STP strives to improve DAO operations through its efforts to standardize and better structure established DAOs. It introduces resources to simplify creating DAOs without coding expertise while equipping existing DAOs with tools to manage themselves more effectively. This, in turn, is expected to reduce fees and increase transaction speed – ultimately driving the adoption of DAOs across different sectors.
Basics
DAOs are self-governed, transparent, and follow defined rules, operating independently on a blockchain platform. Despite the exciting potential of DAOs, the limitations of layer-1 blockchain networks can often lead to slow progress and costly transactions for users.
With the number of DAO tools available in the industry, the crypto space is still highly-fragmented across multiple chains and applications. This makes it critical for DAOs to provide a seamless and efficient experience for users and projects that join. To facilitate this, it’s necessary to have a reliable onboarding process in place.
In 2021, STP introduced Verse Network, an assortment of purpose-built tools and infrastructures to enable secure and efficient decentralized decision-making for users, communities, and organizations. Through Verse Network, users can easily access a suite of no-code DAO tools to create and manage their DAOs on the blockchain.
How Does STP Work?
STP's Clique provides a comprehensive suite of tools for creating, managing, and governing DAOs.
Clique eliminates the problem of having to use separate tools for every DAO by offering a single dashboard to manage all DAO-related tasks. It also ensures that data and updates from all DAOs are up-to-date and easily accessible. As the DAO landscape evolves, Clique helps users stay organized and productive by providing a unified and efficient user experience.
Here are some alternative uses for Clique:
DAO Creation
Clique is a platform that offers a comprehensive set of no-code tools and infrastructure for building DAOs within the Verse ecosystem. The platform facilitates all aspects of DAO creation, such as:
- Choosing a template for creating a DAO, such as Membership DAO, Project DAO, or Investment DAO
- Generating new tokens and connecting existing ones to enable cross-chain capabilities
- Setting up a custom token distribution schedule with reserved token allocation
- Customizing and executing a whitelist and public sale
- Issuing DAO tokens for governance
Clique provides DAO templates suitable for various industries and use cases while allowing users to customize them further. With Clique, projects can have maximum flexibility in creating their on-chain DAO without developing smart contracts. They can also have a say in token creation, token distribution, and public sale, as well as configure the governance structure of the DAO. This includes setting rules for minimum holdings, governance, and DAO management activities like proposal creation and voting.
DAO Governance and Administration
Upon launching a DAO on Clique, the DApp provides a dynamic user experience for community members. They can browse, govern, and socially engage with the project through an integrated dashboard. Appointed managers have access to their DAO's governance and social activity, enabling them to monitor and compare their results to other DAOs. At the same time, DAO members can view contributions and activities related to their chosen DAO.
The following are the DAO management capabilities available to both managers and members of a DAO on Clique:
- Accessing an all-in-one dashboard to manage followed DAOs, created DAOs, and asset holdings for the user.
- Browsing featured or followed proposals and social posts.
- Keeping track of ongoing events across all DAOs on the Verse, including pinned and attended events.
- Viewing DAO participation, such as voting on proposals, social interaction through discussion forums, public profile tracking, and more.
- For managers, overseeing and monitoring DAO governance and social activities of all members and analyzing their activities compared to other DAOs.
Keeping Track of the Engagement of Members
Clique offers much more than just token holdings. Its dashboard keeps track of various metrics that monitor participant activity, such as the rate of voting, the number of submitted proposals, social posts, data analyses, token management, etc. This allows members of the DAO to keep tabs on all ongoing activities, as well as upcoming proposals and events.
The Implementation of Data Bridge Enables Cross-Chain Governance
The Verse Network's Data Bridge allows DAOs to carry out cross-chain governance. This Data Bridge acts as an intermediary between the DAO's original Ethereum chain and Polygon's Clique, allowing for the sharing of data and voting results between the two networks.
Users on the Polygon chain can create and vote on proposals through a governance contract. The voting power of each user is based on how many tokens they hold when a proposal is issued.
Validator nodes store historical data and snapshots of Ethereum as an authentication certificate to verify user signatures on Polygon. This certificate holds the corresponding token holdings of each user, allowing them to create and vote on proposals with a unique signature that is validated by the contract.
What Is STPT?
Holders of STP's native token, STPT, can leverage this asset to cast their votes on governance proposals regarding the blockchain's ecosystem and future development. Additionally, STPT allows access to Verse's full range of features, such as Clique and Data Bridge.
Conclusion
Verse Network strives to create an inclusive ecosystem for DAOs accessible to everyone. The platform offers a range of tools that facilitate the creation and management of DAOs, aiming to bring together the DAO space and promote its adoption.