for the second bid. On the other hand, if you bid, then someone else outbids you, and then you bid *again*, you will receive `BSCT` for *both* of your bids. {% endhint %} ### Why? Two reasons: 1. Degen Dogs need to eat something in the Club. 2. The Degen Dogs community is greater than just the Dog (NFT) owners. `BSCT` holders are also important. ### Utility of BSCT Tokens We all need to eat to survive, including the Degen Dogs. Dog Biscuits have the potential to help Dogs grow strong, to prepare them for the journey ahead. The specific utility of BSCT tokens is yet to be discovered. :smile: # Founder's Reward Also know as dogMaster(s) Because 100% of Degen Dog auction proceeds are split between streams to Dog owners, donations to charitable causes, and the [DAO](/degen-dogs-mission-1/dao/governance) [treasury](/degen-dogs-mission-1/dao/treasury), founder(s) are compensated with Degen Dogs. Every 11th Dog for the first year of the project (ids #0, #11, #22, #33 and so on) will be automatically sent to the `dogMaster` multisig to be shared among the founding members of the project. *At the time of writing, there is only one founder/dogMaster, but this is subject to change.* Founder distributions don't interfere with the [cadence](/degen-dogs-mission-1/basics/auctions/auction-cadence) of auctions. Dogs are sent directly to the dogMaster Multisig, and auctions continue on schedule with the next available ID. {% hint style="info" %} **Note:** This reward structure is inspired by [Nouns DAO](https://nouns.wtf), in which the *Nounders* receive every 10th Noun for the first 5 years of the project. {% endhint %} # Secondary Sales Degen Dogs are ERC721 tokens, and can be traded on any marketplace that supports ERC721s on the Polygon network. ### Degen Dogs Club on OpenSea Degen Dogs Club can be found on OpenSea at : {% embed url="" %} Note the URL above, ending in */degen-dogs-club*. Beware of imposter collections. We have encountered imposter collections already. Make sure you are buying an original Degen Dog. When in doubt, ask on our [Discord](https://discord.gg/vGnB539auu). # Artwork Degenerative art ![A Degen Dog](https://content.gitbook.com/content/QhSpck7hXdkBdL9e0svA/blobs/Dj7MFDVhwXiaH75vfdou/0.png) The artwork for Degen Dogs was inspired by the pixel art of Cryptopunks. The degenerative art combines 12 Dog body types with various accessories such as glasses, hats, earrings, and more. Some traits are more [rare](/degen-dogs-mission-1/nfts/rarities) than others. There are 1,001 known Degen Dogs, each with a unique combination of traits. ### Artists For the initial hackathon submission for Degen Dogs, a small number of dogs and traits were designed by pixel artist [Diconcilio](https://twitter.com/CryptoMuseumNFT). For the Polygon launch of Degen Dogs, [@\_wampa\_\_stompa](https://twitter.com/_wampa__stompa) built upon that foundation to arrive at a total of 46 traits. {% content-ref url="/pages/Rib7ishMlop3SqTBKVVt" %} [Rarities](/degen-dogs-mission-1/nfts/rarities) {% endcontent-ref %} # Rarities The degenerative art of the 1,001 known Degen Dogs are based on 46 traits of varying rarities. Listed below are the 7 categories of traits and the rarities of each trait. The traits of each Dog are revealed at the beginning of each auction and not before. ### Body | Trait | # of Dogs | % of Dogs | | ---------- | --------: | --------: | | Alien | 10 | 1.0% | | Black | 109 | 10.9% | | Blue | 90 | 9.0% | | Brown | 110 | 11.0% | | Dalmation | 100 | 10.0% | | Grey | 120 | 12.0% | | Orange | 90 | 9.0% | | Rainbow | 42 | 4.2% | | RedBrown | 151 | 15.1% | | SugarSkull | 69 | 6.9% | | White | 109 | 10.9% | | Ukraine | 1 | 0.1% | ### Eyes | Trait | # of Dogs | % of Dogs | | ------------- | --------: | --------: | | 3DGlasses | 43 | 4.3% | | BlueLaserEyes | 100 | 10.0% | | EyePatch | 80 | 8.0% | | Glasses | 120 | 12.0% | | MaskSnorkel | 100 | 10.0% | | Monocle | 70 | 7.0% | | RedLaserEyes | 50 | 5.0% | | Sunglasses | 150 | 15.0% | | VRGoggles | 100 | 10.0% | | None | 188 | 18.8% | ### Head | Trait | # of Dogs | % of Dogs | | ------------- | --------: | --------: | | BaseballCap | 100 | 10.0% | | Beanie | 60 | 6.0% | | BlackCap | 74 | 7.4% | | CrazyHair | 75 | 7.5% | | Headphones | 61 | 6.1% | | Hoodie | 50 | 5.0% | | PartyHat | 43 | 4.3% | | RedMohawk | 75 | 7.5% | | StripedBeanie | 80 | 8.0% | | Unicorn | 42 | 4.2% | | WaldoHat | 1 | 0.1% | | WhiteMohawk | 70 | 7.0% | | Toque | 69 | 6.9% | | None | 201 | 20.1% | ### Ears | Trait | # of Dogs | % of Dogs | | ----------- | --------: | --------: | | Earbuds | 325 | 32.4% | | GoldEarring | 151 | 15.1% | | LoopEarring | 275 | 27.5% | | None | 251 | 25.1% | ### Mouth | Trait | # of Dogs | % of Dogs | | ------ | --------: | --------: | | Bone | 25 | 2.5% | | Coin | 25 | 2.5% | | Pizza | 100 | 10.0% | | Teeth | 50 | 5.0% | | Tongue | 100 | 10.0% | | None | 701 | 70.0% | ### Neck | Trait | # of Dogs | % of Dogs | | ------------- | --------: | --------: | | GoldNecklace | 200 | 20.0% | | RedCollar | 300 | 30.0% | | StuddedCollar | 100 | 10.0% | | None | 401 | 40.1% | ### Background | Trait | # of Dogs | % of Dogs | | ----- | --------: | --------: | | Halo | 100 | 10.0% | | None | 901 | 90.0% | # License CC BY 4.0 Degen Dogs artwork is licensed under a [Creative Commons Attribution license](https://creativecommons.org/licenses/by/4.0/) (CC BY 4.0). # Governance Degen DAO {% hint style="info" %} Degen Dogs governance is based [Nouns DAO](https://nouns.wft) governance, which is turn is based on Compound governance. {% endhint %} Degen Dog owners are members of the DAO: *one Dog equals one vote*. ### Proposals To submit a proposal to the DAO, you must hold at least `0.25%` of the total Degen Dogs supply. This equates to 1 Dog up until the supply reaches 400 Dogs. Examples of proposals include: * funding Degen Dogs community projects * compensating DAO members or 3rd parties for services that benefit the DAO * investing [treasury](/degen-dogs-mission-1/dao/treasury) funds * expanding the Degen Dogsverse by \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ * other ### Quorum A quorum is the minimum number of total votes -- whether `for`, `against`, or `abstain` -- needed for a proposal to succeed. The quorum threshold is `20%` -- a value that can be changed by DAO. This means that at least 20% of minted Dogs (at the time the proposal was made) must submit a vote. *Proposals that do not meet this threshold will not be executed*, regardless of the number of votes for and against the proposal. ### Voting Period Voting can begin immediately after a proposal is created, although the DAO could implement a delay between proposal creation and the start of voting, if desired. The voting period is approximately `7 days`. ### Timelock A Timelock is a delay between the end of the voting period for a successful proposal and when the proposed transaction(s) actually can be executed. This delay gives DAO members time to react before execution. For example, a DAO member who is unhappy with a proposal may decide to sell their token or take other steps they deem appropriate. The timelock delay for Degen Dogs is `2 days`. ### Changing Governance Settings The thresholds and time periods mentioned above are *settings* that can be adjusted by the DAO via proposals. For example, the DAO may decide to change the proposal threshold or the length of the voting period in future. ### Vetos Initially, the Degen DAO governance grants veto power to the founder(s) of the project. A key reason is that, due to the one-at-a-time auction process, the total supply of minted Dogs is very low in the early days. This could enable a single person to execute successful proposals before the community has had chance to grow and develop. The goal is for the veto power to be renounced (on-chain) at the appropriate time -- feedback and suggestions are welcomed in this regard. ### Tally Governance Interface [Tally](https://www.withtally.com/) provides a governance UI that DAO can use to submit and vote on proposals. Proposals and votes submitted via Tally get submitted on-chain to Degen DAO governance contracts and are subject to the above thresholds and time periods. [Visit Degen Dogs DAO on Tally here](https://www.withtally.com/governance/eip155:137:0x18288e01e2247166d7dF094743a5669BF7fDAaD2). {% content-ref url="/pages/TVdtTwYgOf4LeTkAGk8a" %} [Treasury](/degen-dogs-mission-1/dao/treasury) {% endcontent-ref %} # Treasury Timelock / Executor The Degen Dogs *Treasury* is contracts that holds the tokens of the DAO and executes the transactions approved by the DAO, after the timelock delay has passed. For these reasons, the contract can also be referred to a *Timelock* or *Executor*. The contract itself is based on the timelock/executor contract of Nouns DAO, which in turn is is a modified version of Compound Lab's Timelock. The "admin" of the Treasury is set to the DAO Governance contract, meaning that *a successful governance proposal is required for all transactions*. # App The Degen Dogs app can be accessed at: * (Skynet decentralized storage via Cloudflare gateway) * [Skynet homescreen](https://homescreen.hns.siasky.net/#/skylink/AQDi7kfrOGrFnN1x2oTMv65js0IGTXErqIi8Enq8DPQoZA) * IPFS: TBD # Contracts Degen Dogs is comprised of the following smart contracts on the Polygon network:
ContractAddress
Dog.sol - Minting/issuing of ERC71 NFTs, investing in DeFi, creating/redirecting streams0xA920464B46548930bEfECcA5467860B2b4C2B5b9
DogsAuctionHouse.sol - Managing auctions0xC9F32Fc6aa9F4D3d734B1b3feC739d55c2f1C1A7
TokenVestor.sol - Managing streams of tokens to Dog owners0xE0159F36b6A09e6407dF0c7debAc433a77511625
BidTokens.sol - ERC20 contract for Dog Biscuits (BSCT)0x600e5F4920f90132725b43412D47A76bC2219F92
DegenDAOLogicV1.sol - Governance contract for proposals an voting0x9bf49265d8538BeD4dAAe7Fe304F2D41b8Cce265
DegenDAOProxy.sol - A proxy to above governance contract0x18288e01e2247166d7dF094743a5669BF7fDAaD2
DegenDAOExecutor.sol - Treasury / Timelock / Executor0xb6021d0b1e63596911f2cCeEF5c14f2db8f28Ce1
Ukraine.sol - Forwards donations to Unchain Ukraine and issues ERC1155 tokens0x22B5CD016C8D9c6aC5338Cc08174a7FA824Bc5E4
### Contracts Diagram ![Note that the "Charitable DAO" created via DAOit will not be used at launch. The special Ukraine.sol contract will be used instead, to forward donations to Unchain Ukraine](https://content.gitbook.com/content/QhSpck7hXdkBdL9e0svA/blobs/gytXlFQEUUOgvAKoTu6C/Degen%20Dogs%20\(1\).png) # Source Code Degen Dogs source code can be found at . # Introduction Planet Degen is dying. The inhabitants of the planet have neglected the environment and used up natural resources at an unsustainable rate for years. Climate change has caused coastal flooding, forests have become deserts, temperatures continue to rise, and air quality has become almost unbreathable. Most species of life have suffered from mass extinction. The only known surviving inhabitants are 1,001 Dogs. But the Degen Dogs cannot survive for long on the surface. Their only hope is to descend, one-by-one, to the ***C**anine **L**aboratory **U**nderground **B**ase*, the **CLUB**. The only entrance to the Degen Dogs CLUB, deep below the planet's surface, is via an elevator that has space for [only one Degen Dog at a time](/basics/auctions). ## Mission 3 In January 2026, the Degen Dogs teleported from Degen Chain L3 to the parent chain: Base Mainnet. * Daily auctions, via the Farcaster mini app, started on Base started with Dog 590. Bids are now in (native) ETH, with a minimum bid of `0.0005 ETH` * A new `$WOOF` has been deployed on Base via Streme.fun as a Pure Super Token powered by Superfluid. It natively supports streaming (there is no need for a WOOFx on Base). The deployment included a prebuy of `2.6 ETH` for `19.8M $WOOF` for those who deposited their Degen Chain WOOF into the "WOOF Vault". These prebuy proceeds were staked on behalf of each member, and this was locked for the 30-day locking period that applies to all staked `$WOOF`. 10% of the supply has been allocated to streaming staking rewards and 10% as streaming airdrop to WOOF Vault participants -- both stream over 365 days. The CA for `$WOOF` is `0x3e5c4FA0cAA794516eD0DF77f31daA534918d492`, tradeable via all major aggregators and wallets. * As before, auction proceeds and trading fees will be used to buy `$WOOF` ... and maybe sometimes `$SUP`. New in Mission 3, DOG owners get added to **two** streaming pools for each Dog they own: one pool streams `$WOOF` and the other streams `$SUP`. Proceeds may first be used for `$SUP` yield maximiziation before beginning to stream to Dog owners. * From January 8 through Feb 26th, Degen Dogs has be allocated 1.9M SUP in "season 4" of Superfluid SUP rewards. This equates to 1,100 USD worth of SUP each day. There are two ways to get your share: get 1 XP for teleporting each of your Dogs to Base AND get 100XP for each auction you win (on Base). {% content-ref url="/pages/cYBRFiqZEqbWasRboTa3" %} [Getting Started](/getting-started) {% endcontent-ref %} # Getting Started NFTs that do DeFi {% hint style="info" %} **Degen Dogs** are NFTs on Degen Chain that stream tokens to holders in real-time. Degen Dogs are minted and sold via auction, one at a time. Auction proceeds are added to stream to all Dog holders. {% endhint %} ### The Basics: Jump right in Information about the key aspects of Degen Dogs: {% content-ref url="/pages/HX3toAk1Z4mD81vi8nr7" %} [Auctions](/basics/auctions) {% endcontent-ref %} {% content-ref url="/pages/hxZqe93n6zgUNXAL8GEf" %} [$WOOF](/basics/woof) {% endcontent-ref %} {% content-ref url="/pages/McKZPnrOwDNcVlR6SbRk" %} [Streamonomics](/basics/streamonomics) {% endcontent-ref %} ### The NFTs Meet the Degen Dogs: {% content-ref url="/pages/KOpeyNHvP9kCAtryFmvM" %} [Artwork](/nfts/artwork) {% endcontent-ref %} {% content-ref url="/pages/Rib7ishMlop3SqTBKVVt" %} [Rarities](/nfts/rarities) {% endcontent-ref %} # Auctions How to become a Dog owner {% hint style="info" %} **Important:** Degen Dogs cannot be minted directly. Dogs are auctioned one-by-one and then issued to the highest bidder. {% endhint %} Degen Dogs are sold via auction, with only a single Dog being auction at any time. Auctions are held via Farcaster [mini app](https://farcaster.xyz/miniapps/y54x1-NbaDLo/degen-dogs). Bids are submitted on Base in native ETH. When each auction ends, the auction is settled and the Dog is transferred to the winning bidder. ### Bidding * The reserve price (minimum bid amount) is `0.0005 ETH` (subject to change) * The minimum increment over the current bid is `10%`. This means that you must bid at least 10% more than the current highest bid. (subject to change) * The `timeBuffer` is `5 minutes`, the minimum amount of time left in an auction after a new bid is created. Sometime referred to as popcorn bidding, this gives other bidders time to respond to any last minute (or last second) bids. If a bid happens with less than 5 minutes remaining in the auction, the auction gets extended by 5 additional minutes. (subject to change) * The time period for bidding is 24 hours for Mission 3 * The winning bidder also receives all `$WOOF` streamed during the auction. For more info, see [Streamonomics](/basics/streamonomics) ### Settling Auctions Completed auctions must be settled via transaction that transfers the Dog to the winner. Although the auction winner has the most incentive, the settlement transaction can be sent by anyone. {% hint style="info" %} **Important:** The next auction *will not start* until the previous auction is settled. {% endhint %} When the auction is settled, the next auction begins for the next Dog. # $WOOF The WOOF Token ## Degen Dogs say $WOOF {% hint style="info" %} The `$WOOF` token is a central component of Degen Dogs Mission 3. {% endhint %} Degen Dogs `$WOOF` is a Pure Super Token, powered by [Superfluid](https://superfluid.org/) and deployed via [Streme.fun](https://streme.fun). Key details include: * total supply: 100,000,000,000 * staking rewards: 10% of supply, 30 day locking period, 365 day stream * airdrop for WOOF vault members: 10% of supply, 30 day locking period, then 365 day stream * tradeable on all major wallets and DEX aggregators ## How it Works Trading fees and [auction](/basics/auctions) proceeds will be used to buy `$WOOF`. Also important is that the $WOOF bought by Degen Dogs *cannot immediately be sold*. Instead it is streamed per-second to holders of Degen Dog NFTs over 90 days. See [Streamonomics](/basics/streamonomics) for more details. The streaming acts as a form of vesting that reduces sell pressure of `$WOOF`. ## How to say (buy) $WOOF Degen Dogs say $WOOF by buying and holding `$WOOF`. This can be done in two ways: * Using Streme.fun: * Using your preferred wallet or trading app. The CA is \`0x3e5c4fa0caa794516ed0df77f31daa534918d492\` ## Another way to get $WOOF Of course, another way to acquire WOOF is to hold a Degen Dog and earn a share of the stream. Buy one on [OpenSea](https://opensea.io/collection/degen-dogs-club) or bid on one in an [auction](/basics/auctions). # Streamonomics Tokenomics for Streams {% hint style="info" %} **Summary:** Streamonomics refers to the tokenomics of streaming tokens to multiple recipients as an incentive mechanism. {% endhint %} All of the `$WOOF` and `$SUP` acquired by Degen Dogs are streamed to Dog holders in real-time, per second, over 90 days. Powered by [Superfluid](/basics/streamonomics/superfluid-finance). Note that the 90 day time window gets reset each time additional `$WOOF` and `$SUP` is added to the pile. When new `$WOOF` is added, the new total amount of `$WOOF` is divided by 90 days, and the stream is updated such that that total amount would be fully streamed to Dog holders in 90 days. As long as new `$WOOF` is added to the pile daily, the streams will continue indefinitely. Note that during the first 90 days, it likely that the amount of `$WOOF` added to the pile each day will exceed the amount streamed out each day. In other words, the total pile will be *growing* each day, and the "flowRate" -- the amount streamed to each Dog -- will increase daily. If you own a Dog on day 1, you are likely to increasingly larger amounts of `$WOOF` each day. ## Each Dog gets Equal Share of $WOOF and $SUP Each Degen Dog receives an equal share of the `$WOOF` and `$SUP` streams. If you own 2 Dogs, you will receive twice as much as someone who owns a single Dog. Note that if you acquired a Dog via auction, the price you paid in the auction has no bearing on your share of the streams. ### Secondary Sales / Transfers When a Dog is sold or otherwise transferred to another address, *streams are redirected to the new owner*. ### Claiming Streams New Dog owners need to claim their streams in order to view the real-time balance of `$WOOF.` This only needs to be done once -- if you acquire a second Dog, you don't need to do it again. Note that even if you do not claim immediately, you will still accrue your full share of the stream from the moment you acquired the Dog. To claim a stream in the "Pool" of Degen Dog holders, the easiest way is to use the [Farcaster mini app](https://farcaster.xyz/miniapps/y54x1-NbaDLo/degen-dogs). (It can also be done via a "connect" link on the Stream Distribution tab in the Superfluid app.) When a Dog is sold or transferred, the new owner will need to claim (unless they already own another Dog and have previously claimed). # Superfluid Finance Streaming tokens in real-time [Superfluid Finance](https://www.superfluid.finance/) enables tokens to be streamed in real-time, with token balances updating every second. Degen Dogs uses Superfluid to [stream](/basics/streamonomics) tokens to Dog owners. # Founder's Reward Also know as dogMaster(s) {% hint style="info" %} There are no founder's rewards in Mission 3. The 420 Dog threshold, discussed below, was surpassed during Mission 2. {% endhint %} Because 100% of Degen Dog auction proceeds are streamed to Dog owners, founder(s) are compensated with Degen Dogs. Every 11th Dog for the first 420 mints of the project (ids #0, #11, #22, #33 and so on) will be automatically sent to the `dogMaster` to be shared among the founding members of the project. *At the time of writing, there is only one founder/dogMaster, but this is subject to change.* {% hint style="info" %} **Note:** This reward structure is inspired by [Nouns DAO](https://nouns.wtf), in which the *Nounders* receive every 10th Noun for the first 5 years of the project. {% endhint %} # Secondary Sales Degen Dogs are ERC721 tokens, and can be traded on any marketplace that supports ERC721s on the Base network. ### Degen Dogs Club on OpenSea OpenSea is an NFT marketplace for NFT collections on Base Chain: # Artwork Degenerative art ![A Degen Dog](https://content.gitbook.com/content/B3lQN8UaygVEdbV40COE/blobs/qZsu5JiHfL6sGbvTRF1V/0.png) The artwork for Degen Dogs was inspired by the pixel art of Cryptopunks. The degenerative art combines 12 Dog body types with various accessories such as glasses, hats, earrings, and more. Some traits are more [rare](/nfts/rarities) than others. There are 1,001 known Degen Dogs, each with a unique combination of traits. ### Artists For the initial hackathon submission for Degen Dogs, a small number of dogs and traits were designed by pixel artist [Diconcilio](https://twitter.com/CryptoMuseumNFT). For the Polygon launch of Degen Dogs, [@\_wampa\_\_stompa](https://twitter.com/_wampa__stompa) built upon that foundation to arrive at a total of 46 traits. {% content-ref url="/pages/Rib7ishMlop3SqTBKVVt" %} [Rarities](/nfts/rarities) {% endcontent-ref %} # Rarities The degenerative art of the 1,001 known Degen Dogs are based on 46 traits of varying rarities. Listed below are the 7 categories of traits and the rarities of each trait. The traits of each Dog are revealed at the beginning of each auction and not before. ### Body | Trait | # of Dogs | % of Dogs | | ---------- | --------: | --------: | | Alien | 10 | 1.0% | | Black | 109 | 10.9% | | Blue | 90 | 9.0% | | Brown | 110 | 11.0% | | Dalmation | 100 | 10.0% | | Grey | 120 | 12.0% | | Orange | 90 | 9.0% | | Rainbow | 42 | 4.2% | | RedBrown | 151 | 15.1% | | SugarSkull | 69 | 6.9% | | White | 109 | 10.9% | | Ukraine | 1 | 0.1% | ### Eyes | Trait | # of Dogs | % of Dogs | | ------------- | --------: | --------: | | 3DGlasses | 43 | 4.3% | | BlueLaserEyes | 100 | 10.0% | | EyePatch | 80 | 8.0% | | Glasses | 120 | 12.0% | | MaskSnorkel | 100 | 10.0% | | Monocle | 70 | 7.0% | | RedLaserEyes | 50 | 5.0% | | Sunglasses | 150 | 15.0% | | VRGoggles | 100 | 10.0% | | None | 188 | 18.8% | ### Head | Trait | # of Dogs | % of Dogs | | ------------- | --------: | --------: | | BaseballCap | 100 | 10.0% | | Beanie | 60 | 6.0% | | BlackCap | 74 | 7.4% | | CrazyHair | 75 | 7.5% | | Headphones | 61 | 6.1% | | Hoodie | 50 | 5.0% | | PartyHat | 43 | 4.3% | | RedMohawk | 75 | 7.5% | | StripedBeanie | 80 | 8.0% | | Unicorn | 42 | 4.2% | | WaldoHat | 1 | 0.1% | | WhiteMohawk | 70 | 7.0% | | Toque | 69 | 6.9% | | None | 201 | 20.1% | ### Ears | Trait | # of Dogs | % of Dogs | | ----------- | --------: | --------: | | Earbuds | 325 | 32.4% | | GoldEarring | 151 | 15.1% | | LoopEarring | 275 | 27.5% | | None | 251 | 25.1% | ### Mouth | Trait | # of Dogs | % of Dogs | | ------ | --------: | --------: | | Bone | 25 | 2.5% | | Coin | 25 | 2.5% | | Pizza | 100 | 10.0% | | Teeth | 50 | 5.0% | | Tongue | 100 | 10.0% | | None | 701 | 70.0% | ### Neck | Trait | # of Dogs | % of Dogs | | ------------- | --------: | --------: | | GoldNecklace | 200 | 20.0% | | RedCollar | 300 | 30.0% | | StuddedCollar | 100 | 10.0% | | None | 401 | 40.1% | ### Background | Trait | # of Dogs | % of Dogs | | ----- | --------: | --------: | | Halo | 100 | 10.0% | | None | 901 | 90.0% | # License CC BY 4.0 Degen Dogs artwork is licensed under a [Creative Commons Attribution license](https://creativecommons.org/licenses/by/4.0/) (CC BY 4.0). # Governance Degen DAO {% hint style="info" %} Degen Dogs governance is based [Nouns DAO](https://nouns.wft) governance, which is turn is based on Compound governance. {% endhint %} Degen Dog owners are members of the DAO: *one Dog equals one vote*. ### Proposals To submit a proposal to the DAO, you must hold at least `0.25%` of the total Degen Dogs supply. This equates to 1 Dog up until the supply reaches 400 Dogs. Examples of proposals include: * funding Degen Dogs community projects * compensating DAO members or 3rd parties for services that benefit the DAO * investing [treasury](/dao/treasury) funds * expanding the Degen Dogsverse by \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ * other ### Quorum A quorum is the minimum number of total votes -- whether `for`, `against`, or `abstain` -- needed for a proposal to succeed. The quorum threshold is `20%` -- a value that can be changed by DAO. This means that at least 20% of minted Dogs (at the time the proposal was made) must submit a vote. *Proposals that do not meet this threshold will not be executed*, regardless of the number of votes for and against the proposal. ### Voting Period Voting can begin immediately after a proposal is created, although the DAO could implement a delay between proposal creation and the start of voting, if desired. The voting period is approximately `7 days`. ### Timelock A Timelock is a delay between the end of the voting period for a successful proposal and when the proposed transaction(s) actually can be executed. This delay gives DAO members time to react before execution. For example, a DAO member who is unhappy with a proposal may decide to sell their token or take other steps they deem appropriate. The timelock delay for Degen Dogs is `2 days`. ### Changing Governance Settings The thresholds and time periods mentioned above are *settings* that can be adjusted by the DAO via proposals. For example, the DAO may decide to change the proposal threshold or the length of the voting period in future. ### Vetos Initially, the Degen DAO governance grants veto power to the founder(s) of the project. A key reason is that, due to the one-at-a-time auction process, the total supply of minted Dogs is very low in the early days. This could enable a single person to execute successful proposals before the community has had chance to grow and develop. The goal is for the veto power to be renounced (on-chain) at the appropriate time -- feedback and suggestions are welcomed in this regard. ### Tally Governance Interface [Tally](https://www.withtally.com/) provides a governance UI that DAO can use to submit and vote on proposals. Proposals and votes submitted via Tally get submitted on-chain to Degen DAO governance contracts and are subject to the above thresholds and time periods. [Visit Degen Dogs DAO on Tally here](https://www.withtally.com/governance/eip155:137:0x18288e01e2247166d7dF094743a5669BF7fDAaD2). {% content-ref url="/pages/TVdtTwYgOf4LeTkAGk8a" %} [Treasury](/dao/treasury) {% endcontent-ref %} # Treasury Timelock / Executor The Degen Dogs *Treasury* is contracts that holds the tokens of the DAO and executes the transactions approved by the DAO, after the timelock delay has passed. For these reasons, the contract can also be referred to a *Timelock* or *Executor*. The contract itself is based on the timelock/executor contract of Nouns DAO, which in turn is is a modified version of Compound Lab's Timelock. The "admin" of the Treasury is set to the DAO Governance contract, meaning that *a successful governance proposal is required for all transactions*. # App Degen Dogs can be accessed at: * Farcaster channel: * (TODO: update app for Mission 2) # Contracts Degen Dogs is comprised of the following smart contracts on the Degen chain network: TODO: update table below once Degen contracts have been deployed.
ContractAddress
Dog.sol - Minting/issuing of ERC71 NFTs, investing in DeFi, creating/redirecting streams0xA920464B46548930bEfECcA5467860B2b4C2B5b9
DogsAuctionHouse.sol - Managing auctions0xC9F32Fc6aa9F4D3d734B1b3feC739d55c2f1C1A7
TokenVestor.sol - Managing streams of tokens to Dog owners0xE0159F36b6A09e6407dF0c7debAc433a77511625
BidTokens.sol - ERC20 contract for Dog Biscuits (BSCT)0x600e5F4920f90132725b43412D47A76bC2219F92
DegenDAOLogicV1.sol - Governance contract for proposals an voting0x9bf49265d8538BeD4dAAe7Fe304F2D41b8Cce265
DegenDAOProxy.sol - A proxy to above governance contract0x18288e01e2247166d7dF094743a5669BF7fDAaD2
DegenDAOExecutor.sol - Treasury / Timelock / Executor0xb6021d0b1e63596911f2cCeEF5c14f2db8f28Ce1
Ukraine.sol - Forwards donations to Unchain Ukraine and issues ERC1155 tokens0x22B5CD016C8D9c6aC5338Cc08174a7FA824Bc5E4
### Contracts Diagram
# Source Code Degen Dogs source code can be found at .