What are the most popular DAOs in the global community?
Original Article Title: "Eleven Landlord Sharing Meeting: Fun DAOs Recently Discovered"
Original Source: Dao of DeFi
This article is translated from Dao of DeFi. Recently, Eleven, the person in charge of BitWei's wealth class, held an online discussion to share some DAOs he has recently encountered with readers. He also expressed his views on how to judge whether a DAO is worth participating in, how ordinary people can participate in a DAO, and other topics.
Foreign DAOs
Let me first talk about a few fun DAOs. The last DAO I participated in was Constitution DAO, and everyone probably knows that Constitution DAO saw about a thirty to forty-fold increase.
Recently, I have participated in several DAOs:
One is FreerossDAO, there is also a developer DAO, and then I participated in a basketball DAO, which means they may be buying an NBA team. Another one I plan to participate in is PleasrDAO. A16Z made an investment in PleasrDAO, and the specific amount has not been disclosed. I will pay special attention to this one as well, mainly to share with everyone these few.
Domestic DAOs
I will talk about two domestically well-executed DAOs. One is Unknown DAO, where "Unknown" means unknown. They have a spiritual leader named Zhang Xiaoyu. I don't know if you have heard of him. Everyone is guided by Xiaoyu, spontaneously establishing this Unknown DAO, and it also has its own exclusive NFT. Currently, everyone inside is quite active, introducing each other, sharing with each other, and also organizing offline activities. It is a knowledge-based DAO, mostly composed of Chinese, and everyone chats with each other. If you go in, you will find that the atmosphere inside is relatively good.
https://discord.com/invite/KV2TtSUp
There is also SeeDAO, which is a DAO founded by someone I collaborated with before, Tang Han. It is a creator DAO targeting creators. So far, I haven't discovered their token yet. They have their own unique avatar, which looks pretty good. These are the two DAOs in which I have participated to a lesser extent.
https://discord.com/invite/bB9h5QN4
I want to focus on several DAOs in which I have actively participated, meaning I have actually invested money in them. I will discuss why I invested in them and what features make them worth my investment.
Developer DAO
https://twitter.com/developer_dao
Alright, let me start with the first one. The one I hold an NFT for is called Developer DAO, which is actually a group of developers coming together in an organization. Now, many teams or chains are lacking developers, and they want developers to come over and build various DApps. This DAO will then share with each other, mainly programmer-focused. It will have from beginner to advanced levels, as they are not tied to developing on a specific chain, so many will try to attract this group of developers. For example, a well-known platform in this industry, gitcoin, conducted a token swap with the governance token of Developer DAO.
Of course, the token has not been issued yet. If it is issued, I think it will be very valuable. However, I am not suggesting you buy it. I am just saying that there is such a DAO, and you can go in and see the atmosphere inside, see what they are discussing. Getting a feel for this kind of DAO may have additional benefits for you.
PleasrDAO
The second thing I want to talk about is PleasrDAO, backed by A16Z, which aims to purchase a significant and commemorative NFT. Why did they choose this name? Their first NFT was actually created by a young female Gen Z crypto artist. One of her notable NFT works was an official promotional piece for Uniswap V3, which was then turned into an NFT. The organization acquired this NFT, thus initiating PleasrDAO.
PleasrDAO has also acquired other famous NFTs, such as the original photo of the Shiba Inu dog that inspired the Dogecoin meme. They may have also purchased some of Edward Snowden's NFTs. Their most recent acquisition was from the FreerossDAO, where they bought an NFT released by Ross while he was in prison collaborating with other artists.
Ross is a controversial figure, and PleasrDAO acquired the NFT in this manner. In conclusion, PleasrDAO aims to collect a significant number of historically important NFTs, as these NFTs themselves are likely to be very valuable. Therefore, participating in PleasrDAO's next NFT purchase may come with additional benefits.
Previously, PleasrDAO launched a token, but it is not a governance token; rather, it is an internal token and currently lacks liquidity, so it may not be considered a governance token. If you wish to interact with PleasrDAO, it is best to participate in their upcoming NFT acquisitions.
If they acquire an NFT, they are likely to tokenize it, which could be seen as an investment opportunity. Supporting the purchase of a historically significant or industry-renowned NFT may be PleasrDAO's mission. It could also be a way for retail investors like us to engage with PleasrDAO. Follow their Twitter, stay tuned for their next target NFT, and then show your support.
https://twitter.com/FreeRossDAO
Free means liberation, that is to say, we are going to rescue Ross. First, we need to know who Ross is. Ross is the founder of the Silk Road, a long time ago on the dark web. Since it was only supported Bitcoin payments, it made many people aware of Bitcoin.
On the Silk Road, various items were traded, such as drugs, firearms, and all kinds of illicit passports—things that are not usually bought and sold. So Ross was arrested. However, some people in the West believe that Ross created the Silk Road for freedom, for free trade, for free sharing. Of course, because it was too free, and everyone was buying and selling drugs on it, this led to Ross being targeted by the FBI in the United States and eventually arrested.
This is a typical case of being arrested due to such values. The West values freedom more, so now some people have initiated a DAO to donate money to him. This money will be used to rescue Ross, so they crowdfunded a lot of money to purchase an NFT artwork of Ross.
The difference in mindset between Westerners and Easterners has determined the extreme volatility of the Token, which is actually a clash of values. So it is necessary to carefully consider this matter. If it does not align with your values, then you should not get involved.
How to Judge Whether a DAO is Worth Participating In
Summarizing some abstract rules—if you see something next time, it can help you judge whether this DAO is worth participating in.
Point 1: Is it backed by a well-known organization?
Point 2: Has it been endorsed by a big shot or multiple big shots, received positive reviews, or even if one of its multisig signers supports it, it also counts as a signal.
Point 3: Does its story, that is, what the DAO wants to do, its narrative, come across as positive? Or at least, is it considered positive by some people? The original intention of this DAO being recognized by some people is also crucial.
Point 4: Are there any dedicated memes to represent and promote the DAO? This is also one of the signals.
Point 5: See how the interaction, comments, and retweet data on Discord and Twitter are.
These 5 points together can help you roughly judge whether this DAO is worth your investment.
DAOs Planned to be Tried Later
1. Ethereum Documentary "Infinite Machine" https://discord.gg/WERHsABE
2. Football DAO, "Football DAO: Buy a Football Club and Operate it with a DAO". Of course, this DAO has been around for a while now, currently there is no plan for a fundraising round, or at least we haven't seen it yet, because football is the world's largest sport, so it has a lot of fans, and we use a DAO to raise funds to buy a team.
https://mirror.xyz/whereisfootball.eth/wrK6L6Ymd4vWfvcUPWxLPVDim4HI0kOmBq9i0lT2gVw
3. Basketball DAO. Its current return on investment is so-so, slightly in the red. Of course, I don't think this has much of an impact because it's just getting started, so I think in the future organizing a team in the form of a DAO is a very meaningful exploration that can be tried with a small amount of money. https://discord.gg/qu8W3NSe
4. Rabbithole DAO. I really like the Rabbithole product, there may be some roles inside that can help us better enter the web3 space. Participating in the Rabbithole DAO may have a significant income in the future because it could be both a gateway, a source of funds, and a training institution; it is like a university. https://rabbithole.gg/
How Can Ordinary People Participate in a DAO?
To identify a DAO, you can refer to the 5 points I just summarized, apply these points, which may help you identify some monsters, or may help you find some treasures. This is my personal opinion on risk.
Of course, my biggest advice regarding DAOs is small amounts and more participation. This way, you will have a sense of it. Anyway, you have tasted the sweet, the bitter, and the sour, right? You will know whether the next thing you eat is bitter or sour. Or, if you smell it next time, you will know whether it is worth participating in or not.
Thoughts on 2022 as the Year of the DAO
So, my advice on 2022 being the Year of the DAO is to participate with a small amount, it's okay if you lose, anyway, the funds are manageable.
For example, for myself, I would participate in at most 1 ETH, or if it's a small amount, 0.1 ETH, even if there is a loss, it's not a big issue. But to feel something from the participation process, I think this is very important. So everyone should participate in some DAOs, interact more in their communities, especially participate in some proposals and voting. This is very important—because there may be airdrops. The second point is deep participation, you need to cast a wide net, but also focus on participating in a few, which may be very helpful for your future investments.
Managing Risks When Participating in a DAO
Actually, as I mentioned earlier, try more of the smaller ones because these DAOs may not have been fully exploited by scammers yet. Currently, DAOs are still being explored by some pioneers and are in a chaotic stage. Once a DAO has matured tools and suites, essentially having one-click token issuance and one-click DAO creation, lowering the entry barrier rapidly, scammers will flock in.
So, before these scammers rush in, try out several of them, get yourself vaccinated early so you can defend against these monsters in the future. Once some really good DAOs emerge in the future, you'll be able to catch on quickly. Therefore, for now, it's about playing more, experiencing some pain, enjoying yourself, and casually feeling it out, which I think might be helpful for what's to come. Ponder more on its economic model, its community, the kind of person who initiated it, etc., look up information, all of which will be helpful.
Basic Tools for DAOs
The first one is MetaMask Wallet.
The second is a voting tool called Snapshot https://snapshot.org/, which is the preferred platform for many top projects to initiate votes; this project has not yet introduced its own token and recently raised several million dollars in funding.
There is also a basic tool, the Superfluid protocol, https://www.superfluid.finance, which is about initiating a transfer and then having the payment stream smoothly to another address. The Superfluid protocol may become a major infrastructure in the future.
There is another tool, which is the writing platform https://mirror.xyz/
Channel for Discovering Interesting New Projects
So I am like this: I follow some people on Twitter, follow some industry leaders. Of course, if you don't know who to follow, you can copy my Twitter follow list. Sometimes they will retweet some things, and then you will be curious and click to see what it is. This is an effective approach.
The second effective approach is The Daily Ape Telegram subscription on Telegram (https://t.me/thedailyape ), where you can discover some interesting DAOs. These are my two most important avenues.
Another one is the official website of 8BTC, where there might also be some, especially in the news flashes. If our colleagues catch something, sometimes they can be pretty accurate. There might be some related things coming out, and then you have to Google it, go to Twitter to see some of their stuff.
Is there a systematic explanation of DAOs?
There isn't really one yet. Once something appears on the market that systematically explains something, the opportunity for that thing has already passed for you.
We want to jump into playing without a systematic introduction, there may be some early gains, but once there is a course available, everyone knows about it, and there is already a methodology for video interpretation, by that time, if you start playing, there may not be much benefit left.
Is a DAO relying on human governance rather than smart contracts still considered a DAO?
Just now my colleague asked a question, which is, a DAO abstracts the real-world company's operation logic and deploys it on the blockchain, so smart contracts are essential. However, currently, these DAOs are maintained by human effort, so are these DAOs considered real DAOs?
It is definitely a real DAO; otherwise, what are we even playing? For example, one of the most important things in a DAO is how we control its funds—using multisig to control it. Multisig may still be done because, after all, there are only a few people with multisig, and we can release multisig to the community, allowing the community to vote to execute the direction of these funds. As far as I know, snapshot has a plugin in it, I forgot the specific name, you can bind to it once, and then you can specifically move these funds based on the voting results of snapshot; it is very decentralized.
Summary
In fact, I have mentioned that the biggest DAO is right next to you—it is Bitcoin. Bitcoin is the largest DAO; you see if it is decentralized, if no one can control it, and when we propose something to Bitcoin, initiate governance, or deploy something, it requires lengthy discussions, decisions, testing, and even disputes, even several mining pools, they still have to follow their own deployment standards. Bitcoin, as a DAO that is decentralized to the extreme, is right next to you.
Starting from Bitcoin, it has spawned many things, Ethereum, even web3, or a governance model like DAO for Bitcoin, it's just that now the tools are very rich, there are tokens, various tools for everyone to use, and now creating a DAO is even easier.
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