Over the last years, the market has seen enough imitation of activity and rug pulls from project founders. On the other hand, there were lots of startups aiming to create real value and so are now. Unfortunately, the reputation of crypto-fundraising has suffered.
Lots of voices are voting for tightening the legal regulations for Web3 entrepreneurs, but we are sure that this is not the solution. The root cause is not in the lack of consequences for the misbehavior, but in the fact, that misbehavior is very much possible. It’s irrational that there is still no mass adoption of Vault controlling on the Web3 fundraising market.
Vaults can address the lack of transparency for investors and decrease fundraising difficulty for fund managers. It comes through:
ASPIS introduces cutting-edge Vault tolling for projects. Every startup can be now managed like Vault and all investors/contributors will be able to participate in its governance and profit-sharing absolutely securely and equally.
What can you do with ASPIS:
Fundraising - public placement, on-chain agreements, LP/Governance token issuance;
Operational management - Governance mechanisms (incl. Vault-to-Vault), on-chain execution, real-time dashboards (both for manager and investor);
Collective decisions via on-chain voting and be sure that the community acts with integrity.
How it works
The project founder goes to Aspis.finance and creates a project using Aspis Vault Constructor and specifies all the rules that will be used to settle project members:
General info about Vault, onboarding rules (how to join), fees, etc.;
Membership token - representing the amount that project member has invested in the project;
List of wallets allowed to join the newly created Vault (Optional). You can find more details about the Vault creation process on the ASPIS gitbook.
If the project needs funds, the founder lists Vault on ASPIS Vaults Marketplace. Founder must:
Specify the fundraising target and timeline;
Describe future budgeting rules;
Setup controlling mechanics.
Afterward, members still will be able to join Vaultand earn their membership tokens for contribution.
Vault members can change their managers and make proposals on changing their permissions and other project rules. Any project member who has membership tokens may propose changes to the project rules. Other project members vote for the proposal using their membership tokens. Once the proposal is accepted, it is automatically executed at the DAO smart-contract level.
Project managers are able to make transactions on behalf of the project, but their permissions are limited. The project manager's permissions are determined by the project members via a voting process. This mechanism allows to prevent the project manager from malicious behavior, for example, it makes it impossible to withdraw the project's assets to a personal wallet.
All project members get shares from the project’s earnings and assets represented by their membership tokens. All earnings are accumulated on the project’s balance sheet and can be automatically distributed among the members in proportion to their membership tokens.
Project members can burn membership tokens to get back their assets and accumulated earnings if they want to exit the project.