Enables Stellar projects to quickly setup and operate governance DAOsWebsite
This service enables Stellar asset issuers to quickly turn their asset into a governance token. InstantDAO offers a TOML loader and editor that allows the issuer to easily customize the configuration for their DAO. They can specify the ballot account, minimum voting power for poposals, quorum to pass proposals, and other options for their specific needs.
The DAO portal web 3.0 app where users could interact with any DAO enabled asset for governance. The user simply connects their wallet and the portal will scan their asset holdings for assets with DAO enabled. Each DAO comes with its own dashboard and explorer. Users could see all the proposals and vote for or against any active proposals, they will be able to comment on the proposals and see which accounts have voted. The explorer will show the voting history for an account and its voting power.
Decentralized On-Chain Voting
For immutability and transparency, all votes will be recorded on the Stellar blockchain. The process can be audited by any third party to check the integrity of the results. On the backend, InstantDAO will take snapshots of the Stellar ledger to track the voting power of the participants.
Community Builder (future)
InstantDAO will allow projects to build up their community of active governance participants with social and discussion features.
Token Rewards (future)
InstantDAO will allow projects to issue claimable balances to reward DAO participation
Most core features of InstantDAO have already been built and will be ready for alpha testing within a few weeks. Our immediate goal for the budget is beta product launch and marketing outreach to inform blockchain projects the availability of our platform and the benefits of tokenizing on Stellar. We plan to hire a part time marketing manager and graphic designer. Long-term, our budget request will give us a multi-year run way for operations and support of InstantDAO and continuous product development to create value for Stellar users and ecosystems.
• Launch alpha
• Complete beta product development
• Beta product launch with marketing outreach
• Education outreach- blogs, videos, and social media
• Continuous feature update and development based on user and partner feedback
• Repeat step 5 :-)
Inspired by defi pioneers like Uniswap, and Compound, decentralized governance has gained a lot of traction recently as a way to add utility to cryptocurrency tokens. This is the idea that token holders could influence the direction of the project (e.g. yield farming parameters, development priorities, integrations, etc...) via decentralized voting. Projects that wish to implement decentralized governance properly must implement similar features and solve some common problems to ensure that the process is transparent, fair, and auditable. Our goal with InstantDAO is to provide platform that lets any Stellar asset issuer get up and running with decentralized governance in just a few minutes.
Our mission is three folds:
1. Allow Stellar asset issuers to easily add decentralized governance features to their token.
2. Improve the utility of project based Stellar assets
3. Attract more projects to Stellar with an easy to use decentralized governance platform.
Our target market is any blockchain projects (whether they're on Stellar already or not) that wish to add decentralized governance as a feature to their tokens. With NiceTrade, we have interacted with various token issuers and most of them claim governance as a selling point for their token. InstantDAO will let them get up and running quickly while providing decentralized governance features for their users. Governance is a very broad concept that is uniquely applicable to almost every cryptocurrency project that seeks to add utility to their token by allowing holders to influence the direction of the project.
After beta testing period, InstantDAO will offer a subscription licensing model with fixed tiers based on the number of expected users for each prospective project. We've reached out to a few projects and they are receptive to this pricing model, as it costs a very small fraction of building something similar from scratch. This is a relatively new concept (there are no other DAO-as a service offerings for comparison), but based on our experience with NiceTrade, we're confident that the demand exists.
We already have a scalable backend infrastructure for operating InstantDAO. Our budget request will help sustain engineering and marketing for multiple years. We are passionate about development and our burn rate is very conservative as we love to code and will scale everything based on demand.
Decentralized governance goes hand in hand with decentralized finance (Defi). Most Defi tokens are governance tokens with rewards for liquidity providers. As we can see from the defi boon, the market is rapidly expanding which itself lives within a growing blockchain space.
We think there is a large unmet need for decentralized governance as a service. Most modern project tokens claim decentralized governance as a utility feature of the token and need to solve a lot of common problems.
Decentralized governance by itself should not be directly affected by government regulations. Certain customer segments like defi may be affected by future regulations. But decentralized governance is broadly applicable regardless of economy and industry. By launching on Stellar, InstantDao is also betting on the technological strengths of Stellar providing cheaper and faster transactions than competitors.
There is currently no "DAO as a service" platform like InstantDAO that we could identify. The popularity of decentralized governance is relatively recent and buoyed by decentralized finance.
It is always possible for projects to implement decentralized governance themselves. I have seen several of these on Ethereum and Binance Smart Chain (have not seen any on Stellar yet), and they all end up looking very similar and offer the same set of core features. We think that implementing governance is definitely no small endeavor, especially backend ledger analytics for auditable voting. When it comes to "build vs buy", we think the benefits of subscribing to InstantDAO greatly outweighs building something similar from scratch, especially after seeing how easy it is to setup and use InstantDAO.
We have established many prospective contacts through operating NiceTrade, a decentralized exchange and wallet for Stellar. Projects have been contacting us directly for listing and we are well connected with several popular Stellar projects. We plan to expand our social media presence by publishing videos and blog posts highlighting the benefits of Stellar to prospective token issuers, and make sure they're aware there is a ready-to-go decentralized governance platform as their disposable.
Dan (Dexter)- Founder
I am an avid user and developer for Stellar for over 5 years. My interests are in cryptocurrency tokenomics, trading, web 3.0, and decentralized finance. I really enjoy app development. You may have heard of our other project NiceTrade for which we have released continuous updates for more almost two years (with much more to come). As a project maintainer, we have interacted with many Stellar users and developers and have some intuition for unmet needs in the ecosystem. I pick my projects carefully and cherish any funding received to take great care of our projects.
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on July 5th as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
**The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on December 16, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on September 27, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
* The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on the date of transfer as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)