MoonNoobs is a "spork" (a fork which develops into its own unique system, and prefers cooperation over competition) of the OlympusDAO protocol built on the Aurora NEAR network, allowing it to utilize the speed, security, and scalability that NEAR offers.

Introduced February 2021, OlympusDAO is regarded as one of the most important innovations in decentralized finance (DeFi). The protocol aims to create a global free-floating reserve currency (OHM), backed by a basket of cryptocurrency assets rather than fiat currency providing an intrinsic value which the token cannot fall below. OlympusDAO believes that OHM can function as a currency that is able to hold its purchasing power regardless of market volatility. Olympus Dao pioneered the mechanism of protocol-owned liquidity (POL) whereby a protocol acquires its own liquidity via bonding. This has several advantages: No high farming rewards payouts to incentivize liquidity providers (i.e., renting liquidity). Guarantees the market that liquidity is always available to facilitate sell or buy transactions. Earns majority of the LP fees which represents another source of income to the treasury.

At its core the protocol consists of a protocol managed treasury, protocol-owned liquidity, bond mechanism, and staking rewards that are designed to control supply expansion. Bond sales generate profit for the protocol, and the treasury uses the profit to mint tokens and distribute them to stakers. With LP bonding, the protocol is able to accumulate liquidity to ensure the system stability.

MoonNoobs DAO aims to build a community-owned treasury that is exposed to top projects within the NEAR ecosystem and grows with the community.

We are launching on the Aurora NEAR network with plans to migrate to Mainnet NEAR early Q2 2022. We are extremely bullish on NEAR and its ecosystem and have gotten some incredible support / partnerships. Mid/long- term, we plan on getting involved with other chains. Aurora has the most potential right now because it is an EVM and most blockchain dApps are written in solidity for EVM, making it easy to deploy on. We believe long term there will be a migration to WASM based blockchains like NEAR. Even Ethereum will be WASM based in the future, Ethereum 2.0 plans on using WASM in its coding language. We are basically doing this now to be the first on NEAR, and we chose NEAR because of the huge upside potential it has, we think NEAR is going to be a lot more popular real soon ;). It is a relatively new blockchain that has tons of support from big players, they have awesome tech behind it, and we want MoonNoobs to be a heavy hitter investing platform that will help other projects on NEAR and grow right along with it. We are leveraging our connections with NEAR and some of these big players to provide early investment access to MOON token holders.

Migrating to Mainnet NEAR allows us to completely rewrite the OlympusDAO main net protocol. While OlympusDAO designed a groundbreaking fundraising protocol, we have vetted the source code and found room for improvement. For example, when we migrate - we will be develop more sophisticated bonding mechanisms providing access to a greater variety of asset classes/types. This will allow us to automate smart contracts that will interact with other Mainnet NEAR dApps, including DeFi and metaverse projects. Being directly on NEAR will allow us to interact in line with the rest of Mainnet too, including their DEXs, DeFi projects, and other non- financial projects. Currently Aurora <> NEAR interactions are limited because they are on separate chains; this means better yield for our stakers and closer interactions with projects we plan to support and grow through our Launch Fund program. Part of what we are trying to accomplish for the MOON holder, is that staking MOON token would essentially create the same yield as having access to white list token prices of new project investments and getting that 10x or 100x growth from new project launches

Most existing decentralized reserve currency protocols decide on policies revolving only around their own token, with the sole aim of increasing the size of its own treasury. As the protocol grows, it grows alone while swallowing more tokens from the ecosystem; leaving other protocols behind. MoonNoobs believes in building products that support the entire ecosystem. The motivation of our decentralized reserve currency is so that we can grow together with the NEAR ecosystem. We will allow NEAR project tokens to be used as the principal tokens for minting of the $MOON token. As our treasury grows, NEAR’s project’s liquidity grows as well. This way, no one gets left behind. Additionally, we are a public, non-anonymous team of accomplished software engineers, business leaders, designers, and university academics with years of industry experience. Our strong, diverse team includes NASA, John’s Hopkins, and NFL backgrounds.

In our eyes, Olympus has been sufficiently validated and passed the test of time and thus can be deemed as robust. While MoonNoobs is inspired by Olympus and replicates the mechanism as close as possible to the standards and norms of the NEAR blockchain, it is vital to recognize that the two can never be the same. MoonNoobs aims to leverage the underlying functionality and mechanics of Olympus, however, our vision is grander. We are implementing a unique strategy for the treasury. We want our protocol controlled value “PCV” to have more depth than simply representing a floor price / treasury for our token. Our goal to fully leverage the NEAR ecosystem by eventually securing strategic partnerships with other NEAR project protocols.

There are two main strategies for market participants: staking and bonding. Stakers stake their MOON tokens in return for more MOON tokens, while bonders provide LP, USDC or other tokens in exchange for discounted MOON token after a fixed vesting period.

The main benefit for stakers comes from supply growth. The protocol mints new MOON tokens from the treasury, the majority of which are distributed to the stakers. Thus, the gain for stakers will come from their auto- compounding balances, though price exposure remains an important consideration. That is, if the increase in token balance outpaces the potential drop in price (due to inflation), stakers would make a profit. The main benefit for bonders comes from price consistency. Bonders commit a capital upfront and are promised a fixed return at a set point in time; that return is in MOON and thus the bonder’s profit would depend on MOON price when the bond matures. Bonders benefit from a rising or static MOON price.

NEAR tokens can soon be swapped for MOON tokens on the TriSolaris protocol. Bonders can obtain discounted MOON directly on the MoonNoobs dApp through bonding for treasury tokens. A step-by-step guide outlining all the methods for acquiring MOON tokens will be posted closer to launch.

Staking is the primary value accrual strategy of MoonNoobs. Stakers stake their MOON on the MoonNoobs website to earn rebase rewards. The rebase rewards come from the proceed from bond sales, and can vary based on the number of MOON staked in the protocol and the reward rate set by monetary policy. Staking is a passive, long-term strategy. The increase in your stake of MOON translates into a constantly falling cost basis converging on zero. This means even if the market price of MOON drops below your initial purchase price, given a long enough staking period, the increase in your staked MOON balance should eventually outpace the fall in price. When you stake, you lock MOON and receive an equal amount of sMOON. Your sMOON balance rebases up automatically at the end of every epoch. When you unstake, you burn sMOON and receive an equal amount of MOON. Unstaking means the user will forfeit the upcoming rebase reward. Note that the forfeited reward is only applicable to the unstaked amount; the remaining staked MOON (if any) will continue to receive rebase rewards.

Bonding is the secondary value accrual strategy of MoonNoobs. It allows MoonNoobs to acquire its own liquidity and other reserve assets such as NEAR token or USDC by selling MOON at a discount in exchange for these assets. The protocol quotes the bonder with terms such as the bond price, the amount of MOON tokens entitled to the bonder, and the vesting term. The bonder can claim some of the rewards (MOON tokens) as they vest, and at the end of the vesting term, the full amount will be claimable. Bonding is an active, short-term strategy. The price discovery mechanism of the secondary bond market renders bond discounts more or less unpredictable. Therefore bonding is considered a more active investment strategy that has to be monitored constantly in order to be more profitable as compared to staking. Bonding allows MoonNoobs to accumulate its own liquidity. More protocol owned liquidity ensures there is always locked exit liquidity in our trading pools to facilitate market operations and protect token holders. Since MoonNoobs becomes its own market, on top of additional certainty for MOON investors, the protocol accrues more and more revenue from LP rewards bolstering our treasury.

MoonNoobs is at heart a DAO (Decentralized Autonomous Organization). This means that the community plays a key role in shaping the future of the project. At first, the development team will guide the project towards a sustainable long-term position with initial treasury allocation determined through a 3 of 5 multi-sig signed by the founders of the MoonNoobs DAO. Overtime, more control will be given to the community through the DAO voting system. We also plan to create an open forum where community members can create their own proposals which will be put to a full DAO vote if they gain enough community support. Those who hold sMOON will be able to cast votes on important community decisions like Audits, Listings, and Fund Management. The end state of the MoonNoobs DAO is a community treasury owned and operated by token holders.

Initially, the treasury will grow by bonding tokens and LPs of top projects native to the NEAR ecosystem. Over time and though the DAO governance process we will explore new yield optimization methods for the treasury including, but not limited to: Using assets as collateral to leverage exposure to LP token allocation Directing assets to a Launch Fund which will be used to incubate and invest in new, disruptive projects Participating in exchanging staked assets for liquidity for additional exposure. Yield farming. Plus additional investment mechanisms lined up in our unique treasury strategy

As a public, non-anonymous team, transparency and ethics are at the heart of our operations and every single decision we make along the way. The code will be open source and we have a number of community members who will be peer auditing it. We will also get multiple, tier 1 third-party audits for our token contract and our smart contracts prior to launching the protocol. All of our contracts and wallets will be multi-sig, with signatories consisting of core team members, third-party advisors (advisors TBD), and DAO leadership. Liquidity providing will also be locked, and team tokens locked and vested - we will post both contracts so the community can view these easily.

The protocol interacts with a number of smart contracts, self-developed or owned by third parties, all of which imposes risks. This can be both known and unknown risks that could result in the failure or vulnerability on the smart contracts which could result in assets being locked or lost forever.

The protocol invests the assets into multiple third-party protocols, all of which also imposes risks. The more third- party protocols utilized in a strategy, the more risk exposures it gets.

MoonNoobs contract audits are currently pending with ChaosLabs (https://chaoslabs.xyz/). Security audits don’t eliminate or mitigate risks completely. Please do not invest assets you cannot afford to lose.

No, MOON is not a stablecoin. Rather, MOON aspires to become an algorithmic reserve currency backed by other decentralized assets. Similar to the idea of the gold standard, MOON provides free floating value its users can always fall back on, simply because of the fractional treasury reserves MOON draws its intrinsic value from.

Each MOON is backed by 1 USDC, not pegged to it. Because the treasury backs every MOON with at least 1 USDC, the protocol would buy back and burn MOON when it trades below 1 USDC. This has the effect of pushing MOON price back up to 1 USDC. MOON could always trade above 1 MOON because there is no upper limit imposed by the protocol. Think pegged == 1, while backed >= 1. You might say that the MOON floor price or intrinsic value is 1 USDC. We believe that the actual price will always be 1 USDC + premium, but in the end that is up to the market to decide.

As the protocol controls the funds in its treasury, MOON can only be minted or burned by the protocol. This also guarantees that the protocol can always back 1 MOON with 1 USDC. You can easily define the risk of your investment because you can be confident that the protocol will indefinitely buy MOON below 1 USDC with the treasury assets until no one is left to sell. You can’t trust the FED but you can trust the code. As the protocol accumulates more PCV, more runway is guaranteed for the stakers. This means the stakers can be confident that the current staking APY can be sustained for a longer term because more funds are available in the treasury.

It is extremely important to understand how early in development the MoonNoobs protocol is. A large amount of discussion has centered around the current price and expected a stable value moving forward. The reality is that these characteristics are not yet determined. The network is currently tuned for expansion of MOON supply, which when paired with the staking, minting, and yield mechanics of MoonNoobs, result in a fair amount of volatility. MOON could trade at a very high price because the market is ready to pay a hefty premium to capture a percentage of the current market capitalization. However, the price of MOON could also drop to a large degree if the market sentiment turns bearish. We would expect significant price volatility during our growth phase so please do your own research whether this project suits your goals.

When you buy and stake MOON, you are capturing a percentage of the supply (market cap) that is expected to remain stable. This is due to the fact that your staked MOON balance rises in tandem with the circulating supply. The consequence is that if you acquire MOON when the market capitalization is low, you will be able to capture a higher portion of the market capitalization. Additionally, MOON is adding value much further than just its treasury. We are building, incubating, and investing in projects. When you invest in MOON, you are not just investing in a value-creation mechanism, you are also getting exposure to ground-level development of a multitude of innovativ protocols.

Rebase is a method that automatically enhances your staked MOON balance. When the protocol creates fresh MOON, a big chunk of it goes to the stakers. Because stakers can only see their staked MOON balance and not their MOON balance, the protocol uses the rebase technique to boost the staked MOON balance so that 1 staked MOON is always redeemable for 1 MOON.

The percentage by which your staked MOON balance increases on the next epoch is known as reward yield. It’s sometimes referred to as the rebase rate. This number can be found on the MoonNoobs staking page.

Annual percentage yield is abbreviated as APY. It considers the effect of compounding interest to calculate the real rate of return on your principal. In the case of MoonNoobs DAO, your staked MOON symbolizes your principal, while the rebase process adds compound interest every epoch (~8 hours). One unique feature of APY is that your balance will grow exponentially rather than linearly over time! If you start with a balance of 1 MOON on day 1, and assume a daily compound interest rate of 2%, your balance will rise to around 1377 after a year. Not too bad!

The following calculation is used to determine the APY from the reward yield (also known as the rebase rate): APY = (1 + reward yield)^1095. Because a rebase occurs three times per day, it rises to the power of 1095. Given that there are 365 days in a year the rebase frequency would be 365 * 3 = 1095. The following equation determines the reward yield: Reward Yield = MOON distributed / MOON total staked. Using the following calculation, the number of MOON delivered to the staking contract is determined from the entire supply of MOON: MOON distributed = MOON total supply x Reward rate. **Please keep in mind that the protocol’s reward rate is subject to change.

Because of the strength of compounding, your MOON balance will grow dramatically over time, as seen above. Let’s imagine you buy a MOON for $400 today and the market determines that the intrinsic worth of the MOON will be $2 in a year. If you assume a daily compound interest rate of 2%, your balance by the end of the year will be roughly 1,377 MOONs, which is worth around $2,754. That’s a profit of $2,354! You should now realize that you are paying a higher price for MOON now in exchange for a long-term advantage. As a result, you’ll need a long time horizon to allow your MOON balance to increase rapidly and make this an investment worth it.

There is no clear answer, however treasury performance can be used to determine intrinsic value. For instance, if the Treasury can guarantee that every MOON will be backed by 100 USDC, the intrinsic value of the MOON will be 100 USDC. The DAO can also make a decision. If the DAO decides to raise the price floor of MOON, for example, its intrinsic value will rise as well. MOON will also benefit from the projects it launches, incubates, and invests in - which will all contribute to building its treasury, and fee streams should drive valuation.

Assume the protocol aims for a 100,000 percent APY. This would imply a rebase rate of around 0.6328 percent, or a daily growth rate of around 2%. Please see the calculation above to see how the rebase rate is used to determine APY. To achieve this daily increase, the protocol would need to mint an additional 2000 MOON if there are 100,000 MOON staked right now. This can be accomplished if the protocol can generate at least 2000 USDC every day via bond sales. The APY of 100,000 percent cannot be guaranteed if the protocol fails to reach this.

No. Your staked MOON balance will auto-compound every epoch once you’ve staked MOON with MoonNoobs DAO. Your rebase benefits are represented by that gain in balance.

You can track your rebase rewards by calculating the increase in your staked MOON balance. Record down the Current Index value on the staking page when you first stake your MOON. Let’s call this the Start Index. After staking for some time, if you want to determine by how much your balance has increased, check the Current Index value again. Let’s call this the End Index. By dividing the End Index by Start Index, you would get the ratio by which your staked MOON balance has increased. ratio = endIndex / startIndex