Hello! I’m DAODude, the head of DAOAsia. the governance firm based in Japan.
Our off-chain activities are shown here.
As part of this 1IP proposal, allow me to follow the 1IP template :
- Simple Summary
- Abstract
- Motivation
- Rationale
- Considerations
- Cost
Simple Summary: This proposal outlines a comprehensive plan for the development and enhancement of 1inch, focusing on on-chain governance transparency, outreach in regions with low 1inch awareness, and research on the issues related to on-chain voting using voting power.
In Japan, a country considered an OG in the world of cryptocurrencies, numerous traders, engineers, and core artists continue to thrive, contributing to the vibrancy of the crypto market. However, a distinct momentum has been gaining traction in the field of DAOs (Decentralized Autonomous Organizations). There is a growing concern that, if left unaddressed, the opportunity for skilled and ambitious engineers, artists, and individuals alike to connect internationally and expand their value globally may be slipping away.
DAOAsia has been actively working for a year to counteract the Galapagosization of the Asian market, unlocking its hidden potential. The organization aims to foster closer collaboration between the economy and DAOs, recognizing the unique skills and enthusiasm present in Asia and seeking to amplify their value on a global scale.
Abstract: The proposal aims to address key challenges and contribute to the improvement of 1inch through on-chain governance initiatives, educational outreach in less-engaged regions (Japan, Korea, China, Southeast Asia), and research on on-chain voting issues. DAOAsia, a pioneer in future collaborations, intends to democratize DAOs, emphasizing the potential of DAOs as borderless next-generation living spaces.
**Motivation: **DAOAsia envisions a world where individuals, even in economically challenged countries, can contribute to DAOs and shape their lives independently of geographical constraints. The motivation is to explore 1inch as a test case, identify challenges, and pioneer solutions for broader governance improvements.
In the context of 1inch, for instance, there is a significant risk of funds flowing to a “Consultancy” with no track record or website, only for them to disappear subsequently. To overcome this, it is imperative to identify challenges that prevent the concentration of voting power within the DAO and consistently recognize members who actively contribute over time.
As a current hypothesis, there is a tendency for most votes and proposals to suddenly demonstrate contributions to the DAO without active off-chain participation. Even when reviewing past achievements and contribution records in profiles of members who have conducted Funding Requests, it is genuinely unclear whether they have a genuine intention to contribute.
Regardless of their history of contribution, the lack of contribution history or ongoing involvement in other DAOs makes it objectively mysterious whether these individuals truly have the intention to contribute to the DAO.
Motivations for choosing 1inch:
- Professional Delegators from StableLab, especially Gustav: 1inch has produced numerous professional delegators under the guidance of StableLab’s Gustav. In an environment where the role of professional delegator is not well-established, learning from the contributions to 1inch DAO and grasping the governance essence at 1inch can be systematized through content provision, thereby creating reproducibility. This helps increase individuals playing the role of DAO contributors and professional delegators.
- Competitive Positioning and Gas-Free User Experience: With fees occurring on Uniswap currently, 1inch can establish itself by providing a user experience similar to Uniswap without gas fees. For light crypto users concerned about fees and gas costs, 1inch can become the best alternative.
- Product Superiority in UX and Features like Fusion: Despite having advantages as a product, especially in terms of UX and features like Fusion, 1inch remains relatively unknown in APAC, particularly in Japan, despite the significant crypto market presence. While personally co-hosting events such as Aleo as part of Bankless Japan’s activities, the awareness of 1inch is overwhelmingly low in Japan, even after participating in various events and conversing with key figures in the Japanese crypto scene.
Rationale:
- Recognized Delegates Program Research: Investigate issues in less-known DAOs’ contribution methods, focusing on on-chain voting. Assess the transition from off-chain to on-chain activities, drawing insights from previous off-chain initiatives.
- DAO Tool Product Education:Create YouTube content explaining 1inch from basics to advanced features in Japanese. Conduct offline events to introduce participation procedures and product usage.
- Introduce 1inch protocol to DAO-A-THON, which aims to create and launch DAOs. The usage is for as a prize for winners.
- Off-Chain Contribution Recognition: Develop a product to quantify off-chain contributions for forums, ensuring contributors can continue activities irrespective of token holdings.
Considerations: Address the centralization issue in DAOs where power concentrates on delegates, potentially overlooking contributors in need. Identify contributors committed to DAOs and overcome challenges of inappropriate proposals passing due to delegate concentration.
Cost: Allocate $10,000 over three months for activities, including content creation, product development, and on-chain voting. Breakdown:
- $3,500 for educational expenses (5+ event venue costs).
- $2000 for the venue fee, the $1500 for content creation of Youtube/Tiktok
- $3,500 converted to on-chain voting power.
- $3,000 as reward for contributors, including content creators and builders.
This proposal aims to enhance governance and lower barriers for broader participation in 1inch.
Conclusion: Through this proposal, DAOAsia seeks to address current challenges, particularly the lack of democratization in DAOs, by leveraging the potential of on-chain governance and encouraging diverse contributions to 1inch.