Contrax August 2023 Update

The Contrax Team
3 min readAug 1, 2023

Hey everyone! The month of August has been focused on transitioning Contrax from being a product with a company to being its own DAO. This month, we set up the DAO committee and the new project board. We also passed proposals and are in the midst of registering the DAO in Wyoming, and creating a new TRAX token that will represent ownership in the DAO. The token will be earnable on Contrax soon.

Contrax Notion 📋

The Contrax Notion is the “long term memory” of our DAO, so everything relevant to the past accomplishments, current tasks, and future plans can be found here. We are still early in setting up and utilizing it, but we want to put transparency first and have already taken the board public! You can view and even comment on it here. You may need a Notion account. Joining the board is not yet an option, but we are going to open it up soon for other TRAX bounty seekers, once we are a bit further along in setting up the board and the DAO itself.

The TRAX Token⚡

The Contrax DAO will have its ownership represented by the TRAX token. Currently, the purpose of the token is representing ownership and therefore the governance of the platform. Further tokenomics for TRAX are still in development. The token will become earnable on the platform as soon as the DAO is registered and the smart contracts for earning set up, hopefully by the end of this month.

Earning TRAX by using or referring Contrax 📈

Once token earning is ready from our side, you will be able to see how much you earned on the dashboard. Earning is tied to your usage of the platform, which is determined by how long you have used it, and how much you have staked on it. You can also earn TRAX by referring users to the platform, with referral earnings based on the usage of those you brought to the platform. More details will come out with the release of the TRAX token and the ability to earn it.

The Next Steps for the Contrax DAO 🎯

Opening the DAO for anyone to join is our major goal, and this means having a token that can be earned, and a way for the token holders to vote with their tokens. In order to do that, we have to get the following done:

  • Register the DAO in Wyoming
  • Set up the smart contracts for token earning
  • Set up token voting for the earned tokens

The best way to keep track of these tasks is to check out the project board in our public notion, which can be found here.

Join Our Community 🔗

Join our Discord and contribute your ideas.

Follow us on Twitter to hear updates right away.

Check out our app for yourself, here.

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The Contrax Team

Contrax provides DeFi scaling tools to new and existing projects. Check it out at www.contrax.finance