Grand vision for decentralized autonomous organizations (DAO) belongs to hardworking, utopian communities, owned and managed by their members, in which each person has a voice in how assets are allocated and how things go.
But the sad truth is that DAOs are often centralized; In many cases, important decisions have already been made by the DAO’s core team before most of its members are involved. But there is a change in the wind.
A soon-to-be-launched The DAO is determined to rectify the situation, ensuring that its 10,000-strong community will be involved in key decision-making from the outset. It is being launched by the community of DexGuru, a popular trading and analytics platform, and its members will be able to influence the size of GuruDao – and with the token – even before it is launched.
Dexguru contributor Nick Savinih explains decrypt How the newly formed organization will embrace the true principles of decentralization – and why it is so important to the future of The DAO.
Not all DAOs are created equal
Dexguru Trading Terminal was launched in 2020 with the aim of providing the best user experience with real-time data across all decentralized exchanges.dexmarket, enabling accurate on-chain research and powerful data analytics.
Like many crypto projects, it plans to launch a DAO to allow its community of users to control the direction of the project. But even the launch date of Gurudao is being left up to the community, Savinih said.
It is an approach that is far from normal; Projects typically do not provide community members with voting rights before their tokenomics are determined, or give their opinions to users in the process.
Often, “the decisions about how to launch a token, how a token should work, how the internal processes of DAO governance should work… are made by a very narrow circle of about five to 10 people on the core team,” says Savinih. it is said.
“We want our community to define these rules for themselves, without forcing the core team to want them. If we are talking about community governance, and if we are talking about people building something together So it shouldn’t be a core team or some kind of developer or support team or any inner circle that decides for everyone,” he explained.
“We want our community to define these rules by itself, without the core team forcing their will.”
Each member is equipped with a Guru Season Pass NFT that lets them participate in a process Dexguru describes as “governance mining” during the DAO bootstrap phase. (Secondhand Season Passes are available on the NFT OpenC Marketplace.)
“Community members will vote on how the DAO will work, how the token will work, and what the token allocation will look like,” says Savinih.
Dexguru’s story
This reflects Dexguru’s broader mission of bringing rapid, early decentralized, on-chain data analytics tools to the broader community of decentralized finance (DeFi) merchants, enabling them to make informed decisions on par with merchants at scale, and effectively decentralize the delivery of on-chain analytics.
Gurudao is formed “from the vast majority of people who visit the DexGuru site in charting, trading token and search markets”, says Savinih, who has extensive experience in building consumer-facing crypto products, and already established internet publishing defiprime,
He and some of his friends founded Dexguru during the DeFi summer of 2020, becoming “obsessed” with the idea of providing better UX and tooling for their growing trading community.
“Most of the charting tools at the time supported only uniswapAnd we wanted to chart every token on every possible chain, without any middlemen, without interruptions, and we wanted to see the data in real time as quickly as possible,” says Savinih.
time flies when you’re having fun! With spring 2022 approaching, we’ll dive into what we’ve been up to over the past few months
Updated UI
Multichart
ENS
Better performance
️https://t.co/wLCALiKWm2— dexguru ️ (@dexguru) 31 May 2022
The platform’s primary mission became to develop professional-grade charting tools and real-time market data for any tokenized and decentralized exchange hosted on an EVM-compatible chain. He sought to provide an overview of the entire market and its key stakeholders, with data transparency as a guiding principle, to enable traders to easily monitor the on-chain flow of assets.
Recent updates include a token profile feature that highlights new details, such as the top 100 holders and whether they are still in profit, as well as “merchant profiles”, which allow users to track the value held in the wallet and its value. Allows viewing of transactions. history.
There is also a new liquidity provider classification, which tracks and tags investors based on the value of funds locked inside various liquidity pools within the past 30 days.
And their strategy is proving successful: In February 2022, DexGuru closed a $5 million strategic funding round; Since its launch, the platform has processed over $1 billion in trading volume.
Launch a Bootstrapped DAO
The rapid growth of the DexGuru community, which will now form GuruDao, has been exceptional due to its organic nature, says Savinih. Now, it is up to the community to decide the time, date and design used to launch Gurudao and its tokens.
“I think what we are seeing now – not only with DexGuru, but as an increasing trend – is a kind of ‘Day 0’ decentralization, where all initial decisions (including token distribution) are delegated to the DAO. while the operating team functions more as a sub-DAO than as project overlords,” said Dino Ibisbegovic, a GuruDAO member who is part of Daedalus, an angel collective invested in DexGuru.
Once the DAO mechanics and token allocation are decided—each voting cycle takes about a week, according to Savinih—Gurudao will use smart contracts and tokens like other DAOs.
“What we are seeing now – not only with Dexguru, but as a growing trend – is a sort of ‘Day 0’ decentralization.”
Its participants will make decisions about how the organization’s resources are allocated; They will decide how to reward early governance participants, airdrops and transactions made by the DAO.
And while the token launch is eagerly awaited by the Gurudao community, the current market situation—namely, along with UST and market turbulence—means that the community is likely to wait a few months before launching its token, Savinih says.
In the meantime, they plan to improve the tooling of The DAO and further decentralize, define, refine and grow the community.
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