Introducing PetroleumDAO

Note: this protocol, not unlike other early DeFi projects, is very experimental and full of risk. Protocol is based on the audited OlympusDAO contracts but includes various changes to function on Avalanche Network and implement added features. We plan to partner with auditors for ongoing audits post-launch.

In this post we’ll outline the following:

I. What is PetroleumDAO?

II. Why should you choose PetroleumDAO?

III. Who created PetroleumDAO?

IV. How does PetroleumDAO work?

V. What are our plans for the future?

I. What is PetroleumDAO?

PetroleumDAO is a fork of the already successful OlympusDAO, available on the Avalanche Network.

The Oil token is a revolutionary reserve backed gaming currency for the metaverse. PetroleumDAO will use the reserve-backed currency to help establish a treasury, which will reward all those who decide to stake in the project.

II. Why should you choose PetroleumDAO?

PetroleumDAO is a community project. Our initial goal is to help the OlympusDAO ecosystem expand into the Avalanche ecosystem. At the same time, we wanted to try new bond types and new mechanism designs.

Our team members have loads of experience in the NFT and Defi fields. Throughout our experience, we found that neither NFT nor Defi can be a complete ecosystem. Only the combination of different ecosystems can make Petroleum DAO be more viable in the long term.

(1) This year, NFT brought many surprises to blockchain. This has allowed many people in traditional industries to come into contact with blockchain. At the same time, we also found that NFTs have poor liquidity. Currently, the most mainstream NFTs are collections and avatars/artwork. The price of these NFTs works really depends on the artist who created them. Of course, there are also some NFT projects that are not so unidirectional. For example, some projects split NFTs into pieces, turn it into tokens, which then add liquidity. The increase in liquidity happens through transactions. Some NFTs have evolved into Gamefi, which has produced good results. However, most of them may not have much of an effect. For example, some 3D works are really cool, but there isn’t a good prospect for development.

The project planner of our team has more than 20 years of experience with aesthetics. In the early stages of our team, she provided many valuable ideas for the development of Petroleum DAO.

(2) OlympusDAO was released this year, providing a new development direction for DeFi. We are very surprised at the power a community has when joining together. However, we found that choosing this direction also has its own limitations. We know have many forks of OlympusDAO now. Not every DAO’s community can unite and succeed like OlympusDAO. So we hope that, through optimizing the economics of OlympusDAO, bringing a different ecosystem to Defi 2.0 will have a different effect.

(3) Gamefi is also a hot topic this year. It similarly connects people from traditional industries with the blockchain world. Game developers have begun to invest in this industry. Both the graphics and the playability have brought the industry to the next level. Play to earn became the main point of Gamefi. Axie Infinity and The Sandbox may be the most successful. However, endless games appear daily to impress people with their visual effects. Many are short-lived and die quickly.

(4) As a community project of DAO, specifically PetroleumDAO. Early on, our team considered imitating Klima’s model, while bringing traditional ideas into the project. However, we chose to use the Metaverse to create this project. We may consider adding Klima’s model later on.

(5) Each sector has its advantages and limitations. We hope to fuse the facets of OlympusDAO and Gamefi by giving values to NFTs. This will create a closed economic loop.

In the PetroleumDAO, NFTs can not only be considered collectibles, but they can also be exchanged for Oil tokens. Mining can be done through NFTs. You can exchange for oil fields in the game, then you can obtain Oil tokens within the game.

In the early stage of development, we will look into using AVAX to buy and sell NFTs. Later on, we will consider using Oil token to buy NFTs. In this way, a closed, economic triangle is formed.

III. Who created PetroleumDAO?

Petroleum DAO is a fork of Olympus, which operates on the Avalanche Network. We are an anonymous team of early crypto adopters and developers. We have been inspired by our love of the DeFi community and the potential to make our dream a reality.

Although we want to build up the PetroleumDAO metaverse, Game+NFT is our starting point.

We are working tirelessly to produce more value for the community. This is only a small part.

IV. How does PetroleumDAO work?

Out of all the ecosystems, we chose Avalanche. Our team first came in contact with Avalanche in the very early stages. Low transaction fees and high-speed processing are the main reasons we choose it. As we know, congestion of the Ethereum and BSC networks often causes many transactions to be stuck, which greatly affects the overall user experience.

So PetroleumDAO will be built in the Avalanche network.

V. What are our plans for the future?

This is to make our Oil tokens have sufficient liquidity, and also to have a good start for our ecosystem.

All this starts with NFTs.

We will have 4444 NFTs, which will be jointly developed by our designers and dev. As we have said, NFTs are currently very limited. We will provide more practical functions for PetroleumDAO’s NFTs.

Functions that our NFTs will have:

•After adding liquidity for Oil, you can regularly get unlocked Oil tokens.

•Holding NFTs will allow you to earn additional Oil tokens every week.

•Holding any 4 NFTs will make you eligible for our whitelist. Holding any 8 NFTs will unlock hidden characters in the game.

•NFTs will be divided into 4 categories, which are Worker, Engineer, Accountant and Director.

※Worker — — 50% — — Increases the speed of token production by 5%

※Engineer — — 35% — — Increase the speed of token production by 10%

※Accountant — — 10% — — Increase the speed of token production by 15%

※Director — — 5% — — Increase the speed of token production by 20%

Funds allocation of NFT

•PetroleumDAO Treasury

•Provide OIL/MIM liquidity for Trader Joe

•Direct funding to support the core development team’s operation and project development.

After the NFT phase is finished, Stake/Bond DAPP will take the next priority, followed by Game DAPP.

Stake/Bond DAPP

OIL holders will be able to stake their tokens and receive about 400,000% APY.

New investors have the opportunity to bind OIL/MIM LP or only MIM to OIL at discount.

Game

Our story starts on the continent of Northumbria, where energy is scarce, and humans are still exploring the use of nuclear fission energy. However, the trees withered, soil quality degraded, and coal supplies were exhausted. Oil and water have become the most valuable resources. One allows society to function normally, while the other can guarantee survival.

In order to obtain more oil, people will compete for natural resources. . .

Our roadmap

This is just our initial plan

Will continue to provide further updates.

Q4, 2021

•Establish the Petroleum DAO community

•Launch NFT system and NFT design

•Announce the whitelist rules

•NFTs sales

•Launch Stake/Bond DAPP

•Airdrop plan for early supporters

Contract audit

Q1, 2022

•Game development and release beta version

•Game development and release official version

About the whitelist

Skip this, we already selected 251 whitelist members early on in the community’s life.

Further whitelist rules will be released step by step.

In the beginning of December, we have already received support from nearly 2,000 community members. We are just getting started. Metaverse is without limits. Our team strongly desires to provide more content to the community.

Before preparing for Discord, our team has been vigorously getting ready for the Petroleum DAO contract and the production of NFTs. We don’t want a bunch of poorly-done NFTs, so we are not in a hurry to launch. We hope to bring the best possible experience to our community.

We will keep providing updates.

We are very thankful for all the support from the community.