Friends of Unlock DAO on xDAI

Howdy folks! I’m planning on launching “Friends of Unlock DAO” (working title) on xDAI with the purpose of bootstrapping Unlock on xDAI. I’m 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. Here’s the preliminary plan:

  • Mission: Bootstrap Unlock on xDAI network
  • Launch an xDAI MolochDAO on DAOHaus
  • 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 don’t have to limit the DAO to tokenomics.

6 Likes

I like this idea, I think gas fees have been a huge hindrance to us.

2 Likes

Great idea. I’m game.

2 Likes

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?

1 Like

Rather than collect WETH, it might be easier for people if we just collect DAI.

Contribution guide

@ForeignShooter here’s the basic flow of what it would look like for someone wishing to contribute $1,000.

Contributor Option A) Bridge once

  • Use the xDAI bridge
  • 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 you’ll just have to compare to see which is the cheaper route for your situation

DAO instantiation

Here’s the flow for getting the DAO started:

  1. 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, “stopped” 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.
  1. 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
  1. Do DAO stuff
  • Now everyone in the DAO can vote on how to use the funds
2 Likes

Quick question, will there be any minimum amount of DAI that need to be invested by an individual or it can be any amount

1 Like

@phitrone any amount is eligible to join

Also @AFFKKT shared this analytics dashboard which will be useful for measuring our success https://unlock-dashboard.vercel.app/

1 Like

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 isn’t 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.

3 Likes