🐦Toucans
Create your own fungible token. Launch a DAO. Manage a multi-sig treasury.
Video Walkthrough
About Toucans
Toucans is a no-code solution that allows you to create your own Fungible Token and/or DAO. You can:
Fundraise with your new token
Accept donations into the DAO
Vote with your token
Additionally, the DAO automatically contains a multi-sig treasury to mint new tokens, withdraw tokens from the treasury, add signers, and more.
Want to vote with your Toucans directly in Discord? Check out this page.
Want to verify user Toucan holdings in Discord? Check out this page.
Generating a DAO
When generating a DAO, you will be asked to fill in some basic information about your DAO and token.
Tokenomics
During the tokenomics section, there are a few inputs:
Payment currency: The currency you wish to fundraise in. You cannot change this later. However, basic donations can still be in any currency.
Max supply: Available if you wish to set a max supply for your token. This is more of a communication tool for your community members to see you don't wish to ever pass a certain supply. Recommended: Off.
Initial supply: The number you place here will be minted into the DAO treasury upon creation. Please note that when you fundraise and it issues your DAO's token to the user in exchange for payment, it will not come from the initial supply / the treasury's supply. The tokens will be minted on-demand during a funding round. You can always mint tokens into the treasury later. Recommended: 0.
Mint tokens: Turn on if you wish to be able to mint your DAO's token to users or your treasury at any point. Recommended: On.
Edit Delay
Numbers of days in which you can edit the configuration of your funding round before it starts. This is to prevent any last-minute changes that could affect the outcome of the round. The higher the delay, the greater trust your community will have in you.
Your Fungible Token Contract
When you generate a DAO, a fungible token contract is created and deployed to your account.
You completely own your contract. Toucans has 0 control over it. Because of this, there are various risks that users must be aware of.
The benefit of this is that you can do whatever you want with it outside the platform. You could use it to stake, create liquidity pools, farms, yields, and whatever else you want.
Fundraising
The basic idea of fundraising is you want your users to fund your DAO with a supported form of payment (ex. $FLOW or $USDC), and in return, they get your native token (ex. $EMLD).
To establish this correlation, you set an issuance rate. For example, if your issuance rate is 10 and your DAO accepts $FLOW, then for every 1 $FLOW funded, 10 $EMLD will be minted. It is important to note the user will only receive 9.5 $EMLD because there is a 5% platform tax.
You can configure a bunch of settings for your funding round:
Timeframe - the time in which your funding round occurs. A start time is required, but an end time is optional. A funding round can have an infinite duration.
If a funding round has an infinite duration, it will stop when another funding round starts. You can also pause a funding round at any time.
Funding target - the amount of $ you want to raise.
Overflow - if turned on, your users can purchase any amount of your DAO's token given the issuance rate. Any funds raised beyond the funding target will go into Overflow.
Funds in Overflow can be bought back by users using your DAO's token at a rate based on what percentage of the total supply of your DAO's token they own. For example, if a user sends in 10% of the $EMLD supply back to the DAO treasury, they can get 10% of the Overflow in return.
Funds in Overflow can also be transferred to your next funding round and used towards its goal when it starts.
Required NFT - if configured, users must own a certain NFT to participate in the round
Payouts - a list of addresses and percentages. When a user funds, the payout address will automatically get the associated % of the funds donated.
When users fund your DAO during a funding round, your DAO's token (ex. $EMLD) is minted on demand and then transferred to the user. The tokens do not come from the treasury. This may be different from other platforms you have used. We do it this way so you are only ever minting the exact amount of tokens you need.
The Treasury
When you create a DAO on Toucans, it automatically sets up a treasury for you. This treasury is "multi-signed", which means you can add/remove signers (aka "Admins") that are able to vote on proposals occurring within your treasury.
Here is a list of proposals:
Mint: Mint your DAO's token (ex. $EMLD) to a recipient
Burn: Burn your DAO's token (ex. $EMLD) from the treasury
Withdraw: Withdraw tokens from the treasury
Add Signer: Add a signer to the treasury
Remove Signer: Remove a signer from the treasury
Update Threshold: Update the threshold for which a proposal is accepted
Once a proposal has been created, all the signers will then vote on it. Once threshold number of signers have said 'Yes', the proposal will be executed. If there are enough 'No' votes, the proposal will be deleted.
Note that the threshold is set when the proposal is created. If you create a mint proposal when the threshold is 3, and later change the threshold to 4 before the mint proposal has been decided on, the threshold for that proposal will still be 3.
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