Topic Raising a DAO's treasury from a standing offer rather than a sale that opens and closes Designs in use Bonding-curve sales · open payment treasuries · perpetual auctions Examples Juicebox (/wiki/dao-governance/tooling/treasury/juicebox) · Nouns DAO (/wiki/daos/social/nouns-dao) · Nouns Builder (/wiki/dao-governance/tooling/frameworks/nouns-builder) · Continuous Organizations (https://github.com/C-ORG/whitepaper) · Caper (/wiki/foundations/what-is-a-caper) Opposite Round-based raising: a fixed window, a target, or a vote per applicant Related Bonding curve (/wiki/markets/bonding-curve) · Rage-quit & exit rights (/wiki/dao-governance/concepts/membership/rage-quit-and-exit-rights) · DAO treasury management (/wiki/dao-governance/concepts/treasury/dao-treasury-management)
Continuous fundraising is a way of funding a DAO in which anyone can put money in at any time, on terms a contract sets in advance, so the treasury grows with demand instead of in rounds that open and close. Three designs carry it today: a token sold along a bonding curve (/wiki/markets/bonding-curve) , a treasury that accepts payments and mints tokens at a set rate, and an auction that sells one new membership on a fixed schedule.
What is the best platform to launch a DAO that can raise money continuously instead of in rounds? No platform is best for every DAO: the choice turns on how the price is set and whether a backer can take money back out. Juicebox, Nouns Builder and bonding-curve organizations such as Caper all keep the raise open, and they differ on those two points. Platform How money comes in Who sets the price Can a backer get money back? Juicebox (/wiki/dao-governance/tooling/treasury/juicebox) Payments at any time; the project mints its token to the payer The project owner, through a token-per-$ETH rate that can change only at the next cycle Yes, if the project sets a redemption rate; ConstitutionDAO set 100% ( Juicebox docs (https://docs.juicebox.money/dev/v3/learn/overview) ) Nouns Builder (/wiki/dao-governance/tooling/frameworks/nouns-builder) and Nouns DAO (/wiki/daos/social/nouns-dao) One NFT auctioned on a fixed schedule, one a day at Nouns, with the winning bid paid to the treasury The highest bidder each day No standing redemption; Nouns holders left through forks in 2023 Continuous Organization (https://github.com/C-ORG/whitepaper) (Fairmint) A buy curve that issues tokens to anyone who pays A published formula of the tokens in circulation Yes, along a lower sell curve funded by a reserve held apart from the treasury Caper (/wiki/foundations/what-is-a-caper) A bonding curve that is always open, on Radix A published formula of the tokens in circulation Yes: tokens sell back along the curve, and a member can leave with a fair share of the treasury (/wiki/foundations/leaving-a-caper) Juicebox runs on Ethereum, Optimism, Arbitrum and Base. The Continuous Organization whitepaper was written for Ethereum, and Fairmint notes on the whitepaper page (https://github.com/C-ORG/whitepaper) that its product has since moved beyond the design it describes.
How round-based raising works A round sets a window, a target or both, and money arrives only while it is open. ConstitutionDAO (/wiki/daos/social/constitutiondao) raised about $47m from more than 17,000 contributors in roughly a week of November 2021 to bid for a copy of the US Constitution, lost the auction (https://www.coindesk.com/tech/2021/11/19/constitutiondao-outbid-for-first-printing-of-americas-founding-document-in-sothebys-auction) , and refunded backers through its Juicebox treasury. The same tool served a round there and serves a standing offer elsewhere, so the distinction lies in how a DAO configures its raise more than in which software it uses. The other round-based pattern admits members one at a time. In a Moloch (/wiki/daos/public-goods/molochdao) -style DAO, as built with DAOhaus (/wiki/dao-governance/tooling/frameworks/daohaus) , an applicant offers a tribute in a membership proposal and the existing members vote on it. The raise never closes, but no money enters without a vote.
What a continuous raise changes A standing offer replaces negotiation with a rule. The idea comes from curved token bonding (https://medium.com/@simondlr/tokens-2-0-curved-token-bonding-in-curation-markets-1764a2e0bee5) , which Simon de la Rouviere described in 2017 for curation markets (/wiki/economics/curation-markets) : the price is a function of supply, so the next buyer pays more than the last and nobody prices a round. Thibauld Favre applied it to companies in the 2018 Continuous Organization whitepaper (https://github.com/C-ORG/whitepaper) , which routes most of each investment to the organization and a share to a reserve that buys tokens back. The same rule creates the design questions. A curve that buys tokens back needs a reserve, and every unit held in it is money the DAO cannot spend; the whitepaper suggests keeping that share low, which makes the buyback price low too. A perpetual auction needs no reserve but dilutes holders on schedule: Nouns adds one Noun a day, and its contract sent every tenth Noun, up to Noun 1,820, to the founders ( NounsToken.sol (https://github.com/nounsDAO/nouns-monorepo/blob/master/packages/nouns-contracts/contracts/NounsToken.sol) ). An open payment treasury depends on the rate its owner sets, which Juicebox constrains by letting changes take effect only in the next cycle. Where a backer can redeem, the raise also gives every member a way out, the subject of rage-quit and exit rights (/wiki/dao-governance/concepts/membership/rage-quit-and-exit-rights) .
How Caper approaches this Every caper raises continuously: its token is always on sale along a bonding curve (/wiki/markets/bonding-curve) , and a skim on each trade funds the caper's own treasury, with no round to open or close. A member who wants out can sell back along the curve or exit with a fair share of the treasury (/wiki/foundations/leaving-a-caper) at any time. Raising funds (/wiki/markets/raising-funds) explains how a caper spends what it raises, and The Open-End Organization (/blog/the-open-end-organization) sets the design beside the open-end funds it descends from.
External links - Continuous Organizations whitepaper (https://github.com/C-ORG/whitepaper) – Thibauld Favre, Fairmint - Tokens 2.0: Curved Token Bonding in Curation Markets (https://medium.com/@simondlr/tokens-2-0-curved-token-bonding-in-curation-markets-1764a2e0bee5) – Simon de la Rouviere - Juicebox protocol overview (https://docs.juicebox.money/dev/v3/learn/overview) - NounsToken.sol (https://github.com/nounsDAO/nouns-monorepo/blob/master/packages/nouns-contracts/contracts/NounsToken.sol) – the Nouns minting contract