SNOOP DAO is fo’ shizzle a decentralized world UBI protocol with the SNOOP token at its core. SNOOP protocol was inspired by it’s Big Homie: Squid DAO.
Each SNOOP is backed by a DOG, giving the token that O.G. value.
You get a cute piece of art and the first 47 NFT auction winners will be airdropped 10 million SNOOP tokens.
The first 24 NFTs will have a 1 hour duration. Then it will change to 12 NFTs auctioned with 2 hour durations. Then 6 with 4 hour durations, 3 with 8 hour durations, and finally 2 with 12 hour durations. Any bidding in the last 5 minutes will extend the auction for another 5 minutes.
The SNOOP joint (bond) is the mechanism we use to raise select assets, such as DOG or SNOOP-DOG LPs, for the treasury. Users that want to purchase SNOOP, should first check if they can get a discount by buying a joint. When users purchase joints the SNOOP they are owed are vested linearly over 5 days. In most cases it's better to purchase a joint than to buy SNOOP from the market, but there can be times when the market is trading at a price lower than the joints.
Staking allows you to earn SNOOP passively via auto-compounding. By staking your SNOOP with SnoopDAO, you receive sSNOOP (staked SNOOP) in return at a 1:1 ratio. After that, your sSNOOP balance will increase automatically on every epoch based on the current APY.
In other words, the best way to get down with SNOOP is to chill (Stake) with it. Chill’n SNOOP (sSNOOP) continues to accrue you more SNOOP, and auto-compounds your SNOOP balance. The extra SNOOP come from supply growth. When the protocol mints new SNOOP tokens, the majority are distributed to the chill’n SNOOP.
