Omnichain DAOs on Rujira
With the release of THORChain v3.9, @DA0_DA0 has officially launched, making it possible for anyone to create and manage their own…
With the release of THORChain v3.9, @DA0_DA0 has officially launched, making it possible for anyone to create and manage their own omnichain DAO, and tap into the full power of omnichain DeFi on Rujira.
But what makes DAOs and DAODAO such an important addition to the ecosystem? Let’s break it down!
⚡️What are DAOs?
Let’s start by taking a step back and looking at what DAOs actually are and what they enable.
A DAO, or Decentralized Autonomous Organization, is a key innovation made possible by blockchain. It allows people, projects, and even entire companies to operate through decentralized governance.
Instead of decisions being made by one person or a small group at the top, token holders get to decide the future. Contributors and community members can submit proposals, and token holders vote on them.
These proposals can cover anything from financial to technical to operational decisions, like:
- Should we change our DeFi strategy and deploy part of the treasury on Rujira?
- Should we reduce the unstaking period from 3 weeks to 1 week?
- Should we pay Person X for delivering Feature Y?
Based on the results of these votes, actions are carried out automatically on-chain when possible, and otherwise by the project’s contributors.
⚡️Build, launch, and manage Omnichain DAOs with DAO DAO
DAO DAO is the go-to platform in the Cosmos ecosystem for launching and running DAOs. It gives communities and builders everything they need to create powerful on-chain organizations without any specialized knowledge.
Some of the features of DAO DAO:
- No-code DAO creation lets you launch a DAO without writing any code by simply clicking through and customizing.
- Modular and flexible design lets you customize features like voting parameters, treasury control, and other governance rules.
- Provide tools to simply carry on any on-chain operation, put in place reward distribution contracts, token vesting, manage NFT collections, and many more, all from a simple interface.
- Fully on-chain governance means proposals, votes, and execution happen transparently on the blockchain.
- Vote delegation allows token holders to delegate their vote to someone they trust to represent them.
- Token-based governance is the standard DAO model where voting power and economic rights are proportional to the quantity of token staked.
- Member-based governance lets any group of individuals create a multisig, greatly reducing risk of misbehaviour or mistake from one person when carrying on-chain operations (e.g. for crypto project teams, or for friends and family pooling funds together to invest).
- NFT-based governance lets DAOs use NFTs for access, identity, or decision-making power, unlocking new creative models.
Whether you are spinning up a community project, managing a protocol treasury, or building something more advanced, DAO DAO gives you the tools to do it your way with full transparency and control.
⚡️The Power of Omnichain DAOs
With DAODAO landing on THORChain, people, projects, and companies can create omnichain DAOs for the first time ever. By deploying on Rujira, DAOs become directly connected to all chains integrated with THORChain, such as Bitcoin, Ethereum, and XRP. This also means DAOs can now hold native BTC and other real assets as part of their treasuries, or explore DeFi strategies with native assets. In the other direction, communities on chains without smart contract functionality can now set up DAOs to easily manage activities for their own chain. For example, the Bitcoin community could spin up a DAO that acts like a decentralized MicroStrategy, stacking native BTC in its treasury, governed by token holders who vote on the issuance of bonds via RUJI Launchpad, when to use the money raised to buy more BTC, and how to grow the treasury through Rujira’s Strategies.
DAO DAO being deployed on Rujira is also a major milestone for both @AutoRujira and @LiquidyFinance, as they can now migrate their DAO operations from Kujira and Rujira into a fully cross-chain setup.
⚡️Liquidy Finance
@LiquidyFinance is in the process of migrating its ±$1 million treasury from Kujira to its new DAO on Rujira. A significant portion, around $550k, has already been deployed into the XYK strategies to generate revenue through market making and grow the treasury.
These pairs are:
- BTC/USDC
- ETH USDC
- ETH/BTC
The remaining $450k will be deployed after the community votes on where to allocate it. Current holdings include $BTC, $ETH, $USDC, $RUNE, and $RUJI.
$LQDY holders can now stake, vote on governance proposals, and become eligible for staking rewards by going to the DAO’s dashboard:
A guide to migrate and stake can be found here:
By staking, the community helps decide how to allocate revenue, set staking reward levels, deploy treasury assets, and shape other key decisions for the future of Liquidy Finance. Note: There was a technical issue with the initial DAO setup for Liquidy Finance on Rujira. If you’ve already staked your $LQDY tokens, please make sure to unstake and restake them in 7 days using the link above.
⚡️AutoRujira
The @AutoRujira team has also started migrating their DAO to @THORChain, and $AUTO holders can now stake via the AutoRujira DAO dashboard:
A guide to migrate and stake is available here:
By staking $AUTO , users can participate in governance, earn a fair share of rewards generated by the $TCY auto-compounder and future AutoRujira products, and use the $AUTO auto-claimer to automatically claim staking rewards.
⚡️Future of DAOs will take place on Rujira
We are just at the early phases of DAOs and we are excited to see where we are heading. In the future, projects launching or deploying on Rujira, such as through RUJI Launchpad, can easily create a DAO to serve their community and investors if they desire. These can be DeFi projects, NFT communities or maybe even real-world business. We hope to see the THORChain community embrace the opportunity and create some DAOs of their own.
