Freeloaderz DAO and Token

Freeloaderz DAO and Token ($FLZ)

Freeloaderz is a grassroots Cardano project that is being built for the community by the community. It began when several stake pools started working together to alleviate network congestion. In a very short time, the project has grown exponentially. Freeloaderz is now supported by the work of over 12 developers, 60 stake pool operators and a discord community of over 800. Like any organization of this size, it requires some structure. In order to allow Freeloaderz to reach its full potential, a DAO was created to allow for both organization and community governance.

The DAO structure was chosen because it is most compatible with the mission and vision of the core Freeloaderz members. A DAO, Decentralized Autonomous Organization, provides organizational structure that is not hierarchical. This is perfect for Freeloaderz in that it provides a Cardano based framework for long term management and governance of the project. In this way, anyone can submit a proposal for a project and the community can vote it up or down. All of this is above board and visible on the blockchain. Freeloaderz is now, and intends to forever remain, a resource for the Cardano community.

This brings us to the Freeloaderz token, FLZ. The token has one purpose, which is a mechanism for governance of the Freeloaderz DAO. As with any token, holders have the freedom to swap FLZ for other tokens and to assign value. This, however, is not the purpose of the FLZ token from the Freeloaderz organizational perspective. The only functional purpose of the FLZ token from our perspective is that of a governance token. There is no intent to create long term inherent value outside of the Freeloaderz organization. The token is understood to be an empowerment tool for the user, nothing more.

FLZ, has been deployed to be used for voting on measures related to the FreeLoaderz organization. FLZ will initially be deployed to the Cardano Community to be claimed via SmartClaimz as part of our Promotional Stake Pool Offering and Community Member AirDrop. These tokens will have a high degree of utility, including the ability to vote on which projects will be deployed on SmartClaimz. They may also be used for voting on measures related to improving the products and services provided by the FreeLoaderz DAO and member improvement proposals to accomplish tasks that either any FreeLoaderz Community Member proposes or those put out by FreeLoaderz Core Contributors. These votes will ultimately be conducted on-chain by FLZ token holders.

500,000,000 flz tokens have been minted (see policyID here) with the tokenomics schedule outlined below.

FreeLoaderz (FLZ) Tokenomics and Vesting

Initial Core Contributors (3.0%): 10,000 FLZ tokens will be given to Initial Core Contributors up front at the time of the Active Community Member AirDrop, followed by 1 year commitment. After 1 year, Initial Core Contributors will receive 250,000 FLZ tokens every 6 months until 1 million FLZ is given to each Initial Core Contributor

Promotional Stake Pool Offering (PSPO) (1.5%): 50 FLZ tokens will be distributed to delegators of Single Pool Alliance (SPA) and FreeLoaderz stake pools to promote interest in FreeLoaderz and SPA to the wider Cardano community. The PSPO will last for at least 12 epochs. The SmartClaimz platform (rwd.freeloaderz.io), developed by FreeLoaderz, will be used for initial deployment of the FLZ tokens, with a set amount of 50 tokens to each delegator every epoch. Rewards will accumulate so delegators can claim tokens whenever they desire.

FreeLoaderz Community Member AirDrop (0.5%): 2500 FLZ tokens will be distributed to FreeLoaderz Community Members who were in the FreeLoaderz Discord before a snapshot is taken. FreeLoaderz will create a list of white-listed addresses of Active Community Members after the snapshot. FreeLoaderz Community Members with these white-listed addresses will be able to claim the FLZ tokens at the SmartClaimz platform (rwd.freeloaderz.io).

FreeLoaderz Treasury (76.6%): The treasury of FreeLoaderz holds the majority of the FLZ GovTokens and is controlled by all GovToken holders. This ensures that funds cannot be spent without reaching consensus. To be able to spend from the treasury a formal proposal has to be created and voted on by token holders, following the outlined Proposal Process. If the proposal passes the vote funds will be released to the wallet address mentioned in the proposal.

FreeLoaderz Proposal Program (18.4%): FLZ will be paid out to individuals who complete work for the FreeLoaderz DAO, whether through submission of their own proposal or those posted by FreeLoaderz. These rewards will be voted on by the FreeLoaderz token holders before dispensation of FLZ tokens and any work completed.

The team has worked diligently to create a structure that will allow Freeloaderz to become a long term resource for the Cardano community. At its core, Freeloaderz is a group of interested parties working together to create enhancements for the Cardano ecosystem. The DAO and token are part of the framework to insure the organization's long term viability. We invite you to join our discord to learn more about our organization and the things we are building for the future.