“All is Fair in Love and Waifu Wars”

Akame DAO

8 min readNov 24, 2021

What is Akame DAO?

Akame DAO is a waifu-inspired fork/clone of Olympus DAO built on Abritrum.

What is Akame DAOs vision?

Akame DAO does not have the usual “become the decentralized reserve currency of “x” chain” goal/vision. We want to think bigger and with more ambition than that. We want Akame to add value to the Arbitrum Ecosystem, investors, and new users by innovating and building sustainably and organically.

We are not in search of cum spilling APY or 10,000% discount bonds. Instead, we want to avoid this and build a sustainable project that rewards investors and early supporters who have conviction and faith in the future of the project.

Akame Alpha Launch

A big talking point in DeFi revolves around the fairness of token launches so we have been thinking hard about the optimal way to incentivize early participants (whitelist) and keep things as fair as possible for later investors.

Although we have not decided on a definite launch mechanism we have concluded on the core mechanism — Raids.

Whitelist Mechanism: RAIDS

The Akame DAO Whitelist will be open to a total of 999 entries. The spots will be split into three groups of 333 entries that each include different perks. These groups are known as Raids.

We have been deliberating on the exact perks that raid members will have and we have three suggestions for how we will launch.

We make the Discord read-only for the launch period time, each Raid will have a separate channel where they will receive word that the Akame website is live and details to the relevant contracts. The first 3 raids will happen before token liquidity is added and will be open for bonding only. The website and contract info will be broadcast to the next raid after three minutes so this will be a nasty blood bath.
Each raid member whitelists their address and will have the chance to purchase a fixed number of (MIM bonds) at a fixed discount. This discount will decrease from Raid #1 — Raid #3. Again this will happen before token liquidity is added. Immediately after the raid is over, liquidity will be added and the token will be tradeable on the market, staking will be opened and the other bonds (Native Token-MIM LP and WETH) will be made available.
Lastly, we could follow in the footsteps of Olympus DAOs “Initial Discord Offering” where each whitelisted member gets a whitelist allocation and can buy a fixed amount of the native token at a certain price. This price will increase from Raid #1 — Raid #3. After the sale period closes, tokens will be transferred and the funds raised will be used to bootstrap liquidity gradually and a percentage will also be added to the treasury to support backing the initial supply. After liquidity is added, bonding and staking will be initiated.

Below we will outline the additional incentives/rewards that will be offered to whitelisted members regardless of the launch mechanism.

Raid #1:

Merch: Plush katana + Hoodie + Stickers
Commemorative NFT

Raid #2:

Merch: Hoodie + Stickers
Commemorative NFT

Raid #3:

Merch: Stickers
Commemorative NFT

Moon Rituals

Akame DAO will be hosting “Moon Rituals” every new moon (the next one is on December 4th 2021).

These rituals will involve the following:

Charity Donations
Contests
Akame Native Token and/or ETH raffles
Merch giveaways

Charity Donations

A lot of capital flows into DeFi protocols and this gives us the ability to use part of this capital to do something good for the world as a collective. Something bigger than ourselves. As a result, Akame DAO will be doing charity donations at each Moon Ritual.

True to (🩸,🩸), the charity donations made by Akame will revolve around charities involved with blood-related diseases, blood-related research, blood donations, and charities focused on providing aid, tampons, and sanitary pads to residents of underprivileged areas around the world.

One of our advisors (Xenesis) is in the process of setting up a non-profit DAO that will focus on humanitarian issues across the globe and will allow DeFi protocols/DAOs to fund operations/charity work by donating some of their treasury at the end of each month. Due to Akame DAO having an advisor linked with this project, we will be the first DeFi protocol/DAO to contribute to this initiative.

The treasury allocation we will use for donations as well as the charities/NGOs/Non-profit humanitarian aid groups will be voted on exclusively by stakers of our native token.

By being part of Akame DAO you have the opportunity to contribute to a cause that is greater than any individual. We will be the trailblazers of serious DeFi charity and we will have a hand in enriching the lives of thousands, potentially millions of people.

Optimized Treasury Utilization

We have seen a plethora of Olympus forks spawning across the DeFi space at an incredibly high rate. Bar a few, most have been a farmer’s paradise pump and dump projects. This can be attributed to investors/farmers/degens looking for juicy APY, a quick flip, and also the fact that not many Olympus forks have attempted to do something ambitious/novel.

We would like to build a long-lasting and sustainable community that will not die in its infancy. As a result, we have thought of multiple ways to keep our growth organic and sustainable. One of these ideas is known as “Optimized Treasury Utilization”.

I will describe it below.

Optimized Treasury Utilization involves using treasury assets to extract the most value out of them and reward stakers of the Akame Native Token. What we mean is that by offering certain bonds at a discount, we will be able to use the assets deposited to participate in fairly lower-risk farming and value extraction practices. The main hurdle we face here is the disruption of the treasury balance leading to disruptions across the 3,3 workflow. However, granted we all work together as a collective we will be able to extract maximum value from our treasury and reward investors for their conviction.

Back to the treasury disruption point. To ensure the platform function optimally, holding highly volatile assets in the treasury is a big risk and we will have to do some additional thinking as a collective/DAO to build the best strategies for OTU and value extraction. Some ideas currently on the table:

Dopex: $DPX and $rDPX bonds

Dopex has recently launched an exciting new DeFi product known as SSOV (Single Staking Option Vaults). These vaults allow people to sell covered calls by depositing into the vaults for a locked period of time (epoch) and in turn, people can purchase these calls. SSOV depositors earn yield (the vaults automatically single stake your deposited assets) on the assets they deposited as well as the premia earned from people utilizing SSOV to purchase calls.

The upside to depositing into SSOV is that if the strike price you chose to deposit into is not crossed, you earn gain all upside from holding the token + yield + premia. The downside is that if your strike price is crossed, your upside is capped and you may lose a percentage of your tokens, however, you will still be up in USD Notional value and proceeds from yield and premia.

So how would Akame play this? Well, by offering $DPX and $rDPX discounted bonds on our platform, we will be able to accumulate $DPX and $rDPX in our treasury, we will then be able to decide on optimal strategies we can use to deposit into SSOV and then distribute all profit to stakers of the Akame native token.

Curve & Convex: CRV/CVX Bonds + Abracadabra Money

Akame DAO could extract value through Abracadabra money by:

Offering $CRV and/or $CVX bonds to acquire CRV/CVX to increase the gauge weight voting to increase CRV rewards.
Using the $WETH accumulated in the treasury (via WETH bonds) to post as collateral and mint MIM.
The borrowed MIM will be used to deposit into a Curve gauge on Arbitrum and earn yield.
After a certain period of time, the borrowed MIM will be withdrawn from curve, the loan will be repaid, and the WETH that was posted as collateral will be returned back to the treasury
This yield will then be distributed to stakers of the Akame Native Token

Of course, these are all very rough ideas that will need to be discussed thoroughly and implemented after we have developed optimal strategies as a collective/DAO.

Further Goals

Over time, we would like to see Akame grow big enough to start incubating projects and/or function as a launchpad for new protocols while providing incentives to stakers of the Akame native token. Incentives such as (airdrops, presale access, whitelists, etc). Much like a community-driven “VC” fund.

At the moment we have at least 3 protocols that are currently being developed in stealth that will reward stakers of the Akame native token. So this is an idea that we absolutely MUST explore.

Next steps

To ensure our launch is as smooth as possible, we will be launching between Friday 26th November — Tuesday 30th November, depending on which launch mechanism is voted up.

We also have a few very important things to do:

Multisig: Set up a 5/7 multisig for the DAO and Treasury (we are trying to get reputable DeFi figures on board)
Liquidity Lock: Once we add the initial liquidity we will lock this liquidity forever.
Audit: Although we are a direct Olympus fork/clone, we will be applying for an audit of the code to make sure we do not encounter any serious mishaps/exploits
Governance: We will be setting up a dedicated governance platform post-launch to make the governance system easier. We would also like to explore a partnership with Treasure NFT on Arbitrum to introduce what we call “Layered Governance”. Layered Governance is a governance system that involves the synergistic use of NFTs as well as ERC20 tokens to make voting as accessible as possible to everyone and also to incentivize actual users of the platform.
Contests: We will be hosting 2 contests with rewards/prizes prior to launch. One of them will be announced today so keep an eye out in the Akame DAO Discord and on our Twitter.

Disclaimer

Always do you due diligence before investing into new projects. Always remember that any out come good or bad is by your hand. That said, here at Akame we will focus on building a community founded on trust and transparency.