PathDAO Official Announcements

We're streamlining our communication channels to better connect with our community!

🐦 For all the latest news and updates, follow us on Twitter: https://twitter.com/virtuals_io

📱 Our Telegram channel is moving to a new home: https://t.me/virtualprotocol. Make sure to join us there for exclusive insights and discussions.

🚨 Please note: We are phasing out the old PathDAO TG and Discord channels.

🕹️ For our dedicated gaming community, Path Gamers, http://discord.gg/pathdao will remain your go-to place for all things gaming.

Stay connected, stay updated!

Liquidity pool on ETH/VIRTUAL has been set up with Uniswap; with 5% of total VIRTUAL supply and 217 ETH. This brings up our initial liquidity value to $1Mn.

Trading on DEX is now live.

We're excited to announce that $VIRTUAL tokens have been successfully airdropped! $VIRTUAL is set to be the driving force behind Decentralized AI x Gaming, and will also govern our current treasury and strategies.

Contract Address: 0x44ff8620b8cA30902395A7bD3F2407e1A091BF73

Please check your wallets for the new tokens. Should you find any discrepancies, don't hesitate to contact our core team via Telegram or Discord for support.

Trading will resume in 24 hours as we open liquidity pools. Plus, we've got a rebranding exercise on the horizon. Stay tuned for more exciting updates!

We are pleased to inform you that the snapshot for the migration from $PATH to $VIRTUAL has been successfully completed as of Ethereum block 18840572.

Please be aware that the liquidity pools for $PATH have been fully drained and will be re-established for $VIRTUAL within the next 24 hours.

During this period, DO NOT TRADE $PATH, as it no longer holds any value.

The transition to $VIRTUAL is imminent, and we are preparing for the airdrop to your wallets.

Additionally, for users who have liquidity pools (LPs) in Uniswap V2 involving $PATH, we request you to get in touch with our team for assistance in reclaiming your ETH.

Urgent Notice to Withdraw all $PATH LP Positions

Attention $PATH token holders: We are currently in the process of taking a snapshot for the upcoming $VIRTUAL token airdrop. It is imperative for all current liquidity providers of $PATH tokens to immediately withdraw their $PATH LP positions.

If you are providing liquidity for $PATH tokens, please withdraw your Liquidity Provider (LP) position from both the Ethereum and Polygon chains without delay.

This step is crucial to ensure your eth/usdc holdings are not drained into $PATH tokens post-snapshot.

Prompt action is necessary to align with the upcoming developments and transitions in our ecosystem.

Completion of $PATH Buyback and Upcoming $VIRTUAL Snapshot

Overview:

- Our DAO treasury used 167.9 ETH to buy back 34,776,164 PATH tokens, representing about 3.5% of the total and 8% of the circulating supply.

- The buyback concluded at a rate of $0.011 per $PATH

Important Dates:

- 18th - 22nd Dec, Snapshot:
We will take a snapshot of holdings. During this period, liquidity pools on Ethereum and Polygon will be drained, and staking rewards will be discontinued. Trading of $PATH is advised against post-drainage, marking the snapshot's completion.

- 23rd Dec, $VIRTUAL Token Airdrop:
Prepare for the airdrop of new $VIRTUAL token! Token holders do not need to do anything.

- 24th Dec, Liquidity and Brand Transition:
We will set up $VIRTUAL token liquidity pools on Ethereum, alongside new website launch, Twitter handle rebrand, and introduction of new Telegram & Discord groups.

*Continuation: The existing Discord, Telegram and website will still support VIRTUAL Gamers (previously Path Guild) engagements.

3.2% of total supply has been bought back from the PIP10D OTC mechanism. For those who want to utilize this feature, please follow the instructions here: https://twitter.com/PathDAO/status/1732801167120540001

The deadline for the OTC deal is in 4 more days.

🚨 V3 staking pools have been unlocked.

As per PIP10B, we have officially halted all staking emissions in preparation for our upcoming migration.

🔓 Unstaking Update: We're pleased to announce that all Staking v3 tokens can now be unstaked, regardless of your previous lock-in period. This update is especially significant for those looking to participate in the PIP10D OTC deal, as it ensures your tokens are readily accessible. Instructions here: https://twitter.com/PathDAO/status/1732801167120540001

🌟 For the Awaiting Airdrop Community: If you're anticipating the new token airdrop, there's no action required from your side. Just stay vigilant and avoid scammers who might contact you directly.

We're thrilled to share that PIP10 has been resoundingly approved, signifying a transformative milestone in our journey.

Here's a concise breakdown of the key implications:

1. New Protocol Objectives with PIP10: Embarking on a new chapter, PIP10 marks the initiation of our exploration at the dynamic intersection of gaming and AI. Get ready for groundbreaking advancements!
A brief overview here: virtual.pathdao.io

2. Token Migration and Brand Refresh: Aligning with our expanded vision, anticipate a token migration and a brand refresh. All the utility of $PATH will seamlessly transition to $VIRTUAL, bringing enhanced use cases within the new protocol.

3. Path Guild Evolves into VIRTUAL Gamers: Our vibrant gaming community will now be known as VIRTUAL Gamers, retaining its essence while embracing a fresh identity. Expect the same enthusiasm for playtesting games and leveraging treasury assets for yield.

4. Continued Treasury Management: The Treasury Management team persists in its mission to cultivate the treasury through strategic liquid investments in tokens, NFTs, and yield farming in burgeoning web3 games. Realized profits will be channeled back into protocol revenues.



Timeline of Key Events:

4th to 17th Dec: OTC Buyback – Execution of OTC buyback of tokens as per PIP10C. Revision to buyback price to be voted upon in a new PIP-10D over the next few days.

18th Dec to 22nd Dec: Snapshot - A snapshot will be taken, and liquidity pools (Eth and Polygon) will be drained. Staking rewards will cease as well. Please refrain from trading $PATH after the pools are drained as it signifies that the snapshot has already been captured.

23rd Dec: $VIRTUAL Token Airdrop - Brace yourselves for the new token airdrop!

24th Dec: $VIRTUAL Liquidity Pools Setup - New token liquidity pools will be set up on ETH, with the LP locked for a year.

24th Dec: Brand Migration - Witness the launch of our new website, a rename of our Twitter handle, and the introduction of a new Telegram & Discord group. While Discord, the existing Telegram, the new Twitter, and the current website will continue to be used for VIRTUAL Gamers (formerly Path Guild) coordination.

Excited for what's ahead!

GM, the latest proposals on migration is up for voting. There are 3 sub-proposals to be voted upon:
1. PIP10-A: A whole new world
2. PIP10-B: Migrating PATH token to VIRTUAL token
3. PIP10-C: Buyback proposal for a smooth transition

Visit https://snapshot.org/#/pathvote.eth

Voting window opens for 7 days, closing on Dec 4th.
Please do participate as this is a very significant move for us as a whole. Also please ensure you vote on all 3 proposals. 🫡

PIP-10: A Whole New World, Embracing AI x Gaming

Our Journey So Far:
PathDAO's adventure started with a simple NFT project, supporting over 1,000 Axie scholarships, and swiftly grew into a Gaming DAO. In our initial year, we strategically deployed about $5.4 million in seed capital across over 30 ventures. By the end of 2022, we pivoted from the traditional VC model to a more adaptive Liquid Fund x Venture Studio approach. This shift paid off, yielding a profit of $1.5 million from a $4 million fund, aligned with our buyback strategy under PIP-6B. Our Venture Studio has launched various projects in gaming influencers, NFT financing, SocialFi, competitive platforms, and UEFN.

The Next Big Leap: AI x Gaming:
All these efforts have culminated in what we see as a groundbreaking opportunity in the AI x gaming space, comparable to the play-to-earn revolution we witnessed back in 2021.

Today we're excited to present a new proposal: A Whole New World (AI x Gaming). For a comprehensive understanding, please explore the details of this proposal and its sub-proposals below:

Main proposal PIP-10A, "A Whole New World": Focuses on the context and summary of our new protocol that combines AI and gaming.
https://gov.pathdao.io/t/pip10-a-a-whole-new-world/344

Sub-proposal PIP-10B, 'Migration of PATH token to VIRTUAL token': This part focuses on migrating existing $PATH token to a new token.
https://gov.pathdao.io/t/pip10-b-migrating-path-token-to-virtual-token/345

Sub-proposal PIP-10C, 'Buyback Proposal for a Smooth Transition': Aimed at providing an equitable exit for current holders who may not align with our new direction.
https://gov.pathdao.io/t/pip10-c-buyback-proposal-for-a-smooth-transition/346

Looking Ahead:
Subject to approval, our goal is to implement the proposed token migration and buyback plan before Christmas 2023. We've persevered through tough market conditions, learning and evolving from each experience. Our commitment to placing your interests at the forefront remains unwavering. We're here to create lasting value for our community.

Stay Connected:
For any questions or further discussion, please participate in our governance forum, or reach out to us on Discord or Telegram. We will also host an AMA session in the coming days to dive deeper into these developments and answers any questions you may have.

🎮 Introducing another incubation project @teampath_gg . Established with the vision to capture millions of gaming eyeballs across SEA, TeamPath was set up to be the leading regional esports brand. This vision is further augmented through technical innovation on fan engagement and fan monetisation.

Our Achievements to date:
- We've garnered a massive 500k collective fanbase across our team members and league creators.
- Our @VALORANT competitive team has risen from complete newcomers to become one of the region's strongest contenders, earning top spot in Malaysia.
- We're proud to have a 20-man strong lineup of gaming creators already with us.

Innovation is at our core:
- We're pioneering fan-controlled esports, creating an interactive gaming experience like never before. This allows our creators and team to tap into a new form of fan monetisation on TikTok Live Gaming. Different fan tips will affect different aspects of the game (e.g. dropping bombs on enemies, etc)
- In collaboration with @heypathgg , we've pushed the boundaries of innovation by incorporating their cutting-edge phygital technology into our esports jerseys, offering an unparalleled fan engagement experience.

Join us as we continue to push boundaries and set new standards in the gaming world. Stay tuned for more epic updates!
#TeamPathSEA #FutureOfGaming #InnovationInEsports

Pathians! 🎮 It's been a while since our last update, but we've been grinding through these bear market months to bring you something special.

Introducing @heypathgg - one of our incubated projects! 🚀 It's a versatile MMORPG where gamers can look stylish, socialize, have fun, generate income, and even shape the future. 🌟

We're forging the largest network for gamers and aspiring to be THE lifestyle brand in the gaming world. 👕 Dive into the exciting intersection of gaming and fashion powered by #phygital experiences.

Check out our first 'Build in Public' video below for an exclusive sneak peek! 📽️🔍 #GamingCommunity #FashionInGaming #PathGG

Exciting announcement, PathDAO family! Our refreshed online home, pathdao.io, is live now!

This is more than just a redesign - it's a testament to YOU, our core contributors, who are integral to every achievement we've made. Our updated platform not only demonstrates our unwavering commitment to transparency, but also celebrates our early victories.

From our current strategic focuses, resource allocation, to detailed updates on our milestones, the revamped site has it all. Join us as we continue our trailblazing journey in the Web3, consumer tech, and metaverse spaces.

Experience it now @ pathdao.io

Retrospective Airdrop Announcement:

For users who’ve staked $PATH in the Staking V1 pool a year and half ago and did not move ur position for a year, this announcement is for you.

For context and reminder to the wider community, the idea behind this retro airdrop is for smaller holders who cannot pay gas fees to move their staked positions into the Staking V2 contracts.
https://discord.com/channels/880090517868785666/880100291364651048/930120754098487316

We will be opening up a claim portal on our app.pathdao.io/claim on Tuesday, 18th July.
This will be on the Polygon chain for cheap gas, and the Staking V3 is also on Polygon as well for the latest staking rewards.

Lfg.

Our Discord was compromised earlier but is solved already.

One of the mods got hacked, allowing them to add another hacker as a mod that spoofed as Gaius.

For those who are affected by the hack, can you reach out to me via dm.

We have purged the hackers, and changed permissions so only Core Contributor roles can edit roles. All Core Contributors already are 2FA guarded.

Previously, we provided a glimpse into the question 'why' for building this venture, outlining the rationale behind our second incubated project, which is meticulously designed with the overarching objective of driving value back to $PATH. Now, let's explore how we plan to achieve this.

Our motivation stems from the booming creator economy, the rise of web3 tech, and the demand for decentralized solutions, creating the perfect opportunity for us to make a difference.

Discover how PATH is building this innovative Creator Financing Platform, aiming to revolutionize the Creator Economy by addressing key challenges faced by creators and influencers, while transforming the gaming industry.

Dive into our latest Medium article "Incubation TWO: How are we building this Creator Financing Platform?" to learn about the innovative solutions we're developing, our strategic approach, and the reasons behind this venture: [https://medium.com/@pathDAO/incubation-two-how-are-we-building-this-creator-financing-platform-df2e1b45e64a]

Join us on this journey as we empower creators, foster innovation, and unlock untapped potential for creators both in and out of the gaming space! #PathDAO #CreatorEconomy #GamingIndustry

🌐 PathDAO's vision has always centered on building the most extensive gaming network and community. Acknowledging the crucial role creators play within this network, we are proud to introduce our 2nd incubation project: a creator financing platform designed to transform the content creation industry. 🎨🎮🎤💰

💡 This initiative presents an opportunity to support creators while enhancing value for $PATH.

🎯 We aim to empower creators to concentrate on their passions without financial concerns or delayed payments, by providing innovative solutions that monetize their work, unlock new revenue streams, and foster brand growth 🌐

⏰ Why now? The booming creator economy, rise of web3 tech, and demand for decentralized solutions create the perfect opportunity for $PATH to revolutionize the way creators access financing & collaborate with brands.

Learn more about our journey & vision 👉 [https://medium.com/@pathDAO/incubation-two-why-build-a-creator-financing-platform-407987e6f23e]
#CreatorEconomy #ContentCreators #PathDAO

🎮👕👥 Path.GG's vision is to create the largest network of gamers and the leading lifestyle brand among gamers.

With an immersive brand experience, fostering gamer interaction and empowering the community to take control, Path.GG is set to build a decentralized brand in the gaming and fashion world.

Learn more about their unique approach in this article! https://medium.com/@pathDAO/gamers-how-we-build-this-interactive-lifestyle-brand-28ab0db25d1f
#PathGG #gaming #fashion #community #decentralizedbrand

How do we know we're on to something? How do we know that whatever money, time, and effort spent on the ventures we're building has a high likelihood of taking off - finding fit?
We see (5) secular trends our interactive brand rides on and we're precisely positioned to capture the shift in consumer demands. Nay, we will trailblaze the path.

More info in our article: https://medium.com/@pathDAO/gamers-secular-trends-were-riding-on-1cd6e51c5e30

#SecularTrends #digitalcollectibles #VirtualFashion #phygital

🎮Exciting news for gamers!🎮

We're thrilled to preview our framework for creating an extensive network of gaming communities powered by $PATH as one of PathLab's ventures is building an interactive lifestyle brand for gamers.

Here are the reasons why this business model, and most importantly, why now:
1/ The gaming industry is booming, and gamers want more than just games. They want a community, a lifestyle, and a brand that resonates with them.

2/ With the rise of streaming platforms like @Twitch, gaming has become a spectator sport, and gamers want to engage with content creators and other gamers on a deeper level.

3/ PathLabs has the innovation engine to build the next big thing in gaming. Our team is dedicated to creating a unique, immersive, and engaging experience for gamers, and we're excited to share it with the world.

Stay tuned for more updates on our newest venture powered by PathLabs in this medium : https://t.co/PTFGTHJaty
#gaming #community #lifestyle #innovation

Join us as we explore one of the most important drivers of value creation in the $PATH ecosystem: PathLabs. 🚀

At PathLabs, we incubate game-changing ideas and turn them into fully-fledged projects.

We bring together top-notch contributors from the DAO community, cutting-edge technology innovations, and funding to give rise to the next big thing.

Discover why PathLabs is a catalyst for innovation in this quick 3-minute read linked below:
https://t.co/kcDNp1kyyI

📢Exciting news! The new staking pool, version 3, has started emitting rewards. (10AM GMT, 19th Feb 2023)🔥🚀

Our staking pool is now more accessible than ever with our easy-to-follow guide on Medium: https://medium.com/@pathDAO/how-to-stake-into-path-staking-pool-v3-guide-fab7b969b26b

Hey #pathians 👋

V3 staking pool is live on Polygon today at (18th Feb 6PM GMT+8) !

Reward emission will start at (19th Feb 6PM GMT+8) and you can start claiming your rewards on (20th Feb 6PM GMT+8) !

More details on the guide here: [https://medium.com/@pathDAO/how-to-stake-into-path-staking-pool-v3-guide-fab7b969b26b]

One of our key focus is on building up PathPlay to power up gaming communities. A thread on why we are super bullish on this:

1/ Gaming has created virtual bonds among people leading to an increase in user numbers in gaming social networks. However, communities are hard to build, harder to maintain, and hardest to sustain.

2/ PathPlay aims to build an economy around communities to solve these problems. A common currency that clearly denotes the worth of the community can drive the interactions within the community.

3/ Four ways building an economy around communities can solve issues around community growth:

3.1/ Raising money: Many creators struggle to earn traditional funding. Tokens can be sold to raise startup capital from fans or investors.

3.2/ Attracting attention: By having a skin in the game, community members are incentivized to become active proponents of their community. Think @Azuki and @BAYC

3.3/ Aligning incentives within the group: A tokenized community will allow it to self-organize. Since the whole collective is now aligned to the success of the group’s economy, they start to contribute beyond just evangelizing.

3.4/ Extracting maximum willingness to pay from users: Change in mindset of spending on creators from "expenses" to "investment".

4/ Introducing an economy into communities using NFTs is better than fungible tokens. NFTs have an added benefit of storing information, which allows adding “collectability” value to the tokens beyond their economic worth.

5/ For these benefits to work, there has to be a clear “single” value ascribed to the tokens. Only then, we can truly size up the market cap or the worth of the community.

6/ $PATH gains value by being the superindex of these communities. When community economies on PathPlay grows, so will $PATH

7/ Dive deeper into our thoughts here on how we shape the future of #socialfi in gaming communities

More info in our medium:
https://lnkd.in/dnwrnrD9

Hi everyone, per approval of PIP-9, we have the new staking (v3) contract ready for deployment. 💥

The v3 staking module will go live at 10am GMT on 18th Feb 2023 on Polygon (not Ethereum mainnet).

Rewards emission will start at 10am GMT on 19th Feb 2023.

Important FAQ (please read carefully):

1. I have $PATH tokens still locked in the v2 staking pool

If you have $PATH tokens still locked in the v2 staking contract, you will be airdropped an NFT that represents your locked position. You will be able to stake this NFT into the new pools to participate in the new rewards emissions.

These NFTs will expire when your original $PATH positions are unlocked in the v2 pools. When that happens, the NFTs will stop receiving rewards.

You will then need to unlock your v2 $PATH positions and restake them into the v3 pools to continue receiving staking rewards.

2. How much rewards are allocated into the v3 pools ?

Per PIP-9, 50Mn $PATH will be allocated for year 2. That represents 5% of total token supply. Future rewards post year 2 will be adjusted on a yearly basis depending on DAO revenues and non-$PATH staking rewards that might roll out in the coming years.

3. Are the rewards vested?

Vesting of rewards will still follow the current mechanism: 1 year vesting upon claiming of rewards.

4. What is the benefit for locking the stake amount for longer?

This new single-sided staking contract will be launched with increased flexibility and longevity. Locking of principal will be from 1 week to 260 weeks, where longer locks will get exponential benefits and higher staking weightage multiplier:

0 weeks / flexible = 0%
52 weeks = 65%
104 weeks = 150%
156 weeks = 300%
208 weeks = 500%
260 weeks = 700%

Stay tuned for a migration guide closer to the date.

Let's keep building 🏗 🏗