How Aavegotchi built their DAO with Aragon
How one of the most active DAOs in the ecosystem used the Aragon fundraising contracts, Aragon DAO continues to diversify treasury with ANT, wrap and delegate your ANT in the new DAO
This week we featured Aavegotchi, a metaverse gaming DAO that used Aragon’s fundraising contracts to raise funds for the treasury. We learned about how they used a bonding curve to protect their token against volatility, their unique method of layering ERC-20s, 721s, and 1155s on top of each other for voting power, and their plans for the future of the DAO.
In a continued effort to diversify the treasury, the Aragon DAO traded USDC for approximately 4.1 million ANT on the open market. This now makes the Aragon DAO the largest holder of ANT at 20% of the circulating supply. You can see the holdings of the treasury here.
Remember to wrap your ANT in our token wrapper app so you can vote in the new DAO. You can also delegate to another Ethereum address in the Delegate Voting App. To post and read delegate profiles, go to the Delegate section of the forum.
Highlight of the week: How Aavegotchi built their DAO with Aragon
Aavegotchi was originally founded to build an interactive crypto pet, and has now evolved into an open-source, community-owned gaming protocol that game studios and developers can build on top of.
“We want to build crypto experiences together as a DAO,” said Jesse, cofounder of Aavegotchi. “It’s like coloring in a coloring book. We just put the pages down.”
Aavegotchi is one of the most active DAOs in the ecosystem today. From game developers to Gotchi enthusiasts to guilds building their own experiences within the Gotchiverse, everyone votes on the direction of the game and helps shape it themselves.
To get their start, they used the Aragon fundraising template to fund their treasury and distribute GHST tokens in a way that softens volatility.
Now, they’re building a gaming metaverse!
Aavegotchi follows the mantra to build web3 games in web3 ways. “We think it’s advantageous to have decisions made by a DAO about where to go in game development,” said Jesse. This increases community engagement with the DAO, because the decisions they’re making are fun.
“We have one of the most active DAOs in the world, because everyone wants to be a game developer at heart,” Jesse said. Many of the most active DAO members are professionals—doctors, lawyers, and people who don’t work in web3—who moonlight as game developers because they’re so passionate about it.
For voting, the DAO uses Ghost tokens, $GHST. The more GHST you hold, the more your voting power increases.
But GHST isn’t the only way to gain voting power in the DAO. GHST is also the currency in the game that you use to buy more wearables. So, on top of your GHST holding, your voting power is calculated by the wearables and other Gotchiverse NFTs you hold like land parcels.
To pass a proposal in the DAO, you first must start by posting on the DAO’s forum and getting consensus. After people express interest and vote in a poll, you can move the proposal to Snapshot to vote. If it passes quorum, the proposal moves to a core vote, which is binding.
To keep the community active in votes, the Aavegotchi team has also gamified the voting process. If you vote in a proposal that reaches quorum, no matter which side you voted for, you get XP for your Gotchis in return. The XP rewards increase for binding core proposals. This helps keep voter participation high while making governance fun.
To learn more about Aavegotchi, their DAO, and their plans for the future, read the full blog!
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Delegate Profile: Onchain Coop
The Onchain Coop is a collective of builders, investors, and operators in the blockchain space that advances public blockchain-based coordination infrastructure development and adoption. Read more about their strategy, structure, and membership:
Signaling Proposal: 2023 Annual Strategy Guideline V1
This proposal is to signal support for the following 2023 Annual Strategy Guideline (ASG), which would provide the strategic direction for the DAO for the remainder of the year. The proposal includes the strategy to become the hyperstructure for governance as well as three DAO-wide objectives.
We interviewed Aavegotchi in both a blog and a Twitter space to deep-dive into how they built their DAO:
We shared some alpha with the Aavegotchi community on what to expect at EthDenver:
Eth Denver: March 1-5
March 1, 5:00-6:30pm: Workshop in the Vib Hotel Ballroom. Build a custom DAO on our new stack with us!
March 2-5: Booth in DAO Town. Drop by to say hello, test out the new App, learn about the history of DAOs, and grab some swag!
More details to come soon!
DAO Global Hackathon: Spring 2023
There’s still time to post a bounty. Get in touch with firstname.lastname@example.org to share your interest in participating!
Read more about our sponsors here:
Read about how Aavegotchi uses Aragon.
Get in touch with Ryan at email@example.com to post a bounty at the DAO Global Hackathon.
Wrap your ANT and delegate in the new DAO.
Have a great weekend!
—Aragon Growth Guild