DAOs have revolutionized our facility for coordinating decision-making via coin-voting. Still, the shortfalls of these broad consensus-finding mechanisms have become very apparent as we’ve put them to the test across hundreds of communities over the past year.
DAOs typically manage growing protocol’s many operational decisions such as hiring and compensation. Unfortunately, the average coin-holder often lacks the time or expertise to add helpful input to a system and is often either abstaining or rubber stamping initiatives based on their trust in the core team.
Our founders on Coordinape
DAOs solve one-half of the problems decentralized networks require, defining governance. Coordinape is a DO (decentralized operations) platform that aims to solve the other half: a structure to make operational decisions within a team of contributors. If a DAO is the decentralized version of a board of directors plus shareholders, a DO is the decentralized version of the executive team plus contributors themselves.
We are testing Coordinape in phases to understand the social dynamics. For the first phase of its development, Our Team Coordinape is building to tackle a key pain point for Yearn: community grants. We have tested our proof of concept compensation mechanic, the “gifting circle,” over several trial periods at Yearn, including dedicated circles for specific groups and processes. Now, we are opening the alpha version to select partners for their use.
We implemented Coordinape off-chain to allow rapid changes and iteration as we research the best applications of core ideas. Simultaneously, we are working on an on-chain version to be implemented on a layer 2 EVM compatible side-chain as we launch our on-chain ETH L1 offering.