23 September 2022: Special Edition: Decentraland Spotlight
How the first user-owned virtual world uses Aragon Client to secure their treasury
In this week’s special edition of The Eagle, we’ll be talking about how Decentraland, the first user-owned virtual world, uses Aragon to secure their treasury.
But first, two votes went live this week:
These two votes will determine what happens to the AN DAO Charter and remaining balances once the Delegate Voting DAO is deployed and a new Charter is enacted. The AN DAO was deployed with optimistic governance technology that does not support delegated voting. Token holders will decide whether they wish to uphold or terminate the AN DAO Charter and whether they wish the AN DAO to return remaining balances to the treasury in the absence of a Charter. You can find both votes here:
Governance Proposal: Future of the AN DAO Charter
If a new Charter for the Delegate Voting DAO is enacted by an ANT Holder vote, do we terminate the AN DAO Charter?
If the result of Question 1 is “Yes”, when is the AN DAO Charter terminated? (15 or 30 day options.)
Do we transfer the remaining balance of all AN DAO Treasuries (Main DAO and Sub-DAOs) to the Aragon Treasury when the Delegate Voting DAO Charter is enacted, prior to the termination of the AN DAO Charter?
Voting ends in 13 days, so make sure to cast your vote!
Now, on to Decentraland!
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What is Decentraland?
Decentraland is a virtual world in which users own in-game assets as NFTs on Ethereum. Players can buy these assets such as land, wearables, emotes (think of them as moves a player can do), and names in a marketplace.
The virtual world is known for being a proven use case of how the metaverse could become the future of gaming. Implementations of the metaverse are still early, but Decentraland is clearly paving the way when it comes to combining gaming, immersive experiences, and the blockchain.
Players can build on their own parcels of land and monetize them separate from the platform itself, something novel in the gaming ecosystem. The platform puts power in the hands of the users, who can create the world they want to play in.
How Decentraland Uses Aragon
When Decentraland started in 2020, they used Aragon to vote, execute decisions automatically, and secure their treasury. As gas fees to execute on-chain actions became more expensive and their community grew, Decentraland chose to move votes off-chain and execute the results in Aragon via a smaller group, like a multisig.
Now, they have a committee that enacts the will of the voters, saving money in gas fees. They hold votes off-chain on Snapshot and the committee accesses the treasury in Aragon Client to send funds as necessary. They also use Gnosis Safes for smaller treasury actions.
The DAO owns the assets of the marketplace as well as a large portion of the native token MANA. So, they vote on actions such as changing the price of assets or adding new NFTs to the world.
With a treasury of $200 million USD, the Decentraland team has relied on the security of Aragon’s contracts for years. Even with moving governance mostly off-chain, the committee has kept the treasury in Aragon to ensure protection. Committee member Yemel Jardi noted that one of the reasons they chose Aragon is because it’s open-source and well-audited.
Making waves in the metaverse
Decentraland is making waves as one of the first major movers in the metaverse and a defining voice in the GameFi ecosystem. They’ve built a thriving community that builds on top of their protocol, a core ethos of web3. Giving ownership of assets to the users of the game could change the future of gaming forever.
We’re excited to follow what Decentraland does next!
Read more in our blog!
Join our Twitter Space with one of our DAO Expert, Opolis, on Wednesday September 28th at 4pm UTC.
Have a great weekend!
—the Comms team