NeoBurger is launching BurgerDAO, as well as an accompanying NeoBurger governance token, NoBug. BurgerDAO is a proposal-based voting system that will remove the current NeoBurger owner as the controlling party of the system of smart contracts, and replace them with a smart contract.
NoBug and bNEO tokens will offer holders access to BurgerDAO’s governance processes. NoBug token holders will vote on system-wide decisions, whereas bNEO token holders will vote on Neo N3 governance strategies.
There is a total supply of 1,844,674,407.3709551616 NoBug, with 25% reserved for NeoBurger contributors and 75% to be distributed through on-chain activities.
In the first year, the team plans to release roughly 345 million NoBug to early adopters, contributors to the project, and Neo communities, as well as through other activities like staking bNEO. Portions of NoBug released will come from both of the reserves mentioned above.
The first snapshot for a NoBug airdrop was taken on Friday, Nov. 26, when the total amount of bNEO surpassed 65,536 tokens. Approximately 5.4 million NoBug tokens will be airdropped to the first round of bNEO holders, which is expected to be claimable some time before Dec. 31, 2021.
NeoBurger is an N3 governance dApp that acts as a voting tool and a NEO token wrapper. The dApp seeks to compensate for the usability issues of indivisible NEO in applications such as DeFi, while also providing an avenue for maximized GAS rewards for holders.
NeoBurger earns the majority of its GAS by voting in the Neo N3 governance mechanism. NEO pooled in the NeoBurger contract is automatically managed using different voting strategies. NEO is distributed between a limited number of “agents,” each of which can cast a vote for a Neo Council member. By using multiple agents as separate wallets, NeoBurger can get around the limitation of only being able to vote for one candidate at a time.
The NeoBurger project was formed by a mixture of Neo researchers and community developers. Since its Oct. 2021 launch, the long-term intention for NeoBurger has been to evolve into a DAO model.
The full announcement can be found at the link below: