Upcoming Dogmi SNS Sale

[Dogmi]

Introduction

DOGMI is the first dog-themed memecoin launched on the Internet Computer Protocol (ICP) in September 2022. It originated from the Dogfinity movement, which was an initiative to expand the IC ecosystem from 2022 to 2023. Initially launched under the EXT standard, DOGMI has since evolved to use the ICRC-1 standard.

Now, the evolution is focused on decentralizing its decisions via SNS. Yes, DOGMI is a meme coin, but it’s also a marketing machine for the Internet Computer Protocol, so its decisions and investments should be taken by the community involved in the project.

Vision

The primary goal of DOGMI is to promote the ICP and its decentralized application (dApp) ecosystem through a sustainable marketing strategy led by community decisions. It aims to foster a vibrant and engaged community that will not only attract more people to the IC ecosystem but also empower every member by valuing their voices and ideas.

DOGMI plans to use community-driven marketing and public relations strategies to ensure sustainable long-term value. Furthermore, it intends to extend its influence beyond the IC ecosystem through its marketing initiatives. Every member and project within the IC ecosystem is given a spotlight, emphasizing the power of community in driving growth and innovation.

SNS Sale and Token Distribution

Before the SNS, DOGMI had a total supply of 246,696,969,427,890 tokens, with a liquidity pool of 4,764.48268 ICP and 50,850,359,897,982.73438 DOGMI. However, all DOGMI liquidity was removed just before the release of the whitepaper and forum post.

The SNS token allocation is as follows:

• 79.39% of DOGMI tokens are held by the community and will be airdropped post-SNS via a swap at a 10000:1 ratio (Old:New).

• The remaining 25.7% of DOGMI tokens will be distributed as follows, also in a 10000:1 ratio (Old:New):

• • 5% for SNS swap, all liquid, on a single neuron with 1 month dissolve delay.
• • 1.6% for the dev team, vested for 2 years.
• • 9.01% for the treasury, with 60% used to add to the liquidity pool and 40% used for ICP marketing purposes.
• • 5% reserved for DAO decisions on another sale, extra burning, or other.

Token Swap to current holders

The process for enabling token swap to current holders in a 10000:1 ratio works as follows:

• Proposal to execute the “set_canister_ids” method in the “dogmi_sneed_sns_token_swap” canister.

• Proposal to transfer 19_584_660_952.99072656 to the “dogmi_sneed_sns_token_swap” canister. This will enable the Token Swap for holders to exchange the old DOGMI for the new DOGMI with an exchange ratio of 10000:1.

Tokenomics

-Token Name: DOGMI

-Token Symbol: $DOGMI

-Total Supply: (Old Supply - Treasury Investment)/10000

The Treasury Investment will be allocated from the old DOGMI equivalent to 4,764.48268 ICP. The equivalent in SNS DOGMI will be burned in the first week.

The new DOGMI token will be deflationary, with 50 DOGMI burned in each transaction. Additionally, 12.5% of the treasury will be burned annually, resulting in 50% of the initial treasury amount being depleted after 4 years.

This process relies on the DAO’s decision to develop the proper canister to execute it.

Governance and Token Management

DOGMI’s ICP treasury will be distributed as follows: 60% for liquidity pools and 40% for ICP Marketing.

Each year, 25% of the ICP treasury, and also 12.5% of the initial DOGMI treasury will be allocated for marketing the ICP ecosystem and creating some tools to ease those processes.

Some ideas for these projects are:

• -A platform that rewards members of the community with DOGMI tokens in exchange for completing specific tasks. It should also enable the ability to receive external funds from others with aligned interests.

• -A platform that provides retroactive grants to other projects and KOLs. This platform would feature the ability to postulate a project, multiple-choice voting to select grant recipients, among many others, as well as integrating diverse funding models, such as quadratic funding. It should also enable the ability to receive external funds from others with aligned interests.

• -A commitment to utilize 100% of the treasury for marketing purposes.

SNS voting rewards will be offered, with a fixed rate of 1.30%. Dissolve Delay will offer a range of lock-in periods from 1 month to 2 years. Participants will receive a 1.10 bonus after the first bonus, additional to a maximum voting power bonus of 2.00 when locked for 2 years.

Shortly after the sale, four ICP neurons will be staked. These neurons will have different lock-in periods and bonuses, with the longest lock-in period being 3 years and the highest bonus being 100% for age and 25% for Dissolve Delay. The minimum Dissolve Delay is 3 months.

Resources and Useful Links:

• SNS Configuration

• SNS init yaml file Open Source Code

• Whitepaper

• Dogmi Sneed SNS Token Swap Canister Open Source Code

• Dogmi Sneed SNS Token Swap Canister Frontend

• Dogmi Sneed SNS Token Swap Canister Backend Candid UI

Tagging past reviewers of the Proposal: @domwoe @aeligos @SpriteN1

The NNS proposal is planned to be submitted on Tuesday 23rd.

[jennifertran]

Can you please open-source the SNS init yaml file?

[Dogmi]

Thanks for your observation, we have added the open source link of the code to it. You can check it out.

[Lorimer]

@Dogmi

Now, the evolution is focused on decentralizing its decisions via SNS

What sorts of decisions? I think these should be robustly defined. How will the outcome of those decisions be executed? If it’s not on-chain and automated, then the decentralisation isn’t tangible.

@Dogmi

DOGMI plans to…

What if the actual people in control of what DOGMI does (as opposed to how the DAO votes) change their minds?

@Dogmi

Some ideas for these projects are:

• -A platform that rewards members of the community with DOGMI tokens in exchange for completing specific tasks. It should also enable the ability to receive external funds from others with aligned interests.
• -A platform that provides retroactive grants to other projects and KOLs. This platform would feature the ability to postulate a project, multiple-choice voting to select grant recipients, among many others, as well as integrating diverse funding models, such as quadratic funding. It should also enable the ability to receive external funds from others with aligned interests.
• -A commitment to utilize 100% of the treasury for marketing purposes.

Unless I’m mistaken, these ideas would be the sort of thing that would be the USP for DOGMI. But they’re just ideas. Why don’t you work on getting a prototype together as a POC, and then initiate an SNS? Otherwise it’s not really clear what you’re trying to decentralise…

[plsak]

Hi and thanks for the topic, to have clearer info could you please unify the swap ratio - now I see 2 rates, 1000:1 and then 1:10000

• I think the coefficient 1000 was initially planned but later changed to 10000 right?

@Dogmi

1000:1 ratio (Old:New)

@Dogmi

also in a 1000:1 ratio (Old:New):

@Dogmi

swap to current holders in a 1:10000

@Dogmi

with an exchange ratio of 1:10000

@Dogmi

Total Supply: (Old Supply - Treasury Investment)/1000

[Dogmi]

Thanks for your observation, this will be rectify now

[Dogmi]

Our first decisions is to give the full control of the project back to its community and they will be able to partake in decisions that will determine the project future. By going through SNS, any assets related to DOGMI which include DOGMI tokens and ICP won’t be under the control of one man again and this will further build trust around the project.

As per not doing anything we mentioned above before SNS, this is memecoin with no in-house developer and the cost of hiring a developer to build any of it could be much.

We will be creating a lot of proposals on what we could build based on funds raised through the SNS and we will also be considering proposal from members of the DAO community.

[Lorimer]

Thanks for your response Dogmi, i appreciate it.

@Dogmi

Our first decisions is to give the full control of the project back to its community and they will be able to partake in decisions that will determine the project future

My concern is that control over the outcome of a DAO decision does not necessarily equate to control over actions that are undertaken. Can you elaborate further (perhapse with some potential scenarios) to explain the scope of the control that you’re seeking to decentralise (i.e. sell).

[Dogmi]

ICP transfer proposals will be project based and not salary based.

Marketing actions will be individually proposed.

We invite DOGMI DAO to reject any proposal that implies an ICP transfer that is not tied to a short term action/goal or project milestone.

[Lorimer]

Okay, I understand, this will be limited to the built in SNS functions (TRANSFER_SNS_TREASURY_FUNDS in the case you described).

As I understand it, this project emphasises community driven marketing initiatives that are funded by the treasury funds that were raised during the SNS sale. What happens when the funds dry up? I think I understand how funds will be spent (marketing a marketing machine). How will treasury funds be topped up to make this marketing machine sustainable?

[Dogmi]

Thanks for taking the time to analyze the proposal and help us improve our communication of the vision.

The proposal will be to establish a decay in funds investment, presenting a maximum investment per year that decays year by year, guaranteeing at least 12 years of current funds. With the assumption of at least a 20% linear growth in token price year by year, that of course will be more.

As we all know, meme coins are naturally wild, not just regarding the price of the token but also regarding plans and actions. Our great move is to embrace the wilderness of a meme token, while also adding a strategy to grow the IC ecosystem even more by allocating funds to that task.

There’s also a part of the treasury that could be allocated in the future (or not, depending on the DAO) for a second token sale.

It all depends on the DAO decision, but be sure I’m committed to boosting DOGMI and ICP.

A huge consideration when voting and investing in DOGMI DAO is that Team allocation has a Vesting period of 2 years, so we’re highly working on this project to make it a success.

This is not financial advice .

[aeligos]

Do I have to use ICP to buy DOGMI or can I use USDC?
I prefer to not spend my ICP.

[Caesar]

What are the thoughts on that:

ICProtector ∞

[Dogmi]

You will need to buy ICP for participation

[DHemingway]

The token is almost two years old, wow time flys… in crypto years that seems like a lifetime for a community (meme) coin.
Dogmi looks like it has overcome so much and is still standing. Giving control of the token back to the community in the form of a DAO launched on the SNS is ideal. Hopefully the community can move it forward.
Many memes come and go, we’re all so lucky Scott Summers isn’t involved with this or we would have all been rugged a long time ago.
My wishes for the project would be to change the logo to a portrait of a real dog as the mascot.
Another wish would be to leave the number of tokens the same instead of reducing them. I would prefer to buy something with many 0’s after the decimal point. I think meme tokens like EXE that are already over $1 per token are not buyable by the mass community because the “dream” of getting rich from a token that is already that high (over $1) that it would need to go to $1,000+ or some other high figure to achieve wealth for the masses and that the perception is it would be to difficult to achieve. The target market of a meme coin is dreamers that want to be rich one day… the “penny stock” mentality of “oh if it can hit $1.00 I will be rich and celebrate with cocaine & hookers” or “wife-changing money”. The psychology of it is most people will buy something with risk as a gamble for something that cost sub-penny versus something over $1, i.e. why I won’t touch EXE token, but GHOST seems like the better option when I would have to pick between the two. I think if you look at the psychology of it, most would probably agree. Anyway, just my two cents on the psychology of meme tokens.

[Dogmi]

Thanks so much for your kind words and advises.

We will work on some of your wishes through SNS proposal after a successful SNS swap.

The reason why we reduce the supply from trillions to billions is because of some limitations that comes with creating token on the SNS.

The SNS framework doesn’t support creating tokens in trillions.

[DHemingway]

@Dogmi

The SNS framework doesn’t support creating tokens in trillions.

I didn’t know that. Does anyone at Dfinity or otherwise know why there is a limit on the number of tokens for SNS projects? I’m very curious on the reasoning, thanks.

[plsak]

I suppose the limitation is there because the amounts are stored as token quantums - and the numbers just need to fit in:

|SNS-1/DKP Tokenomics Announcement - #59 by levi

@levi

The ledger stores token amounts as token-quantums. There is no notion of decimals in the ledger canisters’ bookkeeping.

[ICPINSIDER]

ICPProtector is highly biased and not fair in his judgement about me and the project.

I would have personally ignored this, but I will provide answers since you bring it here again.

Firstly, out of the numerous projects that I have promoted on the ICP ecosystem only one of them have rugged-pool with less than 100 ICP last year of which I have sought forgiveness from the community about my wrong judgement of the project, I wonder why @ICPPROTECTOR continue to mention this all the time, nobody is above mistake.

Back to Dogmi, I worked for Dogmi to the best of my abilities, and I got paid for doing so . With what I did, the project soar from less than 100k mcap to 2m mcap

Dogmi is a community-driven project and previous led of the project never at anytime abandoned the project though there were some breaks which is normal for most projects that never at anytime raised funds from the community.

Without the previous owner integrity and uprightness, DOGMI can’t reach its current status in the ICP ecosystem. Within limited time and resources, he worked to blackholed the canister ID thereby ensuring tamperproofness of the codes.

Taking over the leadership of the project was made possible by the previous led and the community who are in support of the move.

DOGMI is among the most liquid tokens on ICP since its inception, and current lack of liquidity is expected and advertised, to ensure good conditions for the old-to-new swap.

I got hold of it and noticed that the canister ID is not transparent enough to show transactions of DOGMI and number of its holders, I approached a dev and he told me that it has been blackholed and that we can’t upgrade it again and this is one of the reasons why I’m bringing the project to SNS .

With the SNS, we will have a new transparent token , and all the assets of the project will be under its DAO.

I have been holding more than 4k ICP of Dogmi for more than two months. If I have an ulterior motive towards the project, 4k ICP is a big money in any part of the world.

60% of funds that will be raised through the SNS will be used to create LP

The spending of the remaining funds in the project treasury will be determined by its DAO, and there’s no place where it’s indicated in the whitepaper that funds will be given to me for marketing.

In the few months that I took over Dogmi, this is what I have achieved with my limited resources.

DOGMI Website revamped
Partnership with ICPEXC and some KOLs within the ICP ecosystem
Dogmi whitepaper
Grow Dogmi LP to more than 4,000 ICP
Dogmi post-SNS swap canister fully developed

[darwin]

I am ICP fan from the airdrop / tshirts time also DOGMI community member from its inception.

What I can confirm is that this project was literally first meme token after ghost launching on ICP with sole purpose to promote ICP with its strenghts as leading WEB3 blockchain out there.

The team has made amazing job making videos, memes, website NFT collection, (one of first NFT’s with animation and audio are the DOGMI Trophies for OG community) and lots of collaborations in the space
This was all in the depths of the bear market only true belivers in ICP were arround.

During the whole process more than 2 years now there was constant communication between the community and the project team. The name of the project was voted on discord and all the decisions were voted out - Even the transfer of leadership was only possible if we the core community supported ICPInsider as new lead which we did.

The whole transition process was made in separate Discord Dogfinity HQ channel were we were discussing for 2 months the process and special thanks to all dogmi belivers who helped along the way.

About the DOGMI token - It has one of the fairest distribution - it was widely distributed amoung NFT collectors and much of it airdroped to most of ICP projects as BTCflower Ghost and others - more than 22k adresess back in 2022 - There was a swap later for EXT and previous lead team did not left a single community member behind.

The DOGMI path is genuine and attacks come mainly from newly created projects who dont want DOGMi to succeed. But as we can see ICP Community wins !

So Are you Early to the Web3 revolution ?

To Dogfinity and Beyond !