MerchDAO

About MerchDAO

What is MerchDAO MerchDAO is the first-of-its-kind blockchain-based marketplace that gives consumers the power to decide what rare and unique items are produced and sold. MerchDAO leverages the potential of non-fungible tokens (NFTs) on blockchain to ensure that the uniqueness of rare items can easily be proven. MRCH is a ERC20 token, and its governance features make it similar to such popular DeFi tokens as COMP, YFI, and AAVE. The key use cases are as follows: 1) Proposing new designs and types of goods. A user can both make a general suggestion and submit a ready design, such as a logo. For diꢀ erent types of goods there will be diꢀ erent token-holding requirements: for instance, you might need to have just 100 MRCH to propose a small item like a phone case or magnet but 300 MRCH for a hoodie or laptop sleeve. Users don’t spend their MRCH when they submit designs: they just need to hold these tokens in their wallet. 2) Voting on new merchandise. Every MRCH token signifiesꢀone vote: the more tokens one holds, the more their opinion weighs. To cast a vote, one needs to lock up tokens in a voting smart contract, for which they earn additional rewards (see ‘Stakingꢀandꢀrewards’). It is possible to withdraw one’s tokens from the contract before the vote is over, but the proposal will also lose the corresponding votes. 3) Extending a vote. By default, every vote will run for 3 days. This is because the number of tokens (votes) is limited, so if a member uses their MRCH to vote for one proposal, they can’t simultaneously cast the same votes for another, even if they like both equally. Since a few votes might be running at the same time, users will be motivated to choose wisely, supporting only those designs they really like.