We won! Now it’s time to build
DAO Punk Week 1 Update: TradFi to DeFi — DAO Formation!
We’re excited to share with you some amazing news. TradFi to DeFi recently entered the DAOPunks Cohort 1 grant contest, and we won by a big margin! TradFi to DeFi will receive one Ethereum (1 ETH) to undertake an exciting, transformative journey.
It’s okay to jump up and down — we did too.
So, what type of journey are we talking about here? After careful consideration, some of the masterminds behind the TradFi to DeFi group have decided to gauge interest in transforming the organization into a DAO. This evolution will foster greater opportunities for inclusion, diversity, and collaboration between all the amazing community members. We’re so excited to extend this equitable opportunity to all community members. But let’s not count the chickens before they hatch — there’s still much to be done!
Documenting the process is important for ourselves and other communities who may want to undertake a similar transition. What does it look like to transform a highly professional, voluntary organization of business professionals into a fully-fledged decentralized autonomous organization? What pitfalls might we foresee, and how can we best incentivize community involvement and maximize equitable stake for contributing members? How do we best coordinate and organize at scale? These are just a few questions we’ll be answering over the coming six weeks as we set the stage for this historic transition.
Before delving any further, we’d like to take a moment to show an attitude of gratitude. An incredible and humble thanks to everyone who poured out their support during this process, and a special thanks to TradFi to DeFi community member Dustin Douglas for taking the initiative to submit our application and coordinate the process. We’d also like to thank the DAOPunk community for the opportunity to undertake this exciting journey!
We’re beyond excited, so with these bases covered, let’s cover our progress during this first week!
Week 1 Progress
We’re using a Gnosis Safe multi-signature wallet on the Ethereum network to custody the funds. Gnosis Safe uses smart contracts to manage the process so that no centralized entity can access the wallet. With a name like “TradFi to DeFi,” we feel this approach made the most sense.
Check out the Safe here: https://gnosis-safe.io/eth:0x023bDff4D12fF18FAadDb8F79E21A0268F617B25
If you scroll down to “Settings” on the left side of the screen, you can explore the subheaders “Owners” and “Policies.” Here, you can confirm the associated approving wallets and the number of approvers needed to execute a transaction within the Safe (in our case, three out of four are needed). This approach maximizes security while ensuring no unilateral action can be taken with the funds. We’re taking a full community-driven approach!
As with any (aspiring) DAO, the community comes first. There’s an active survey pinned both in Discord and Telegram, through which you can let us know how we can best help you during this exciting transition. We’re actively looking for talented individuals of all types to lend a hand in making this transformation a smooth reality. Whether you’re skilled in graphic design, financial planning and risk management, social networking, or anything else, your contribution is highly valued! We’d love to connect and see how we can benefit one another.
Check out the survey here: https://br52aav3pf7.typeform.com/to/dqBUQ6HK
Additionally, the weekly Friday calls that occur at 3 pm EST in the Discord will be slightly modified in content to focus on this DAO transition. We’ll take advantage of this valuable weekly time together to intake feedback and ideas regarding the process. Everyone is welcome! Don’t worry if work, personal commitments, or otherwise make chiming in difficult — while we’d love to chat, we record each call for future listening, and anyone is more than welcome to listen in as an observer.
We’re actively seeking community input regarding potential tokenomic configurations for the DAO. While this step may be beyond the scope of the six-week documentation period, where we stand now is just the beginning of an exciting, long-term journey of fostering deep mutual value between business professionals, crypto newcomers, DeFi enthusiasts, and more! If you have experience pouring over whitepapers and tokenomic documentation or find the subject interesting, we’d love to hear your input.
Telegram is a great place to connect with the community, but Discord is where more DAOs live. We’ve opened a public forum in Discord titled “TradFi-to-DeFi-DAO-Brainstorm,” in which all feedback is warmly welcomed. Additionally, we’ll soon reorganize the Discord to reflect a more DAO-centric layout, so stay tuned for further updates!
A Pleasant Look Back — Even Greater Things to Come
It’s hard to imagine the immense progress and wild turbulence we’ve experienced together over the last year or so. We’ve gone from humble beginnings where it was possible to count on one hand the number of community members to facilitating deal flow and having meetups at conventions where we couldn’t find enough tables for attendees. We firmly believe that a large part of the TradFi to DeFi “secret sauce” is honesty, integrity, transparency, mutual reciprocity, and selflessness. We go further together, and TradFi to DeFi as a community has proven this adage time and time again.
We also find ourselves in the throes of a market downturn. Crypto winter still produces plenty of great memes and discussions, but the enthusiasm of new all-time highs remains firmly back in 2021. It’s been said that there are no bull and bear markets in crypto — only bull and build markets. We couldn’t agree more. As we undertake this exciting transformation into an even more inclusive, community-centric structure in the form of a DAO, we know this build market will be kind to the TradFi to DeFi community.
Let’s keep up the momentum! If we can help in any way, please reach out! The community is filled to the brim with individuals boasting equal amounts of passion and compassion to help move the needle in your journey into DeFi. As folks much younger than the author of this post like to say, let’s get this bread!
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TradFi to DeFi exists to teach, encourage and inspire you on your decentralized finance journey. To spark synergies, foster long-lasting connections, and expand your horizons. A hub of activity, opportunity, excitement, and possibility. Come join the DeFi revolution!
Don’t forget to join us on discord!
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Also, special shoutout to Ray for his incredible work in synthesizing our progress so far in this community post. Thank you for everything you do Ray! ❤