TL;DR: On ADAM, every vote of DAO members on a Proposal is directly recorded through the smart contracts. From Proposal to Execution, the entire workflow remains on-chain to eradicate scams and rug pulls.
Current Landscape of DAO
A community that works without a centralized authority is known as a decentralized autonomous organization (DAO). All members of the community are responsible for managing and governing a DAO and its treasury. Members put forward and vote on proposals to make decisions for a DAO in order to create decentralized cooperation.
Issues with the Current DAOs
The outcomes of member voting does not immediately influence operations or executions in the existing DAOs. The process may or may not be on-chain when the members propose a budget item and vote on a platform. On a different DAO Creation or Treasury platform, the ultimate decision would really be carried out by the DAO’s executor. Due to this gap between the proposal and execution, many well-known instances of rug pulls have occurred. This is now one of the greatest DAO flaw. According to Chainalysis, Bitcoin investors lost $2.8 billion to rug pullers in just 2021.
Please see our earlier article, Rug Pull Needs to Stop.
Vision of DAO 2.0 — Everything on-chain
On Web3, safety concerns have stirred the most discussion. Rug pulls and scams continue to occur daily in the DAO world since the majority of them do not function entirely autonomously. A completely on-chain, trustless DAO 2.0 environment has now been developed by ADAM. The entire workflow is protected by smart contracts, ensuring that the DAO treasury and settings operate in accordance with the members’ wishes from proposal to execution. The community power can be safely used by all DAO members to accomplish the shared objective.
Benefits of everything on-chain
On Web3, safety concerns have stirred the most discussion. Rug pulls and scams continue to occur daily in the DAO world since the majority of them do not function entirely autonomously. A completely on-chain, trustless DAO 2.0 environment has now been developed by ADAM. The entire workflow is protected by smart contracts, ensuring that the DAO treasury and settings operate in accordance with the members’ wishes from proposal to execution. The community power can be safely used by all DAO members to accomplish the shared objective.
On ADAM, begin your DAO journey.
A wide range of voting processes, including opt-in voting, pre-approvals, general voting, sub-category voting, and more, are supported on ADAM. You can customize any component you require for using a DAO via the user interface. Everyone may easily, safely, and effectively begin/join a DAO on ADAM without using any code or running the risk of rug pulls.
Now DAO 2.0 is coming to ADAM.
In the following post, we’ll go through how ADAM will deals with the usual liquidity issue for DAOs – Providing Early Liquidity for new DAOs
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