It’s time for our week 3 update! If you haven’t already, be sure to read the first 2 installments of this 6-week series:
Moloch DAO Membership
Shares, Loot, and Ragequit, oh my! This week, ELI5ers have been exploring Moloch DAO membership. Here’s a quick tl;dr of what we learned. Two key features of Moloch DAOs are permissioned membership and non-transferrable governance power. Members join through the proposal process. Governance power is represented by shares, of which there are 2 types. Full shares represent voting power, and loot represents a non-voting economic stake. As a member, you can hold just one type or both. Ragequit is the ability to exit or burn shares of the DAO. Exit value is the payout you’d receive from the DAOs treasury if you were to burn your shares (both full shares and loot are considered here). Any DAO member can do this in part or full at any time.
To solidify our understanding of the above information, ELI5ers completed an exercise to determine voting power and exit value for our DAOhaus test DAO members. A math assignment?!? Yes, that’s right! 😅
With this newly acquired knowledge, we will explore DAO actions and proposal types next week.
Week 2 also included an introductory product demo by the DAOhaus team. The information shared was invaluable and got everyone stoked to dive deeper into the platform. The live demo went off without a hitch, but unfortunately, that’s not the end of the story. I was in charge of recording the demo for anyone that couldn’t make it. I captured the video feed just fine but failed to capture the audio. Ugh!! Needless to say, I was so annoyed with myself. The next day, I spent several hours voicing over the demo video and did my best to recall the information. Is it as good as the original? No way! But stuff happens, and sometimes you’ve got to work with what you’ve got. If you want to view the demo, it can be found on the ELI5 Charmverse page.
Although we are very early in our epoch, the ELI5 team is already locating bugs! So far, we’ve identified a few UI-related issues, which the DAOhaus team is actively working on. This is a prime example of why we value having the tools developer team involved. It allows for direct communication and the opportunity to iron out identified issues in real-time.
An Unexpected Gift
Once again, we’ve saved the most exciting update for last. Upon getting to know the DAOhaus team last week, one of their members asked if they could submit ELI5 to the Metacartel scout program. The MC scouts are a small team that has been delegated some funds to recognize new projects in the space. We learned on Friday that the MC scouts decided to gift our DAO with a 1 ETH grant to support our mission! 😲
Holy cow! This was so unexpected. The ELI5 community is humbled by the generosity of the group over at the MC scout program. Thank you for believing in us and supporting our mission. We promise to put the funds to good use. This grant will fund at least 3 additional testing epochs.
In conclusion, I also want to thank the DAOPunks community. If we hadn’t been a part of this cohort, we might not have created a relationship with the DAOhaus team, and this additional funding may have never happened. It just goes to show that each small action builds upon the others and can lead to incredible things you may not have yet imagined.
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- ELI5 DAO: https://twitter.com/ELI5DAO
- Erin @ the Decentralized Diary: https://twitter.com/decentradiary
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