DAOrayaki Reserach |Commonwealth: A Tool of Discussion, Crowdfunding and Governance for Any Token Community
DAOrayaki DAO Research Grant：
Fund Address: 0xCd7da526f5C943126fa9E6f63b7774fA89E88d71
Voting Result：DAO Committee Yes
Grant Amount：200 USD
Category: (Commonwealth, Governance, token airdrops, cross-chain protocol governance, crowdfunding, )
Common Protocol raises $3.2M led by Dragonfly and Parafi. Participating investors and angels include Framework, Hashed, IDEO, Nascent, and Balaji Srinivasan. Commonwealth Labs incubated Common Protocol and will remain active members of the community.
Brief Overview About Commonwealth:
Governing a set of global stakeholders is hard, especially for blockchain-based protocols. Protocols need clear governance for prompt feature implementation, accountable project teams, and correct resource allocation. Commonwealth facilitate scalable governance and decision making for protocol and organizations.
Commonwealth is an all-in-one platform for on-chain communities to discuss, vote, and fund projects together. Through Commonwealth, Token creators are empowered by simplicity and facility of handling for the community and the governance with various tools such as: “On-chain notification”, “Off-chain polling & On-chain voting”, “Crowdfunding”, and “A rich forum experience”. Later on, these tools are briefly explained.
Common Protocol includes an integrated client which is a community hub for token holders, each tokenized community features a Reddit-like discussion board. Additional functionality includes on-chain functionality like viewing key stakeholders, governance, and crowdfunding for both new tokens and community initiatives.
Santiago Santos, Partner at ParaFi capital describes the integrated community experience as, “Active, representative governance discussions with high-participation is paramount to the success of protocols and their efforts to build strong communities. Without it, protocols run the risk of centralized echo chambers. As active governance participants across DeFi, we’ve found it hard at times to keep tabs on the ever-expanding number of discussions and proposals across our portfolio. Enter Common Protocol a governance aggregator to monitor and manage proposals from one simple interface. We’re excited to back the team and use the client to boost our governance capabilities.”
The coverability of Common Protocol:
Common Protocol already powers $5b+ of protocol communities in Ethereum, Cosmos, and the Substrate Ecosystem. The waitlist for integrations includes notable projects like: AAVE, Opyn, Osmosis, Marlin, Injective Protocol, SportX, Showtime, Terra, Clover Finance, hydraDX, Kylin, Anchor, and Mirror Protocol. Many of the founders on the waitlist are also investors in the round.
What Commonwealth want to achieve:
The goal of Commonwealth according to Dillon Chen, founder of Common Protocol is to become the place for token communities to launch, discuss, and grow in common. To accomplish this the team is building a multi-chain community platform that any EVM, Substrate, and Cosmos compatible protocols or token can use.
With funding in hand, Common Protocol plans to make new hires to accelerate product and protocol development. One of the major features the Common Protocol will offer is cross-chain protocol governance and crowdfunding for any token community. This allows projects to use Common to crowdfund key community initiatives like initial liquidity, development grants, and audits.
- Common Protocol earns value via three main use-cases:
1- Projects: Kickstarter-like campaigns.
2- Collectives: AngelList-like rolling funds.
3- Governance: crypto native Discourse with integrated voting.
Time spent with the Common Protocol client drives discussion. Each discussion is a crowdfunding opportunity. As the market cap of tokens on the Common Protocol client increases, more value can be staked in collectives (aka funds).
“Despite the immense growth in assets managed by DAOs and the complexity of operations these DAOs manage, the tooling for them is still stuck in the stone age. Solutions are fragemented, home brewed, and opaque. Having participated in many protocol’s governance processes, I’ve personally felt these pains very acutely. Common Protocol is true next-generation softwre for managing these communities and will be essential for any DAO of any size to fundraise, organize, and scale-up. We can’t be more excited to be supporting the team and look forward to working with them to build the future of DAO management” said Tom Schmidt, partner at Dragonfly Capital.
When Chen the founder of Common were asked about Common Protocol’ inspiration, he said, “As every interest gets tokenized into an ERC20 or NFT, your on-chain address becomes a link to your on-chain profile. Common Protocol can help these users who are linked on-chain collaborate and make decisions using the same default-open primitives we’ve built for discussion, funding, and group coordination.”
¡ On-chain notifications: an accurate and continuous reminder of what is happening on-chain, leading the community to a better synchronization when it comes to voting and large transfers.
¡ Off-chain polling & on-chain voting: whether users use Snapshot, COMP governance contracts, or native Layer 1 voting, access everything from one provides more flexibility and efficiency.
¡ Crowdfunding: Fund new tokens and community initiatives with kickstarter-like raises from a thread.
¡ A rich forum experience: Discuss memes or key decisions, in a Discourse-style forum. Enhance users posts with built-in Markdown and fun reactions.
The team behind Commonwealth Labs and the Common Protocol previously created Edgeware, a smart contract platform for building decentralized applications (dApps) that intends to operate within the Polkadot ecosystem. As of day of announcement, the coin market cap of EDG, its token, is ~$255M.
l Dilon Chen — Founder at Commonwealth Labs. Dilon obtained various courses concerning business, leadership, management. His interests mainly focus on blockchain technologies. Previously, Dilon founded Source Networks project a publicly verifiable bandwidth market built on Ethereum and as a Venture Fellow for Rough Draft Ventures for nearly one year.
¡ LinkedIn Account: https://www.linkedin.com/in/dillchen/
l Drew Stone — Co-Founter & CTO at Commonwealth Labs. Drew received his education from the University of Pennsylvannia for both M.A. and BSE and his phd from the Hebrew University of Jerusalem. Currently he is the Founder of Webb Protocol. Before that Drew founded The Baire Group, LLC.
¡ LinkedIn Account: https://www.linkedin.com/in/drewcstone/
l Raymond Z — Co-founder at Commonwealth Labs. Raymond was one of the Founding team and the head of product for Predata for nearly 3 years. He also worked as a Product Science & Analytics Contractor at medium for less than a year. For the education, Raymon recveid his Bachelor’s Degree at the Princeton University.
¡ LinkedIn Account: https://www.linkedin.com/in/raykyri/
l Michael Enslein — Michael is a BD/OPS at Commonwealth Labs, his background is in Finance from the Kelley School of Business at Indiana University. Previously, he was holding Associate position at Cleeman Realty Group LLC for almost 2 years, and before that at MUFG as a Business Analyst.
¡ LinkedIn Account: https://www.linkedin.com/in/michaelenslein
l Abhi Vyas — Abhi is an executive in residence at Commonwealth Labs, he dropped out from Rutgers University to pursue his goals. Before Commonwealth, Abhi was an Intern for Growth Marketing at Interseller an outbound e-mail automation product primarily focused on recruiters for less than a year.
¡ LinkedIn Account: https://www.linkedin.com/in/rhys-frederick-hillier
l Ahmed Korim — Full Stack Engineer at Commonwealth Labs, Ahmed received his education for the zagazig University in addition to that he obtained an E-learning at Udacity as a Front-end Web Developer Nonodegree. Before Commonwealth Labs, Ahmed held the position of Frontend Web Developer at Upwork for nearly 4 years.
¡ LinkedIn Account: https://www.linkedin.com/in/ahmed-korrim
l Rhus Hillier — Business Development & Community Engagement at Commonwealth Labs, Rhus is responsible for prospecting and onboarding various decentralized communities onto the Common wealth all-in-one governance platform. He held the position of Marketing & Content at Alloy Automation for a short time.
¡ LinkedIn Account: https://www.linkedin.com/in/rhys-frederick-hillier
l Official website: https://commonwealth.im/
l Twitter: https://twitter.com/hicommonwealth
l Blog: https://blog.commonwealth.im/
l Telegram: https://t.me/HiCommonwealth
l Discord: https://discord.gg/ncUtbMqe
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