Nova August ’24 Updates
Ahoy, $NOVA-nauts! Summer is drawing to a close and we’re continuing with regular updates to you. It’s been a wild few months since our last article and we’ve got loads to share with the community. We have much to report by way of announcements, progress, future plans and completed milestones.
So grab a seat, join us by the campfire and let’s get started!
WaifuCast
We’re thrilled to announce WaifuCast, a release on Base via Farcaster Frames! As is the Nova DAO way, we venture into uncharted waters and bring kawaii features never before seen to the public. WaifuCast takes elements from your Farcaster avatar to generate your own unique Waifu via our in-house AI pipeline!
No two Waifus will ever be the same — they are as unique as you are!
Not only do we generate a unique Waifu for you, we also delve into your posted content to create three distinct roasting quotes for your NFT. The roasts are based on your own casts, and are therefore absolutely idiosyncratic to you.
You can then mint your Waifu for a small fee (0.007 $ETH) and you’ll own all rights to use and modify your Waifu forever. Note that you must mint your Waifu to access the three personalised quotes, you will only see one sample in the Frame after generation. The quotes are embedded into the NFT’s metadata, carving your shame into stone onchain for all eternity!
Here’s a sample from our very own in-house cat, arfonzo’s Waifu:
We are absolutely chuffed about the WaifuCast launch. It took the Farcaster world by storm: going viral, generating laughs and positive feedback, discussions about the right way to launch products on Farcaster/Base, even high praises from Farcaster developers and high-profile folks in ecosystem. A fantastic release in our books, bringing many new eyes onto Nova DAO!
We’re excited about building on Base, and we think Farcaster’s Frames are a fantastic way to leverage the Base technology stack without getting overburdened by infrastructure and back-end services. We wanted to release something which brings us from prototype to production release in minimal time, and Frames are a fantastic way to achieve that.
You can access WaifuCast to generate and mint your very own Waifu here: https://warpcast.com/novadao/0x5dee0854
Cypher
We continue to build towards our first major release on Base, the Cypher NFT series. If you’ve had your head in the sand in recent months:
Cypher is a limited set of profile picture NFTs made from hand-drawn assets that generate yield simply by holding in your wallet; no staking required.
They will be the first of its kind on Base and we are extremely excited to be producing not just the beautiful artwork, but also the yield farming rewards platform as our first major venture onto Base.
Given the recent downturn in market sentiment and with Cypher’s long-term vision in mind, we’ve decided to hold off on releasing Cypher until the markets are more favourable. It is our expectation that by launching during a more bullish market phase, we won’t be fighting against the macro-market tides of negative sentiment.
Cypher’s whitelist requirements will be published in advance of going live. Closer to the date, we’ll be publishing a frame on Farcaster where you can check if you can qualify for it!
The public mint will follow, so don’t fret if you didn’t make the whitelist! Everyone will have a chance to acquire Cypher NFTs until the maximum limit of 1337 NFTs are minted out. We are focused on providing a small series of high-quality NFTs, rather than masses of generic-looking gacha mints.
Once the minting phase is completed we will move onto the next stage, which will be provision of the yield farming back-end and rewards platform. This is where NFT holders will claim rewards regularly simply by holding Cypher NFTs. Unlike most NFTs, we won’t be taking the lion’s share of the minting profits and walking away: fees from the mint will go straight back into Cypher to seed the yield farming LPs which generate the rewards for Cypher holders.
We’re extremely excited about bringing Cypher to life: the concept, the artwork and the technology are unique to Nova and we are absolutely hyped to be building this on Base!
Marketing Campaign
As you may have seen, we’ve partnered with the lovable Crypto Wendy from The O Show, to provide educational content and spread the good word about Nova DAO! Sometimes it’s not easy to distill everything Nova DAO does to a few concise minutes, but we think Wendy’s done a fantastic job and the content is highly accessible to everyone. With her YouTube having over 220,000 subscribers and her X/Twitter over 380,000 followers, it’s great to have someone reputable and with a wide following like Wendy assisting us to reach new audiences.
She’s published a great overall review of what Nova DAO is, here: https://www.youtube.com/watch?v=3KGkSytg3HA
She’s also given us a shout-out in her news briefs, which you can view here: https://www.youtube.com/watch?v=Sqm9k7TBsHo&t=1576s
Be sure to check them out, and share onto anyone who’s wondering who we are, what we do, and where we’re going!
We look forward to this partnership and sharing any further content she produces with you.
Now that’s we’ve spoken about what’s currently cookin’ here at Nova DAO, let’s recap what we’ve accomplished in recent months. We’re glad to have ticked off a handful of milestones in 2024. This year, we’ve focused Q1 and Q2 around cross-chain accessibility, DeFi innovation and breaking ground on Base chain.
Whitepaper
We recently released the Nova Whitepaper, chock-full of amazing artwork and visuals from our lead artist. Contrary to most technical whitepapers, it’s a highly visual document and absolutely beautiful. We focused on accessibility rather than technical mumbo-jumbo, making it a great read for anyone wanting an in-depth overview of Nova DAO, our products, Nova Council, our DAO’s legal formation and more.
We would encourage using this as the go-to document for showcasing what Nova DAO is all about! It will be updated from time to time as needed.
You can access the whitepaper on-line, here: https://novadao.io/whitepaper.
A PDF version can also be downloaded here: https://novadao.io/whitepaper.pdf.
$NOVA on Polygon
We have successfully deployed the $NOVA token contract and integrated with Polygon’s official bridge, including the requisite infrastructure and services required to maintain the peg (we’ve named this infrastructure Meridian). That means $NOVA is now available on Ethereum as well as Polygon PoS. Many in the community felt that the gas fees associated with transacting on Ethereum were high, and we hope this provides a low-cost alternative.
As a reminder, the official $NOVA token contract addresses are:
Ethereum (mainnet):
0x82967568A57625675b260Ebab1294038C9ACcC6e
Polygon (PoS):
0x119fd89E56e3845B520644dCEDf4A86Cd0B66aA6You can move your $NOVA tokens across chains using the official Polygon bridge. Remember there is no tax for bridging, only buying and selling on DEX. The same tokenomics applies whether on Ethereum or Polygon.
Note that currently, governance votes only account for $NOVA residing on Ethereum. For this reason you may prefer to keep your assets on mainnet for now. For example: you could take advantage of the lower gas costs on Polygon to pick up $NOVA in multiple transactions, and bridge back to Ethereum as a single transaction when mainnet gas costs are low so that you can participate in governance voting.
In the near future we will be looking at aggregating $NOVA holdings cross-chain for governance purposes, to reflect balances on both chains for voting.
USDO Stablecoin
They said it couldn’t be done — so we did it.
We recently launched USDO’s public website, which was the final piece in the puzzle for our unique stablecoin solution on Dogechain. The website enables anyone to mint $USDO, redeem it for wrapped $DOGE (i.e., burn $USDO for $wDOGE), and stake/unstake $wDOGE as collateral for yield on the generated fees. With this, we have completed our goal of bringing a revolutionary (but reliable) stablecoin back to Dogechain, who were left sorely needing a stablecoin after the Multichain incident.
$USDO Dogechain contract address:
0xD95086Fe465a2DC59F989B927472a901E2e05ff2Now that the minting/redeeming/staking functions are public, the way is paved for USDO to increase overall supply. Anyone can mint $USDO, redeem it and strengthen the peg by staking for rewards! You can also swap for $USDO on QuickSwap DEX as a whitelisted token. We hope that Dogechain users can leverage USDO to swap into stablecoin as needed.
Performance since launch has been amazing. There haven’t been any de-peg incidents, with $USDO holding the dollar peg as intended — despite multiple multiple rounds of instant volatility in the $DOGE price. Our hyper-collateralized mechanism is ensuring a robust defense against de-pegs.
Note that should the price of $DOGE drastically drop, minting, redeeming and unstaking may be temporarily restricted for peg and collateral protection. For further details we recommend you read through our recently published USDO documentation.
We’re extremely proud of USDO, as it proves a never-before tested theory that you can indeed back stablecoins with highly volatile assets in a secure and stable manner. Nova DAO together with Studio Nova are the first to ever develop such a system with $DOGE.
USDO showcases how Nova DAO are thought and development leaders in the on-chain space.
Treasury: ImgnAI Staking and Base Multisig
Recently, ImgnAI decided to migrate their $IMGNAI revenue share platform onto Base chain. As a result of this, we’ve bridged the staked portion of our $IMGNAI tokens across the Base, and re-staked there. There are many benefits to moving to Base, but the largest factor may be the reduction in transaction costs.
In order for this to happen, we’ve created a new multisig treasury address on Base which is as always, protected by the Nove Council’s keyholders.
The Nova DAO Base multisig treasury address is: 0xA5A1687b890205db1196981824190F47fad55cd7
We’re glad to be putting our assets to work for us. We may look to stake the other half of our $IMGNAI in the future, which will be subject to a governance vote as always.
Closing Remarks
Phew! It’s been a tough few months, but we’re glad to have completed a slew of things which line Nova DAO up nicely for future growth and audience outreach. We’re focused now on Gooeys and Cypher, and incredibly excited for both of these as they each bring unique elements to the table.
For the latest alpha or to chat with us, join us on Telegram or Farcaster.
As always we will be sharing any updates with everyone in the community, so stay tuned!
X / Twitter: 0xNovaDAO
Telegram: Nova
Warpcast: Nova
Discord: https://discord.gg/NovaDAO
Home: https://novadao.io
