Part 2: Participating in the Bank dApp incentivised test
How to receive and distribute tokens, the FactoryDAO way
This is part 2/4 of the Avalanche test series. The next and final part will be: participating in the mint dApp incentivised test.
Bank is not a bank.
It's a wealth distribution tool for DAOs. A way for organisations of the future to reward participation, scale payments to thousands or millions of contributors and protect against the negative price impact that usually comes with token distribution.
To access Bank fully, you must have an existing token allocation tied to your wallet address. Testers who participate in the Launch and Yield tests will receive an allocation in the Bank for the test.
On the home screen input your wallet address or connect your wallet
On the next screen you’ll see the allocations tied to the address for that project:
The green notification bar indicates that you have a new token allocation that requires you to choose the schedule of your emission:
In the example above, three details are most important:
20k FVT is available to withdraw immediately.
The user has selected a vesting period of 5 months
The user will receive 400k FVT when fully vested
Important note: the longer your vesting period, the more tokens you’re allocated.
When you’re satisfied with the parameters of your vesting, simply click commit. This takes you to the confirmation page below:
Read through and click the I AGREE button to confirm and then sign the wallet transaction. Please note that you can’t change the details of your vesting after they’ve been made so double check your choice.
After you’ve set your vesting schedule in Bank, you can always come back to review them and withdraw rewards due.
In the example below, this user has already claimed 300k tokens allocated to them. They can withdraw the 87k tokens due now as they wait to be fully vested.
The line graph on the left shows you how long you have to go until you fully vest your tokens based on your parameters.
You can also choose to view your withdrawal history by clicking on the TX History tab:
Using Bank, DAOs can also airdrop tokens to supporters. Existing airdrops are indicated with the pink notification bar:
Tokens distributed with the airdrop mechanism can be immediately withdrawn:
If you’d like to take part in the FactoryDAO Incentivised testing campaign for the dApps launching on AVAX, then join the FactoryDAO discord to get a tester role.
Great article about a smart token distribution method to protect against the negative price impact that usually comes with token distribution.