secondary title
DAO (Decentralized Autonomous Organization) Decentralized Autonomous Organization, Binance Research Institute defines DAO as "an organizational form that coordinates member actions and resources through a set of multilaterally agreed a priori binding, formal and transparent rules ".
image description
Simple and easy-to-understand description, DAO is similar to the democratic voting in ancient Greece during the Axis period. Holders of tokens (TOKEN) or voting certificates (NFT) have the right to vote. The more tokens (TOKEN) & voting certificates (NFT) account for The greater the voting power. Initiating proposals through the blockchain and smart contracts (there are various proposals, which can be related to DAO funds or DAO personnel, etc.) to coordinate member actions and resources, is the DAO organizational form.
image description
For example, how YAM activates YAM V3 through voting through Snapshot and how to adjust V3 parameters is the DAO in DeFi.
yam Snapshot governance vote
secondary title
DAO domestic
In China, DAOs also appear from various aspects. dodo conducts user interaction and governance through forums, dForce and forTube interact with users through forums, and proposals are voted and governed through Snapshots. Various projects also have DAOs in different ways. element.
DAOSquare
The incubator of the Web3 era was born in the Ethereum community MetaCartel. What it needs to do is to bring the incubator into a new era based on the idea of Web3.
image description
DAOSquare is a commercial entrepreneurial project and a Web3 incubator for everyone. Only commercial success can make the community develop sustainably. The purpose is to connect DAOist with people with ideas and innovations, and incubate the ideal seeds of entrepreneurship into flowers through DAOSqure.
image description
WhaleDAO—DAOSquare incubation project
The current online functions include DAOSquare Community DAO (DCD)—community’s DAO and WhaleDAO—to help global high-quality projects build communities and ecology in China and Chinese-speaking regions. At the same time, the first phase of the incubation project of the incubator has also started. Currently, there are projects such as meTokens and Ethermore in incubation.
Dora Factory
DAOSqure's next goal is to launch the Farm Factory function and the Beta version of the VentureDAO function in the fourth quarter of 2021. At the same time, it will launch the second phase of incubator fundraising and the incubation of the second batch of projects (expected to be more than 15). More Incubation Programs and Incubation Camps.
Dora Factory — The vision is to create a set of "on-demand DAO" platform. Any community member who wants to be a DAO can use Dora to choose how to do DAO according to their needs.
The project was incubated by DoraHacks, and most of the members are from DoraHacks. DoraHacks was established in Tsinghua University in 2014. It is the first hacker community in China and one of the largest hacker communities in China and the world. It has held BSC, SOLANA, Filecoin, HECO, FLOW Wait for the hackathon competition of the public chain.
image description
The Hackerlink blockchain developer platform is one of the first batch of products launched by Dora Factory. Hackerlink is used for on-chain governance, quadratic voting, Grant funding, Bounty bounty, Hackathon, BUIDL project display and other functions. The "On-Demand DAO" platform is still being built, and the modular applications supporting DAO will be launched one after another.
secondary title
DAO perfect?
The reborn DAO still faces many problems and difficulties that have not been resolved.
Recently, an organization called DeFi Education Fund on UNI obtained 1 million UNI tokens through Snapshot voting and sold 50W UNI tokens at one time. The price drop caused by the selling hurt other UNI holders.
SUSHI plans to sell nearly 51 million sushi tokens to institutional investors at a discounted price and has a lock-up period of 6 months and a linear release period of 18 months. This proposal has caused great controversy in the SUSHI community. Tokenizers reject existing proposals and propose new ones through forums and Snapshots.
Large holders of currency cooperate with each other to initiate proposals that are superior to large holders but harm the interests of retail investors. Due to the large proportion of large holders of currency holding more votes, the proposal is passed.
Voting rights are too concentrated, some retail investors are not interested in voting, and insufficient participation leads to unfair voting results.
Voting rights are too concentrated, some retail investors are not interested in voting, and insufficient participation leads to unfair voting results.
After Sushi initiated the proposal to sell tokens, community members fully participated in the discussion and changed the original plan, which also reflected the advantages of DAO: the participation of community members made the plan change to a better direction.
secondary title
DAO future
Although DAO has attracted public attention again in 2020, most DeFi projects do not have DAO or only part of the content community governance, and the same is true for domestic DeFi projects. It is believed that through the efforts of DAOs around the world, such as DAOSquare, Dora Factory, Moloch DAO, DAOHAUS, PieDAO, etc., Web3 and DAO-related projects will be gradually improved, and DAO supporting facilities will be gradually completed.
If you want to go fast，go alone
If you want to go far，go together
