New Order, a community-driven venture DAO incubator for decentralized financial (DeFi) projects, announced the public sale of its governance token $NEWO via a Dutch auction on MISO.
New Order is putting 24 million $NEWO tokens out of its total 800 million supply (3%) up for sale through the Dutch auction, with an implied minimum price of $0.075 per token. The auction will be up and running for 24 hours from 8:30 EST on December 9 through the Sushi MISO Launchpad.
MISO is a decentralized cryptocurrency exchange and a yield farming platform deployed on the Binance Smart Chain blockchain. Dutch auctions on MISO replicate a centuries-old auction system that’s designed to find the true market value of an entirely novel item. The $NEWO tokens will be priced at a higher than expected value, with the price declining over the duration of the auction. The eventual price will be settled once all tokens have been sold, determined by the cumulative bids from all participants.In other words, the buyer community decides the price point it’s happy with.
The sale seeks to raise funds for the New Order DAO Treasury, which is seeking to launch 30 to 40 promising DeFi projects over the next two years in line with its vision of a world where finance is increasingly multi-chain, driven by machine intelligence, and extends to an array of digital assets. New Order recently partnered with Outlier Ventures’ web3 accelerator Base Camp to launch a dedicated DeFi accelerator program.
New Order, which has already raised $4 million in private funding, is unique from other venture DAOs with its heavy focus on building and community support as opposed to just throwing around capital. New Order is building a community of ecosystem partners that will conduct all discussions in a public forum, including those around treasury management and venture development, with the goal of passing off core contracts and its voting mechanism to the community by late 2022. Its network of DeFi builders will vote on the best projects to determine which ones will be launched.
$NEWO is the native governance token of the New Order DAO and will be used to fund the best projects. The $NEWO token will also fuel New Order’s dApp marketplace, where its new DeFi products will generate revenue, with a percentage of those sales recycled back into the New Order Treasury to be reinvested into new projects.
Investors can participate in the $NEWO Dutch auction by visiting the MISO Launchpad and connecting their $USDC wallet. Investors can set their bids based on a maximum value in $USDC tokens they’d like to commit, or alternatively the minimum amount of $NEWO they’d like to receive.