ROME is the token that fuels the Moonriver platform an EVM-compatible network based on the blockchain. Launched in 2021 by Kusama & Polkadot, the project has issued this asset to strengthen Moonriver and Moonbeam and to contribute to the success of these networks. The asset plays an important role in the growth of RomeDAO aiming to become the biggest holder of total liquidity across Kusama & Polkadot. The token is also used for governance via gamification and other activities organized on the platform such as staking and bonding chosen by the members of the community. The long-term goal of the platform is to create a cryptocurrency that is perceived as a stable asset not only for Moonriver and Kusama, but for the broader Polkadot ecosystem.
As stated in the RomeDAO’s blog on Medium, the platform is based on the audited contracts of OlympusDAO but contains a range of changes to make them functional on Moonriver and implement additional features. It is actually a fork created on the basis of the OlympusDAO codebase. RomeDAO is one of 30+ forks that were inspired by the success of OlympusDAO. Although there is no official partnership of the platform with OlympusDAO that is not supportive of forks, the founders of RomeDAO consider that both platforms benefit from the success of a counterpart.
ROME launched staking and bonding on November 29, 2021. The platform introduced bonds to bootstrap healthy liquidity for Magic Internet Money (MIM) and DAI. The project hopes to provide ample liquidity to MIM and DAI. The treasury is also backed with three types of bonds and ROM/MOVR liquidity position.
The process of launching a treasury-backed unpegged reserve currency is rather complicated due to the challenging governance of the protocol. RomeDAO is governed by houses and their representatives. This is a community project that doesn’t have a central team. It was built by the community and for the community, therefore all members can contribute to the growth of Rome. The governance structure is arranged to reflect the principles of a community-governed DAO.
Self-organization of DAO into houses is a new approach to the decentralized governance system. Each house is organized by aligned contributors working together to enhance RomeDAO. In this way, the houses are also DAOs that function as sub-DAOs within RomeDAO. There are five houses of this kind at the time of writing where members of the community build the platform and determine its future with voting. Each house has its own focus, priorities, and goals. For instance, the House of Sempronia focuses on engineering and design, while the House of Grapes hosts the events. At the same time, the goal of the House of Chaos is to bring Rome to the Kusama ecosystem.
When the frontend was created, the team applied to the best designers in decentralized finance to provide a unique user experience. In its blog, the platform declares its plans to expand just in the same way their forefathers did when they conquered one battle after another in the past.
The team of RomeDAO makes emphasis on UI/UX to reflect the potential of Web 3.0 in the DeFi sector which is underestimated in the opinion of developers. The platform employs an Anyswap bridge, which is a cross-chain swap protocol.
The team promises an exciting RPG experience with RomeDAO campaigns. The first campaign to be launched on the platform refers to the Roman-Etruscan Wars. During this campaign, the participants should stake tokens until the campaign is completed. The amount of the stake should be at least 10,000 ROME tokens. Each successful campaign will unveil a war relic that is going to be auctioned by the treasury.
Rome token and other financial details
The token distribution started on November 18, 2021. Along with ROME, users can get aROME that is used for community distribution participants and allows ROME swapping. sROME can be obtained for staking ROME with the exchange ratio of 1:1. Users can take advantage of the capability to track the staking value. When users decide to withdraw funds and discontinue staking, sROME is burned and they get an equal amount of ROME in return.
Kusama was created as an experiment, therefore, the founders warn that the protocol is quite risky. Though the key element of any project is to incentivize the founders and community distributors, RomeDAO rejected this scheme giving priority to the members of the community. In this way, the project applies an alternative approach that aligns with the values of the community and helps to improve the transparency on the platform. With that said, the distribution of tokens is pretty simple as 100% of tokens belong to the community. It means that there are no special terms, discounts, or vesting terms for venture capitalists. All members of the community should bond on equal terms to get rewards.
It is rather expensive to develop and maintain ROME. The company plans to levy a 10% tax on all bonds for the first three months to cover all expenses and then reduce the tax down to 5%.
The security of ROME
As stated above, the smart contracts used by the system were tested by OlympusDAO with slight changes for bond types and adjustments on the Moonriver compatibility. The new code was tested during the testnet period before the deployment of the project. The founders of RomeDAO understand the importance of tests since the whole code can become invalid after a slight change in it thus making the project experimental and unaudited. In fact, Kusama and Moonriver are also experimental projects, therefore investors should estimate the risks carefully.
RomeDAO team and partners
The official Medium account of the organization says that RomeDAO was built by a core team of researchers, developers, and community builders who also enter the OlympusDAO community.
Some of the OlympusDAO contributors and members of its community take the key roles in the team of RomeDAO.
The platform cooperates with the project FRAX that helps to bridge liquidity to the Moonriver ecosystem. Also, the Solarbeam team helps the system to navigate the Moonriver ecosystem.