After the remarkable success of the “ConstitutionDAO” project: what will be the next DAO project? Coinex has the answer
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Answer After the remarkable success of the “ConstitutionDAO” project: what will be the next DAO project? Coinex has the answer
The crypto company “coinex”, known for its global platform for cryptocurrency trading, conducted a research on decentralized governance organizations (DAOs).
DAO has become a very popular term in reports and news related to the cryptocurrency market.
This December, the “DAO & People” project (already included in the CoinEx trading platform) became the hottest topic in the blockchain world.
Below is the research and report that coinex recently published on “DAO”:
Since 2020, the world of blockchain and crypto has undergone new changes and innovations, from DeFi then NFT to today’s DAO, and the crypto world has revealed another important chapter.Read:Tron founder only confirms advisory role on cryptocurrency exchange Huobi and denies acquiring it
The “ConstitutionDAO” proposal and project that ran from November 12 to November 19, 2021 not only attracted practitioners across the blockchain industry, but also motivated the founders of traditional American venture capital and technology companies to join.
Despite its failure to win the first version of the US Constitution, “ConstitutionDAO”, as a spontaneous experiment and another popular community project for DAO that follows “CityDAO”, expresses clearly the definition and implementation logic of DAO.
At the same time, the marketing effort with the first version of the US Constitution Auction has historical significance for the DAO, the blockchain, and even the future development of Web 3, and serves as a good reference for other DAOs.
The statement of the “ConstitutionDAO” project states the following:
We’ve shown the world what Crypto and Web 3 is, training thousands of people in the process, including curators and art directors who are now eager to keep learning.
We were the first DAO he’s ever worked with, but we’re sure we won’t be the last one.
We made history and showed the world how a group of internet friends can harness the power of the web to achieve seemingly insurmountable results on an impossible timeline.Read:Ripple expands internationally and opens its first office in Dubai
Over the past few days, we’ve shown the world what a group of internet friends can do with the powers of Web 3.
It raised over $47 million, uniting 21,000 people on Discord and 42,000 on Twitter in just 4 days.
That’s it thank you, and we couldn’t be more grateful.
We broke the record for largest crowdfunding type and closed crowdfunding in just 72 hours.
Of course, we will refund the money to those who contributed to the fund.
Since November 12, 2021, when ConstitutionDAO retweeted the press announcement of a copy of the US Constitution auctioned by Sotheby’s and simultaneously announced its participation in this auction and fundraiser, many users have flocked to this campaign, including members of organizations that were exposed Their identities are by ENS addresses.
Members of nearly a hundred DAOs made this tweet go viral by posting comments on it and retweeting it.
About $1 million were raised daily, bringing this campaign closer to the seed funding goal.
Specifically, NFT Studio and investment firm Metaversal donated $1 million, inspiring an anonymous donor to funnel $4 million for this campaign.Read:Hungary: Unveiled a statue representing Satoshi Nakamoto, the founder of Bitcoin
As a symbol of freedom and democracy, the first version of the US Constitution coincides with the spirit of decentralization in the blockchain. The US Constitution bears the phrase:
“We are the people for the people!”
It became the motto and spiritual guide for each participant and follower. In the words of one enthusiast, who stated:
we are the people.
The American Dream is still alive online.
Web 3 enables a new generation of freelancing and collective action, and is a living expression of American insiders’ insistence on blockchain and their serious commitment to it in the election campaign.
According to incomplete statistics, there are nearly 20 organizations and more than 50 DAOs including AAVE, Solona, Coinbase, Grayscale, SyndicateDAO, Techstars, a16z, Beetle, CityDAO, basketball star Shane Batter, Broadway star Brooke Tansley and esports players. The electronic “100T Nadeshot” directly or indirectly promoted the DAO’s constitution, contributing to thousands of related tweets.
This rapid boom observed on online media such as Twitter, financial media, university communities, and blogging around the ConstituionDAO has led to a spontaneous social movement where everyone strives for a common ideal as well as work to encourage symbols of freedom.
From an overview of the main contributors behind “ConstitutionDAO”, we can find a perfect blend of their compatibility, dedication and general resonance, which may serve as a great reference for establishing a fundraising DAO or other types of DAO in the future.
“ConstitutionDAO” seeks, through the creation of collective movements, that this goal be something tangible or achievable to some extent.
For example, the goal of “ConstitutionDAO” is to bid for a copy of the first edition of the Constitution, while the goal of “CityDAO” is to obtain rights to administer land.
Among the other objectives that can be achieved by the DAO are:
- The great echo of touching human feelings:
Whereas the creation of the DAO can attract the general public to join, and in the case of ConstitutionDAO, the American Dream is what matters.
Nothing is more important than the democracy and freedom that Web 3 and America are calling for.
The Constitution reflects American independence and freedom, and the word “Constitution” naturally stands for American identity.
- MEME items:
Each DAO should have its own meme, shortcut or gif.
It can be animals, stars, social celebrities, planets, etc.
- Money Security:
Ideals alone are meaningless.
In the real world, the ability to secure funds is even more important when it comes to the technical strength of the DAO and adherence to contracts.
In this case, a well-functioning fundraising venue and smart contract is a top priority in the web3 and blockchain spaces, as they ensure fast and smooth fundraising, transparency and traceability, a well-managed money management mechanism and a clear refund process.
JuiceBox, for example, offers a gold standard smart contract that makes fundraising convenient, secure, open and transparent, and incorporates the redemption mechanism and redemption process into the smart contract, showing donors their commitment to the contract.
From the above, we can see that the focus of the blockchain field has shifted from decentralized finance (DeFi) to decentralized governance (DeGov) over the past year.
Although 2020 is considered the first year of DeFi, the increasing complexity and flourishing of DeFi projects has pushed the DAO serving as the governor and decision maker to develop the project into the spotlight.
Examples from within Ethereum include YFI, Compound, Synthetix, Uniswap, and Gitcoin all of which were run, some of which started as DAO.
It is undeniable that a form of truly decentralized governance is becoming increasingly popular for reasons.
However, risks remain, as evidenced by the recent hostile takeover of Steem and the subsequent massive Dapp migration to Hive.
With the growth of the market and the emergence of projects of various types, the DAO’s goal expanded from fundraising or governance alone to a wide variety.
Comparison between today’s DAO and future DAO:
Before anyone noticed it, DAO quietly developed and launched various social experiments, making a difference in both the real world and the blockchain space.
Meanwhile, DAO has long been influencing blockchain development and sectors such as DeFi and GameFi protocols and investing.
DAOers bring their expertise (writing, UI design, ideas, programming, laws, finance, etc.).
Their contributions not only earn them honors, but also financial rewards at various levels, making the internal incentive mechanism sound and healthy.
Someday in the future, we may all become a DAO.
As we can see today, many DAOers have organized spontaneous presentations on concepts, tools, and training for beginners related to DAO.
So here comes the question: How do we find the next ConstitutionDAO or join the DAO we care about and contribute our expertise to this new model of social engineering.
Here are some basic tools for your reference:
Working next It enables user governance by providing voting dashboards, governance tools, real-time research and analysis, and wikis.
Currently, it is a place to collect governance information for most of the mainstream DeFi protocols (Compound, ENS, Fei, Gitcoin, Uniswap, etc.), including relevant proposals, voters and stockholders.
It is worth noting that major capital institutions still have the majority of votes for the mainstream DeFi protocols, with the biggest say in the decision to develop the protocols.
Aim to DeepDAO To collect various quantitative and qualitative data about the DAO, and present them to the public in the form of an interactive dashboard.
While continuing to expand the metrics collected, the platform is committed to covering more of the DAO.
Although the DAO is uniquely attractive in terms of financial resources, its core lies in its governance.
To this end, DeepDAO delves into every detail of the DAO by studying internal operation, proposals, voting models, levels of decentralization, and member activity and growth.
DeepDAO is also developing an evaluation system.
So far, DeepDAO has included 164 senior DAOs, DAOs cover various protocols including:
Investing, providing various needed tools, building communities… At the same time, DAOers are categorized by multiple dimensions such as voting participation, contribution, etc., so that novice DAO users can monitor their participation in the DAO.
DAO has set a good example of urban management in the modern era and the world of blockchain.
Perhaps we will work with each other in different DAOs someday in the future for the cause to which we are dedicated.
As we indicated at the beginning of the article, this research and report was prepared by Coinex, so that you can access it and all its links on social networks through the following links:
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