It's been exactly one year since the launch of PixelSweeper, and what a year it has been! We are beyond excited to share with the community the latest and greatest update to the project - the introduction of the SWPR DAO.
Over the past year, PixelSweeper has built a strong and loyal community of NFT collectors and enthusiasts who have helped the project achieve some incredible milestones. We've distributed over 121 PancakeSquads as weekly raffle prizes, as well as more than 300 other NFTs from community-voted collections. The PixelSweeper Vault currently holds over 470 highly valuable NFTs, including 114 PancakeSquads, 148 DrunkSkunkDrinkingClub NFTs, 51 HorrorApeClub NFTs, 102 Oddblox NFTs, and 56 Lil Bulls NFTs. And let's not forget that the PixelSweeper NFT collection is now one of the most known, sustainable, trusted and loved Blue Chip collections on the BNB Chain, with over $4,000,000 in trading volume generated over the past year.
As we move into the future, we recognize the importance of building a sustainable and long-term plan for PixelSweeper. That's why we're thrilled to announce the transformation of PixelSweeper into a DAO. The core team believes that this is the perfect way to ensure the project's success for years to come.
A DAO, or Decentralized Autonomous Organization, is a new way of organizing and governing a project in a decentralized manner using blockchain technology. In the SWPR DAO every staker will be able to participate in the governance of the project and have voting power relative to the amount of PixelSweeper staked, more precisely to the staking weight of their staked PixelSweeper.
Some of you may be thinking that PixelSweeper has always been DAO-like - and we agree! The project has always prioritized community involvement and feedback, and the community already used their staking weight to vote how to spend the $50,000 for the community sweeps. The introduction of the SWPR DAO will only enhance that aspect of the project. We want to make sure that every community member has an equal voice in the governance of PixelSweeper, and the DAO will enable us to achieve just that.
We want to make it clear that no core team member plans to abandon the project - we will continue to work just as passionately as ever to ensure that PixelSweeper remains the innovative, trusted and successful Blue Chip collection on BNB Chain. However, we also recognize that the DAO structure will give us even more tools to engage with the community and make sure that the project continues to move in the right direction. The benefits of having a community-driven DAO governance structure extend beyond just decision-making. With the DAO, community members have the opportunity to contribute their ideas, skills, and expertise to the project. This not only opens the door to new perspectives and possibilities, but it also improves the speed at which new features can be developed. By allowing community members to step up and be part of the team as contributors, the DAO ensures that there is a larger pool of talent and resources available to push the project forward. This means that PixelSweeper will continue to evolve and improve at an even faster pace than before.
So what does this mean for PixelSweeper moving forward? Well, for starters, it means that the community will have a say in how the project's revenue is allocated, including who to pay and which collections to sweep. The DAO will also have the control over details regarding the existing raffle mechanics. It also means that the PixelSweeper community will have a say in the future development of the project. The DAO will be used to propose, discuss, and vote on new feature developments. The team has some exciting ideas already, some of which we already shared like the addition for Player Pots of other projects, or the Single NFT Player Pot. We will prepare and present these and new yet to be shared proposals and the community will be able to submit their own proposals and participate in the decision-making process. This will ensure that PixelSweeper continues to evolve in a way that meets the needs and desires of its holders.
We plan to introduce a fully functional on-chain governance system that will allow for all settings, configurations, and smart-contract (inter)actions to be executed on-chain by the DAO when approved by the community. To start, we'll be using a similar system to PancakeSwap, with proposals and votes. Once a proposal is passed, it will be executed on-chain by a multi-signature wallet handled by a handful of trusted core contributors.
To incentivize long-term holding, we will also introduce new long-term lock options for staker pots that will offer a 10% - 50% bonus of staking weight based on the length of time that PixelSweeper NFTs are locked. This will further benefit loyal long-term community members, especially when it comes to DAO governance purposes. The exact bonus percentages and lock duration options will be voted on in one of the first DAO proposals.
In conclusion, we couldn't be more excited about the future of PixelSweeper as a DAO. We believe that this step will only enhance the community-driven nature of the project and allow for even more engagement and involvement from all community members. We want to thank each and every one of you for your support over the past year, and we can't wait to see what the future holds for PixelSweeper🧹.