Exploring the Use Cases of SARCO
Sarcophagus DAO has been recently going heavy on developing their on-chain Dead Man’s Switch which is built on the Ethereum and Arweave blockchains. Using their protocol involves utilising the SARCO token, but gaining protocol access is not the only utility that the token has. Recently, Sarcophagus DAO posted an article explaining the token's use - today we will have a look at these use cases as well as explore some additional data including how to potentially get your hands on some free SARCO tokens!
Want to learn more?
Let’s dive in!
Key Use Cases of the SARCO token
Core Transactional Capital
The most straightforward use case for the SARCO token is as the central transactional currency within the Sarcophagus ecosystem. When users wish to create a sarcophagus (encrypted digital container), they utilise SARCO tokens to pay node fees responsible for monitoring the Dead Man's Switch for that sarcophagus. Then, the node operators must stake the SARCO tokens as a bond, which ensures proper behavior and funtion, and penalises them if they fail to operate as required.
Governance Mechanism
Similar to other DAOs, the SARCO token determines voting power for participants in the Sarcophagus DAO. By holding and staking SARCO tokens in the governance app, users obtain voting rights (SARCO-VR) to vote on proposals influencing the DAO's future direction. Anyone can submit a proposal, but only those with voting rights can cast their votes.
The V2 dApp and protocol will introduce a 1% SARCO fee for protocol usage, accumulated in a DAO-controlled contract. This fee serves as an incentive for active voter participation in DAO governance proposals.
SARCO Token in Practice
The Sarcophagus DAO functions as the Treasury for the SARCO token, deciding on token allocations. Token holders who actively participate in voting on proposals can significantly influence the DAO's direction.
The SARCO token and the Sarcophagus DAO are both built on the Ethereum network. Out of the total supply of 100 million tokens, nearly 34 million are currently in circulation, with over 50% of the total token supply held in the Sarcophagus DAO treasury. This highlights the potential influence of the DAO and the importance of holding and staking SARCO tokens in the governance app.
One example of the Sarcophagus DAO's impact is the current Uniswap Liquidity Pool, where over 90% of the LP is held by the DAO and controlled by voters. This emphasises the potential of the DAO to shape the protocol's future and the significance of participating in voting to build a decentralised Dead Man's Switch ecosystem.
Where to get SARCO
So you have fallen in love with the idea of Ancient Egypt infiltrating the blockchain. Or more reasonably, you understood the use case that a Dead Man’s Switch that operates fully on-chain can offer not only to the Arweave and Ethereum networks, but many more blockchains too (recently Sarcophagus DAO announced that they will be expanding to many more networks). All that has made you want to get your hands on some SARCO tokens, but you’re not sure how?
Well, there are two main ways currently to get SARCO. One is more proven than the other, but let’s explain:
The first way - Buy SARCO
It’s no secret. The SARCO ERC-20 token has been live on the Ethereum main net for some time now. It is available on Uniswap. All you need is to connect your Ethereum wallet to the Uniswap dApp and search for the SARCO token. If you are unsure of the correct one, check in with the team on their Discord server.
The second way - The Testnet Incentive
The Sarcophagus dApp testing phase is live and has already been heavily utilised, with over 6,750 Sarcophagi created on the Goerli Tomb dApp. The Graph Protocol integration is underway to enhance efficiency and reduce user wait times. A retroactive incentive plan for testers was announced, with two tiers based on involvement. The incentive plan and testing in general have been extended and will continue until April 20th. So act quickly as (at the time of writing) there are only nine days left to qualify for the incentive/airdrop.
You can read more about the initial incentive here (now extended until April 20th).
BUT BEWARE!
The Sarcophagus DAO team has identified a fake $SARCO pair on the Goerli testnet, so if you are trying out the dApp in hopes of helping the team develop their protocol and qualify for the airdrop, be very careful.
Sarcophagus DAO has notified the community that the fake token address is:
0xb627778cb7ec504cd8375d02f9f4edc14844eb1c
Whereas the correct $SARCO address on Goerli for dApp testing is:
0x4633b43990b41B57b3678c6F3Ac35bA75C3D8436
