Author’s Note:
As promised, the 3 winners of this poll here will be further covered in 3 articles. The sDAO Salsa DAO governance token was the clear winner and since it is part of a broader ecosystem, I will cover Salsa DAO as a whole in this article.
In the next 2 articles I will cover hDAO representing Hicetnunc (Here and Now) and TCZ representing (TACOZ).
Salsa DAO
The Salsa DAO ecosystem is a decentralized finance (DeFi) ecosystem that is being unleashed on Tezos. Salsa DAO is created by Genius Contracts.
In the current Salsa DAO ecosystem there are currently two main tokens being used. RSAL, which represents Red Salsa and that is presently being used for utility and sDAO which represents the Salsa DAO ecosystem governance tokens.
Salsa DAO initially started out as an experiment to showcase Beacon, Taquito, LIGO and other components, and tools that are available in the Tezos ecosystem. But due to the enthusiasm of Tezos users, it evolves into something way bigger.
The Salsa DAO ecosystem is now responsible for over 340,000 transactions in 2.5 weeks. Salsa DAO is ever evolving and it’s hard to tell today how far they will take this ecosystem. It was the first project on Tezos to combine NFTs, yield farming and DeFi.
Currently, a casino dApp is in development and available for beta testing here and there has been talk about a lending – borrowing solution. Please note, this casino dapp is still in Beta mode and caution is recommended when interacting with this platform.
How It Started
On March 2nd the TezosTacoShop went live. At first sight, it looked like a fun marketplace where you could buy Taco NFT’s in all sorts of colors. The tacos barely cost anything, so in just 3 days 2251 Taco’s were purchased.
On March the 22nd, early adopters of the Tezos Taco Shop were rewarded with an airdrop of more Tacos.
On April 4th, an announcement was made stating that you could exchange your Taco’s for 1,000 RSAL tokens on TezosTacoShop.
Since the Decentralized exchange Quipuswap was live on Tezos at that point, RSAL was trading on Quipuswap almost instantly after the token went live. You could now buy Tacos and trade them for 1,000 RSAL and you could buy and sell RSAL on Quipuswap.
After an upgrade of the website, V3 Tacos became available, which could be traded for 2,000 RSAL. During happy hour, which takes place twice a day, you can trade V3 Tacos for 4,000 RSAL.
sDAO Farm
Once RSAL was live, the Salsadao.xyz farm went live too, which enabled you to farm sDAO tokens by staking your RSAL tokens.
Tokenomics: The sDAO farm gives 5 sDAO tokens per second, split by the whole RSAL staking pool. A total of 15 million sDAO tokens will be distributed that way. The farm will run dry on May the 7th. You can stake and unstake at any time. sDAO is also available on Quipuswap.
Eventually the supply will be capped at a max supply of 50 million sDAO tokens.
sDAO Liquidity Farm
Soon after, another farm went live. Anyone that provided liquidity to the sDAO – XTZ liquidity pool on Quipuswap, received $XTZSDAO_QPT tokens.
These tokens were then able to be staked at Salsadao.xyz and gave more sDAO in return. As a result, there was healthy liquidity on Quipuswap for trading sDAO. The RSAL liquidity is a lot less healthy though, so trade carefully there.
This particular farm has now ended, however there have been hints in the Salsa DAO discord and on Twitter that a new farm for this purpose will start in the future.
Tezos ’10X’: TZ10X farm
Not long after that, another liquidity farm went live. Those who did not want to provide liquidity on Quipuswap, could now stake their sDAO and earn extra TZ10X (Tezos 10X), which is a token created by @TheReviken. TZ10X is kind of a meme coin that has no current function (this could change), and can be traded on Quipuswap. This farm will end on the 4th of May.
Top Level Ecosystem Breakdown
Tacos
Total supply: Unlimited, but the RSAL that be traded for different taco version pools is capped. Version 1 and 2 RSAL pools are exhausted. The Version 3 RSAL pool is on-going.
Distribution: You can buy Tacos at the TezosTacoShop. Price increases after every buy. It has sometimes been cheaper to gain RSAL by buying tacos off the shop, but sometimes it is cheaper to buy RSAL more directly off the Quipuswap decentralized exchange. It is important to compare both markets if your end goal in buying Tacos is to buy RSAL.
Use-case: You can exchange V3 Tacos for RSAL. Tacos exchanged for RSAL are burned. You can also sell Tacos at an auction on the TezosTacoShop auctions, but there is currently not much going on in the auction department.
You can also enter the top Taco competition by boosting your Taco with 10,000 RSAL. Every boost adds 10,000 RSAL. The Taco with the highest boost wins 50,000 sDAO. All Tacos that have a boost of 10,000 RSAL or more, will automatically enter a lottery, with a price of 25,000 sDAO.
More use-cases could be added in a later stage.
RSAL
Contract address is FA2: KT19ovJhcsUn4YU8Q5L3BGovKSixfbWcecEA ID:0
Total supply (capped): 141 million RSAL.
Distribution: By trading Tacos for RSAL on TezosTacoShop. The RSAL pool for V1 and V2 Tacos has run dry, so the only possibility currently to bring new RSAL into circulation is by buying V3 Tacos and exchanging them for RSAL.
The current price for 1 V3 Taco is 8.6553 XTZ. A V3 Taco will give you 4,000 RSAL during happy hour. Which means that buying RSAL through a Taco instead of on Quipuswap will cost you 8.6553/4,000 = 0.002164 XTZ.
Since the price on Quipuswap is way lower than that, there will be no one that buys Taco’s to acquire RSAL until the price of RSAL will be over 0.002164 XTZ again. This means that the current supply will likely not increase unless the price of RSAL on Quipuswap will climb above 0.002164 XTZ.
Use-case: Currently, RSAL can be used to farm sDAO and to boost Tacos in the Top Taco competition and the lottery. In the future:
“RSAL will be the native coin to interact with all our future dApps – tezos casino, lending, options and much more coming SOON. Right now it can only be used to farm sDAO and traded.”
sDAO:
Contract address is FA2: KT19ovJhcsUn4YU8Q5L3BGovKSixfbWcecEA ID:1
Total supply (capped): 50 million sDAO.
Distribution: Currently, the only means of distribution is through farming RSAL. This way 15 million sDAO will be distributed. The other method of distribution using the $XTZSDAO_QPT liquidity tokens on Salsadao.xyz has ended, but is likely to start up again in the future. They can also be purchased directly off Quipuswap via decentralized exchange.
“This V1 yield farm is meant to benefit early users heavily.”
After that,
“a V2 yield farm contract will be configured that will aim to be more mainstream.”
Use-case: sDAO is the governance token of the Salsa DAO ecosystem and “the premier token for Genius Contracts airdrops + NFTdrops + voting.”
Airdrops:
“More will happen, rewarded to the users that interact with our dApps”
Up next: Tezos Casino
“We’ll be testing a Tezos Casino on the Florence testnet as the contract size will need the 32kb update. This will allow users to interact with our tokens in a decentralized casino.”
It will include:
– No-limit open betting for you high rollers, make or take!
– Alternatively, bet against the house for a faster experience
– House bankroll staking. 100% of house edge goes back to stakers
– Bet liquidation for stale games
– General test of RNG solutions (commit/reveal)
Source
GSAL:
Contract address: To be announced
Total supply: To be announced
Distribution: To be announced
Use-case: To be announced
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