What if you wanted to have a say in every decision a company makes? From new projects to changing how the company works, these decisions are usually handled by a small group of people. Schnoodle DAO aims to change that. It is a Decentralised Autonomous Organisation (DAO) that is creating a trustless DeFi platform. It […]
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What if you wanted to have a say in every decision a company makes? From new projects to changing how the company works, these decisions are usually handled by a small group of people. Schnoodle DAO aims to change that. It is a Decentralised Autonomous Organisation (DAO) that is creating a trustless DeFi platform. It bridges multiple crypto concepts like farming, multi-chain operation and NFTs. After developing its own meme token, Schnoodle now uses its platform to enable other DAOs to reach their potential.
What Is a DAO?
A Decentralised Autonomous Organisation (DAO) is a group where governance is based on rules coded as a computer program. Thus, it is not controlled by a single individual or a small group. It is instead an automatic process that is transparent and controlled by members of the DAO.
The governance of a DAO is based on the ownership of tokens. Tokens grant voting power to holders, which is confirmed by linking crypto wallets. This power may increase with the number of tokens you hold.
DAOs eliminate the need for trusted third parties by providing decentralised ledgers which track transactions securely and transparently.
How Does Schnoodle Work?
Schnoodle was launched on 27th July 2021. It was created by a team trained in both software engineering and finance. Based across Europe from the UK to Georgia, Schnoodle operates on a trustless, permissionless ecosystem called the Schnoodle Community Ecosystem (SCE).
There are two essential components of the ecosystem. First, the Foundations of Schnoodle. This includes their cornerstones of Trustless Autonomous Governance (TAG) and their rewards system called BARK. Blockchain Automated Reward Kickback is a system that rewards you for holding SNOOD, the crypto token used by the platform. Every time a transfer occurs on the Schnoodle platform, it automatically adds a part of the transfer fees to your SNOOD balance.
The second component is the Utilities of Schnoodle. This includes a charity-based feature and their unique SaaS systems. While these are currently being developed, the goal of the ecosystem is to help other DAO projects with these tools.
Schnoodle is also adding Polygon support, apart from the existing Ethereum chain. Polygon adoption is the first step in their multi-chain strategy. This strategy will also bring BNB Smart Chain support in the future. The Polygon launch is expected to be on 27th July 2022, exactly one year after Schnoodle’s initial launch.
Moon Farming – What Is It?
Yield farming is an investment option created by DeFi. It allows you to lend or stake your crypto assets and earn more crypto in the form of transaction fees or interest. Moon farming is Schnoodle’s unique implementation of this concept to reward its users.
The Moon Farming Platform comprises a dApp and a smart contract backend system. It has three main factors based on which rewards are distributed:
- Amount Deposited – The number of SNOOD tokens reserved for farming.
- Vesting period – The amount of time the tokens are used to farm.
- Unbonding period – The lock-in time after farming for which tokens cannot be exchanged.
Apart from these factors, it also has an Automated Superyield System. This is a dynamic system that increases the proportion of rewards you receive. The more you deposit, the more SNOOD you receive.
This system is also dependent on the ecosystem. With each transaction, Schnoodle transfers the transaction fees to the farmers’ fund. This farmers’ fund is what determines the amount of SNOOD available. Thus, when more SNOOD is sold, your rewards increase. But when a large amount of SNOOD is deposited, rewards decrease. This change in rewards is calculated automatically.
Metamoon – See the Farming
Metamoon is Schnoodle’s visual representation of moon farming. It consists of individual cylinders, each indicating a farm. Its coordinates are based on the address of your account. The radius of each cylinder is the amount deposited, while the height is the reward available.
Each farm also has ripples. Ripples indicate how long the farm has been active. The colours of these rings range from green to red, based on the pending period of blocks to be farmed.
The Metamoon is an engaging addition to moon farming. It allows an easy but entertaining way to see the progress on your farm, along with information on other farms in the Schnoodle ecosystem.
Schnoodle has created a unique offering with its Moon Farming Platform. Its commitment to true decentralisation is encouraging for the future of crypto markets. Additionally, multi-chain support is a fantastic way to provide access to the platform for more users. It remains to be seen whether other DAO projects will adopt the platform, and how effective it is helping them. If you are interested in generating some passive income, check out the Moon Farming Platform today!