Howdy folks! Iām planning on launching āFriends of Unlock DAOā (working title) on xDAI with the purpose of bootstrapping Unlock on xDAI. Iām not interested in waiting any longer for the mainnet DAO to reach the voting threshold. Instead, lets pool our resources to keep things moving forward. Hereās the preliminary plan:
Initial share price 1 ETH = 1000 shares and anyone can join
Once we are established and demonstrate our values, we could request grant(s) from Unlock to contribute to our efforts. Some of the initial tasks could be to work on xDAI-specific Unlock integrations, work on partnerships such as with Blockscout and https://www.xdai.world/, or provide liquidity farming on the xDAI pools.
By pooling both financial and time resources, we can hopefully have a much greater impact than our individual efforts alone. Members from the DaoHaus community and MetaFactory with iRobot DAO have had success doing this sort of thing. They focused on providing liquidity and farming rewards on, but we donāt have to limit the DAO to tokenomics.
I think this is a great idea as well. My question is, what would it take to get this up and running? Will the community need to bridge tokens over to the xDai network to participate in the DAO?
If you already have DAI, this is probably the cheapest gas route
Contributor Option B) Bridge twice
Bridge at least 2 DAI for gas using the xDAI bridge
Bridge $1000 worth of WETH or some token using OmniBridge. Then swap for xDAI using Honeyswap or Swapr
This requires 2 bridge transactions, so youāll just have to compare to see which is the cheaper route for your situation
DAO instantiation
Hereās the flow for getting the DAO started:
Initial Fundraising Stage
Create a Gnosis safe, with several of us as signers. 3 of 5 signatures is a good target here for security.
Contributors send xDAI directly to the gnosis safe
Contributions are stopped at a specific date (1 week period?). Here, āstoppedā means that any xDAI sent after this date will not be included in the initial share distribution. Future members will need to follow the normal MolochDAO membership process.
Launch the DAO
Launch the DAO, giving everyone shares according to their initial contribution.
Add the DAO as a signer to the Gnosis safe using the Gnosis Minion feature (not required, but could be useful)
Transfer funds from the Gnosis to a DAO minion
Do DAO stuff
Now everyone in the DAO can vote on how to use the funds
the effect of this idea was minimal? it is not quite clear why to create something in other networks, while in the main ETH network the original goals have not been achieved. or have they been achieved? i think the question of complicity should be further developed in the main chain. dilution is now far from an advantage, but a step backward
Well this isnāt a governance DAO like the official Unlock mainnet DAO, but rather a separate, unofficial community effort. The barrier to participation (ie. gas costs) are much lower on xDAI, so we might actually see a great deal of participation there, which in turn could drive more participation in the official DAO as well.