How is Breadchain Building Digital Dual Power?
"At Breadchain, we are growing the cooperative and solidarity economy on the blockchain to utilize the potential of resilient decentralized protocols. We're building a community of projects that all have a shared mission - create dual power by sharing knowledge and resources in order to increase collective strength/capability. One of the ways we plan on building dual power in the context of web3 is through soft launching our Breadchain Crowdstaking Protocol Application - our engine for funding post-capitalist projects within the Breadchain network.
To participate, all you need is some DAI and MATIC on Polygon and you can start using the application. The application is a smart contract on Polygon that forwards Crowdstakers' DAI into an interest generating Aave lending pool. 100% of the generated interest gets sent to the Breadchain Cooperative which is controlled democratically by its members. In return for giving DAI, Crowdstakers mint (bake) our token, BREAD, as collateral in the same quantity as they gave in DAI. The BREAD token then acts as a digital “local” currency for the Breadchain ecosystem. Digital as in crypto and local not as in geographic locality, but in shared values around cooperativism. Similar to a local currency, it is intended to keep value within the defined locality.
Crowdstakers can burn their BREAD token to receive an equal amount of DAI back. In this way, Crowdstakers are not donating any of their DAI but are instead giving Breadchain permission to take the interest generated on their DAI and use it to fund the operations and future projects from Breadchain. You can think of it as a decentralized cooperative bank that is used for funding decentralized cooperative projects.
Once you have some BREAD, you can join the token-gated channel “#bread-holders”. (More info on how to do that in the discord group.) We will also be air dropping 10 BREAD to every comrade that gave to our previous Mirror publication on Mutual Aid. Since this is our soft launch we’ll be looking for the community’s feedback along the way in the “#bread-feedback” channel of the Crypto Leftists Discord. In the meantime, you can soon expect a revamped home page that connects to the app, another Mirror publication with more detail on the application, and informational clarity regarding things like the BREAD token supply and yield accumulation. If you’re looking for another way to support post-capitalist projects you can do so by giving to our Open Collective, purchase the NFT associated with the piece, or support us via Panvala.
Our network includes projects like PactDAO, which is organizing with mutual aid networks in NYC, LaborDAO, a project for exploring the use of web3 tools to assist the labor movement, and Basis, which is exploring mechanisms to create a distributed, ecological productive system that is managed by the producers themselves. These are just some of the projects in our growing network, and we are extending an invite to those who share our goals to apply here and join us.
The revolution will not be funded by the current rulers of the economy. If we are going to attempt to live with the contradictions inherent to building the new in the shell of the old, funding will certainly not come from the state-regulated banking sector. Only by creating bonds of solidarity and networks of mutual aid that cultivate dual power will we reach true economic democracy. BREAD is not a governance token or some other speculative financial product, and it is not just a stablecoin. It is a form of economic expression that shows support for a vision of post-capitalism that deals with the reality of capitalism today. It is the solidarity primitive necessary for building dual power counter-institutions."