For many kids around the globe, Christmas marks one of the most special days of the year. As we gear up for the holiday season, we plan meaningful moments around gifting our loved ones. However, let's remember that there are many kids that don't get to celebrate Christmas like we do.
In a world where we can utilize awesome tools like DAOs and Defi to fund community projects, it's a no-brainer for us to help children have a happy holiday season.
elfDAO is launching a 12-day fundraising campaign from December 20th to December 31st for the first ever Web3 toy drive.
So come one, come all. Join us on our adventure to work, build, and contribute to the greatest effort to spread holiday cheer in the world. Join elfDAO.
What does success look like?
One in ten families can’t afford to buy gifts this year because of financial strain made worse by the pandemic. There are 74 million kids under 18 in the US. That’s 7.4 million kids missing out on the joys of Christmas in the US alone!
We care about those kids. That’s why we’re aiming for a big but worthwhile goal.
We want to raise $1,000,000 USD by Christmas. At $25 USD per gift, our goal is to give 40,000 kids a gift this holiday season.
How are we raising funds?
We are raising funds using Juicebox. On our Juicebox site contributors can directly donate any amount in ETH before December 31st.
The $GIFT Token
All contributors will receive governance tokens proportional to your donation size, at a 670,000 $GIFT/ETH ratio. Governance tokens give you voting power within elfDAO, meaning that you’ll help decide how our funds are spent. The tokens’ sole purpose is for governance and voting rights for elfDAO’s use of funds.
The core team will receive 33% of governance token supply as donations flow in through Juicebox. This will be used to make sure that the team has a meaningful say in governance.
After the project ends, the core team’s token allocation will be burned.
elfDAO NFTs
To thank our contributors for their generous contributions, we will be offering thank you NFTs for contributors to claim. The claim eligibility for the NFTs varies based on your Juicebox contribution amount. There will be three NFTs available to the public: Santa, Reindeer, and Elf.
- If you donated 0.1 ETH or more, you will be eligible for an Elf NFT token.
- If you are one of the first 970 contributors to donate 0.5 ETH or more, you will be eligible for a Reindeer NFT token.
- Our Santa NFTs will be airdropped to the top five contributors of our elfDAO Juicebox at the end of the fundraising period.
*Note that each wallet (other than that of the top five contributors) will only be eligible for one NFT. If you are one of the first 970 contributors to donate 0.5 ETH or more, you can claim only the Reindeer NFT and not an additional Elf NFT.
We are also reserving some Worker Elf NFTs for community members who have made outsized contributions towards this project. They hold no governance value and will simply serve as a personal memento for the project (not to be resold).
Claiming will be available soon. Stay tuned for announcements on discord and twitter!
Where will the Funds go?
The short answer: The DAO will have the ability to choose how and where we spend the funds. The core team has ideas listed below, but remember, we're all elves here, and we want to hear from you.
Governance token holders will be encouraged to submit funding proposals that allocate a portion of funds (min grant size: $50k) to a charitable organization. The core team plans to put forward a few initial funding proposals as well.
These organizations could include community centers, orphanages, churches, or other groups who meet the following criteria:
- Are registered as 501c3 in good standing with the IRS
- Meet Endaoment’s due diligence and funding policies.
- Are aligned with ElfDAO’s mission and confirm that they can deliver gifts within 6 months of receipt of funds
Holders will then vote on the proposals which will determine the distribution of funds. This project’s goal is to run on a short time frame; we intend to distribute all of the funds as quickly as possible, and then spin down the project before the end of January.
In addition, we will be reserving 2.5% of funds raised to cover overhead costs (1% for multi-signature wallet and Juicebox gas fees, 1.5% for enDAOment, our fiscal sponsor’s transaction fees) as managed by the core team. All overhead costs will be transparently documented and none will be used to compensate the core team — leftover operational funds will be contributed to charity.
All of this information will be codified in the initial governance proposal that the DAO puts forth on January 2nd, 2022. $GIFT token holders will be able to vote and propose changes to our proposal.
How to Contribute
- Donate: Donate any amount of ETH on Juicebox!
- Contribute to elfDAO: We understand that not everyone has the means to provide monetary support. But, if you love our mission and want to help make it a reality, hop into our discord! We'd love any support in dev, marketing, partnerships, PR, and legal matters. :)
- Spread the word: Tell your friends about us, share on Twitter and other social media, add our emojis (🎄,🎄) to your bio, and spread the holiday love!
General Questions
Who is in charge at elfDAO?
The core team coordinates to drive key efforts across the DAO, and lay the structure for governance to enable DAO community-driven decisions. The Multisig is responsible for the transfer of funds.
How will proposals and voting work?
We will be utilizing Snapshot, a decentralized governance built for DAOs like us. We will be starting our Snapshot process by putting forth our initial governance proposal which includes parameters on governance on January 2nd, 2022.
Who can start a proposal in Snapshot?
Anyone with a wallet address holding $GIFT tokens will be eligible to vote on elfDAO proposals, as well as create new proposals.
Why are we using Juicebox?
Juicebox lets us receive your donations directly to our smart contract. In return, you’ll receive tokens in your wallet proportional to your donation amount! It is a great tool for the community to see the funding project, and it’s easy to distribute funds through the distribution mechanisms. Learn more about Juicebox here.
Who is actually handling the funds raised by elfDAO?
The elfDAO multisig signers have committed to executing on proposals passed by the DAO. The multisig address is elfdao.eth.
Legal and Structural Questions
What does the legal structure look like?
elfDAO is an unincorporated nonprofit association as our purpose is charitable in nature. elfDAO and our gnosis multi-signature wallet have partnered with Endaoment, a 501(c)(3) U.S. PBC that specializes in facilitating the donation of digital assets to charities. They’ve committed to making sure that every bit of ETH we raise (other than the 2.5% going to overhead costs) can be distributed to the charities we vote on; whether they take crypto or USD.
Are Contributions to elfDAO tax-deductible?
No. elfDAO is not a registered non-profit and all contributions to elfDAO are made voluntarily in exchange for $GIFT tokens. If you’d prefer to make a tax-deductible donation to elfDAO, please contact the team at Endaoment Discord or email.
Why aren't you just using a crowdfund website?
Crowdfund websites take fees off every single donation transaction. We want every dollar of donations to go towards purchasing gifts for kids. Our overhead costs to deploy the smart contracts and transfer the ETH to USD will be significantly less than the amount a crowdfund site would take. In addition, DAO governance mechanisms allow the donor community as a whole to decide where funds raised are going.
Juicebox and $GIFT Tokens Questions
Why are we using Juicebox?
Juicebox lets us receive your donations directly to our smart contract. In return, you’ll receive tokens in your wallet proportional to your donation amount! It is a great tool for the community to see the funding project, and it’s easy to distribute funds through the distribution mechanisms. Learn more about Juicebox here.
Is there any value to the $GIFT token?
No. You are receiving a governance token. Your contribution to elfDAO is a donation with no expectation of profit. Governance tokens give you voting power within elfDAO, meaning that you’ll help decide how our funds are spent. The tokens’ sole purpose is for governance and voting rights for elfDAO’s use of funds.
. . .
More information in our comprehensive docs site.