TLDR; We’re inviting aligned individuals and organizations to mint a minimum of 10,000 BREAD by the end of 2024 to help bootstrap the Breadchain ecosystem. Your contribution will enable us to build essential infrastructure and applications for a post-capitalist Web3 and you / your organization will join the first Angel Minter’s cohort. This mint is low risk and always fully backed—your xDAI can be reclaimed anytime, while helping to accumulate low-risk, stable funding for the ecosystem through sDAI yield. You can think of it as a lossless donation. 🍞 ⛓️
In summary:
Breadchain Cooperative is a collective federation of decentralized cooperative projects looking to advance a progressive vision for blockchain and its effect on society. We aim to do this by building and utilizing what we call solidarity primitives - development tools which help to forge solidarity between individuals and collectives.
The first solidarity primitive created by the Breadchain Cooperative is the BREAD community token created through the Bread Crowdstaking Application built on Gnosis Chain. Users give xDAI and receive BREAD at the same amount. The xDAI held in the contract is then converted to sDAI to generate a yield that is distributed based on a monthly vote.
The primary infrastructure being built at Breadchain is to ask ourselves what if progressives had their own community currency and credit union? Where would we decide to put resources towards to build a post-capitalist economy?
The yield to be distributed based on BREAD holders’ votes every 30 day voting cycle comes from the DAI Savings Rate on Gnosis Chain. ****BREAD holders’ voting power in each cycle is based on their average holdings over the course of the previous cycle.
In this wiki you can find more detailed information on the various parts of the project.
At the moment, the status quo of crypto is the domination of venture capital, which at least most people can agree should not be the only option for funding in the space. Projects who are building products that are not investable by venture capital have a stark disadvantage for funding and ones that do have the difficult choice to make a fraught deal.
Traditional grants programs can be a mixed bag depending if the project aligns with the needs of granting organizations. They are good for boot strapping a project but are seldom sustainable in the long term for projects that have wages to pay or are too busy doing the actual work they do. Grants programs that don’t have limits on projects with venture capital end up favoring projects already with funding since they have the funding to pay someone to fill in applications and market themselves.
Taking inspiration from the local currency and credit union movements as financial institutions that historically have been created for underserved communities to keep wealth within their locality, Breadchain’s infrastructure mimics certain aspects of these in order to keep wealth for building post-capitalist projects and initiatives. It is the credit union for funding the post-capitalist web3 space, letting supporters voice how they would like the yield generated to be prioritized among the options.