LORE FAQ
LORE FAQ

LORE FAQ

USING LORE V2

What is Lore?

Lore is shared wallet and experience for groups. On Lore, groups can form funds into a wallet to purchase assets together — or make any onchain transaction. Distribute NFT memberships, engage in forums, and collectively make on-chain transactions, enabling users to buy NFTs, move memecoin markets and access more crypto opportunities together.

What does Lore offer? what powers it?
  • Lore serves as a one stop shop for the entire lifecycle of a group wallet. We cover everything from in the beginning of the lifecycle like forming funds and adding members, to coordinating to social and transactional decisions to end of lifecycle items like growth/off boarding. As group wallets win together, they often grow to become onchain collectives. We help these collectives flex their wins and attract new members through a discovery layer.
  • We are built on the Safe smart contract wallet. We have our own smart contracts that function as a light wrapper around Safe to handle memberships onchain. We also use Reservoir, 0x protocol and Uniswap to enable NFT and token transactions. Lore is a wallet, so we work well with Walletconnect to help groups access Ethereuem transactions on dApps.
How Much Does It Cost To Get Started, Are There Any Fees?
  • At the mint of the Membership required to join and deposit funds there is a Platform fee that is split between the Community and Lore
  • For memberships that are Free or Priced below 0.03108 ETH there is a 0.000777 ETH platform fees that’s split 0.000444 ETH between the Community and 0.000333 ETH to the Lore platform
  • For memberships that are Priced above 0.03108 ETH. There is a platform fee of 5% that is split 50/50 between the Community and the Lore platform

What Chain Is Lore On?

Lore operates on Etheruem mainnet, the Base L2 and OP mainnet L2.

We have plans to introduce access to Solana and Bitcoin assets in Q1 2024

Who Owns the Smart Contracts?

Lore is a platform to launch sovereign group wallets that are controlled by the collective. The Membership contracts owned by the collective wallet. The collective wallet is managed by the admins and members in the group. Your funds cannot be controlled by Lore and remain 100% in your ownership.

How Do I Make Transactions?

You can make most proposals in the lifecycle of the collective like funding, buying NFTs, making distributions, making payments natively on the platform. For everything else, you can use Walletconnect to connect to different dapps and initiate transactions as group Proposals natively on Lore

USE CASES

Squad Wealth

Smaller, informal groups that pool resources to buy expensive NFTs, move memecoin markets or take advantage of crypto opportunities.

By pooling their capital they can accomplish goals and get a seat at the table they couldn’t alone,

Some of our favorite collectives:

Right Click Save was initially formed, and their idea was to crash a Lamborghini for charity! (See Twitter thread here). After discovering the Lore tool, they bought an expensive Punk.

824: They are a group of 16 internet friends that got together to "make degen plays," as their mission statement says. They have grown from 23 ETH to over 80 ETH in months.

MVP69DAO: This is a Super Crew on Memeland's Ecosystem. They pooled resources to buy Potatoz, mint Captainz, and Quest together. Forming crews allows them to earn better rewards and even participate in raids which are a social game dynamic.

Other Examples of Squads include DosaDAO, Token Club

Collectives & Sub-Communities

NFT communities and web3 social clubs are forming sub-communities around shared interests or traits, from regional groups to trait-based collectives.

Here are some cool communities and sub-communities we love:

Dead Birds Society: Moonbirds has multiple sub-communities, including Dead Birds Society - a gathering place for skeleton-trait Moonbirds. Deadbirds goal was to raise funds to help biodiversity loss IRL. See their mission here. By acquiring the skelly Moonbirds they were able to grow their brand and attract new members. They now have over 90 members and 150ETH of assets!

Valhalla Clans: Trait based collectives are forming on Valhalla to collect IP and earn royalties. So far, seven trait-based DAOs have gotten started on Lore, like Track Suit Cartel and Balagang. See Valhalla Clans here.

Community-driven Media

The Base Builder community initiated a crowdsourced AMA with their favorite consumer crypto builder on Base. Members minted Membership NFTs using Lore as voting passes and voted in WINTΞR from Basepaint as their guest. Next, members will crowdsource questions for the AMA on Unlonley. Members will use the shared wallet to launch an NFT video montage where proceeds are distributed to the contributors.

Art Co-Creation

A collective of Basepaint artists is looking to purchase brushes and vote on what to paint together on Basepaint. Existing brush holders deposit their brushes to mint voting passes, and new members can mint an NFT to fund the purchase of new brushes.

Art Collectives

Hug - Scales is an art collective from The Hug community that formed to support Anna Judd, an artist within their community.So far, they have acquired 49 pieces of Anna Judd’s coveted collection of Scales on Lore through co-purchasing — or as a contribution for membership into the collective.They use our NFT deposits feature where members can contribute an NFT to earn an ownership stake in the collective.Read more about how they use Lore here.

FWB Squallet: This is FWB nft-general-chat's vault, affectionately named squallet (squad wallet). They aim to back emergent culture, art, and memes within the Friends with Benefits community!

MEMBERSHIP NFTS

What Is A Membership Crowdfund?

Lore's onchain communities begin with a special type of NFT sale, called Membership NFTs.

Membership NFTs can be Priced or Free. They can be Open or Fixed Editions — and they can be gated by an allowlist. This creates interesting use cases

  • Membership NFTs can also be Priced and sold which in turn crowdfunds the group wallet.
  • Membership NFTs can be Free and gated by an allowlist so that they can be earned instead of bought.
Voting Power
  • All Membership NFTs are tethered to onchain voting rights. You can set them however you’d like from zero to infinity.
  • All members can propose polls to make decisions to vote. Polls can be for community engagement — or can trigger onchain transactions, as long as they are blessed by the Admins
  • Very soon voting power can be directly tied to your contributions to the group.

POSTING & VOTING IN THE COMMUNITY FEED

What Is the Community Feed?

A Community Feed is the forum on Lore where you can see a chronological view of all community content, polls and proposals.

Community Feed Access

Only owners on Membership NFTs can post in the Community Feed. Anyone with the link can view. We designed it this way because groups like to share transparent links to recruit new members.

Polls, Races and Proposals

Typically Collectives use Polls or Races to make transaction, make social decisions or generate ideas then they use Proposals to formalize the transaction.

All members can post Polls in the Forum on a forum to make decisions to vote. Polls can be for community engagement or to vote on onchain transactions. Polls can be simple “Yes” or “No” decisions or can be configured to have your own options.

Races are contests where members can submit ideas and vote on them together. For example you can have a contest where use submit investment ideas weekly and have the group vote on the best one to executue.

Proposals are transactions for administrative and transactional purposes that the group can execute together. A number of Admins are required are required to sign off on Proposals to push them onchain.

LORE GROUP WALLET

Who controls the shared wallet?

Your group wallet is controlled by Admins who sign off on transactions. All Members can share polls, races and vote on decisions but Admins are required to make transactions. Typically we see about 10% to 20% of group members are Admins while the rest are members. Everyone, has a stake in the wallet based on their contribution amount. This is managed on Lore and can be launched onchain.

Admins & Signer Count
  • Your treasury is a multi-signature wallet that you can customize according to your needs. It has two types of members: Admins (Signing Members) and Non-Signing Members
  • Admins (Signing Members) are responsible for safeguarding the treasury, and they can add or remove members, sign proposals, and operate the funds. Non-Signing Members, on the other hand, have contributed to the treasury and can participate in the decision-making.
  • Signer Threshold is the minimum number of treasury members needed to approve a transaction before it's confirmed onchain.
  • Lore recommends a signer threshold of at least 2 and at maximum 5 regardless of how many people are in the Collective.
NFT Trading

We’d recommend making NFT transactions using an external wallet (a “Trader Wallet”) of one of your members for now. Unfortunately, smart contract wallets like Lore run into issues with NFT marketplaces and protocols. For instance, Blur blocks all smart contracts from transaction with them. Please instead, send funds to a regular wallet of one of your members and have them execute the transaction and return the NFT/funds to the Lore wallet.

Another solution is using Reservoir. Walletconnect to https://explorer.reservoir.tools/ethereum and initiate an NFT transaction. Blur transactions won’t work so only attempt to buy NFTs listed on other marketplaces. Also, listing NFTs stoped working recently on Reservoir.

Token Trading

Walletconnect your Lore wallet to a DEX like Uniswap and initiate the transaction on the Uniswap interface. This will make the transaction a multiplayer Proposal on Lore for your Collective to execute.

Proposals & External Transactions
  • Proposals are like suggestions made by any member of the Collective that can be executed on the blockchain.
  • All the important decisions of the Collective, such as payments and distributions, buying NFTs are made through these Proposals.
  • Proposal Types:
    • Dapp Proposals: To initiate any web3 transaction and explore web3 together
    • NFT Proposals: For NFT transactions over popular marketplaces
    • Role Management: To determine who can be a Signing or Non-Signing Member
Payments & Distributions
  • Distributions are a way for a group to distribute money from a shared fund, based on each member's voting power.
  • Collectives use Distributions for two main purposes:
    • To distribute profits to members as a dividend.
    • To distribute rewards to all members fairly.
When Walletconnecting to make a transaction fails
  • Some Dapps currently do not support smart contract wallets. Any item listed on these Dapps or routed through them will not work. To access these Dapps you will need a wallet that has a private key, such as Metamask, hardware wallets, and other EOA wallets controlled by a single person.
  • Workaround Solution #1
    1. Raise Funds
    2. Transfer funds using “Transfer Tokens” proposal to an EOA wallet
    3. Head over to Dapp and purchase asset
    4. Send the asset to the community wallet
  • Workaround Solution #2
    1. A collective member buys the asset
    2. Transfer the asset back to your collective using the "Sell NFT to Collective" proposal.