Author: Typto
Backstories
In order to get the community involved in the DAOSquare ecosystem as early as possible and move towards healthier community governance, we started the $RICE community distribution in May. According to the scheduled plan, the community distribution went through CCO, ITO, IWO and finally ended with LBP. We suspended the LBP since the auction price of LBP was approaching $2.5 within three hours of opening, it is already close to the cost of the first round of ITO (at the extremely high gas fee).
Reflections on the Re-launch of Community Distribution
During the $RICE community distribution, DAOSquare is in the early stages of product construction and the product has not yet been launched. Therefore, at this stage, we were more interested in introducing DAOSquare to people through the incubator concept and product design and calling on the first community participants. During this community distribution, we met a lot of great people who showed us the fire of the community, because building a real community is central to the success of any project or organization in the Web3 era. At the same time, community distribution is also our commitment to all community participants and all followers. we must do everything we can to deliver the ideas and products we promise, not only for ourselves but for all those who agree with DAOSquare spirit and care about DAOSquare.
Returning to community distribution, there are currently only a small number of community participants due to the suspension of the LBP. It brings several problems:
- Only a small number of participants can participate in early community build and early incubator related activities
- There is no easy way for newcomers to become community participants
These issues have hindered the work of building DAOSquare to varying degrees. We had to re-start community distribution in order to build more open and free access to the community.
However, relaunching is not creating a new Pool.
We have always insisted on building the value of $RICE based on the value of the product. Only in this way can $RICE be stable, and only in this way can it be consistent with DAOSquare’s objectives and DAOSquare’s values.
What we need to do is to show people the value of $RICE rather than the short-term hype. As we mentioned above, during the last community distribution it was more about showing people the value of DAOSquare and $RICE through concept and product design — simply put, the reason why we should hold $RICE. Obviously, if we still can only summon everyone through ideas and product design when we restart the community distribution, this must not be what everyone expected. We need real progress to fulfill our promises so that existing participants and newcomers who are willing to participate can see DAOSquare’s efforts and value. In short, we don’t want to restart community distribution through a hollow approach that is not only unhealthy but there is a risk of destroying DAOSquare.
So since May we have been pushing forward with our products and other work in full force. Here are a few summary points.
- DKP: a key module of the incubator, which is where anyone can get access to DAOSquare’s rights and interests, including rights to earnings, governance, etc. The internal testing of DKP is almost complete and we will start the public testing soon.
- Incubator Fund Management Module: the core module of the incubator and is currently in development after several iterations of technical design.
- Farm: an open Farm Factory, the MVP of the product is currently running farming for $RICE.
- meTokens & Etheremore: To validate the details in the incubation mechanism, we have now launched two incubation projects, meTokens and Ethermore.
- An unreleased Incubation Project: We are focusing on incubating a content-related Web3 product, the details of which we will announce shortly, and kick off a very interesting community launch! Plz stay tuned.
- Collaboration: We’ve partnered with xDai Network, 3Box, Unlock, and Winkrypto to support innovators of this era and advance the Web3 ecosystem. Soon, we will release another exciting collaboration news!
Of course, there are also many other efforts that need to remain mysterious right now. Overall, we’re hoping to build a consensus on $RICE for relaunching community distribution through real things, and so far, it’s getting closer and closer to our goal!
When and How to Relaunch
Since the suspension of the LBP, we have always had a relaunch schedule. But as I have always stressed, restarts need to be based on value building, which is the effort I mentioned above. everything on our schedule is progressing pretty well, and we are now getting closer and closer to the relaunch date on our timetable, and an announcement of the relaunch will be made soon.
Details regarding the specific relaunch program will be announced recently, stay tuned!
Words in the End
In each step forward of DAOSquare, we have been thinking about several questions repeatedly:
- Has it deviated from DAOSquare’s vision and values
- Does it violate the philosophy of DAO
- Does it harm the interests of community participants
However, it must be admitted that we are not perfect, both Web3 and DAO are in their very early stages and we need to think more thoroughly and work harder. But one thing is for sure, DAOSquare is always running!
Thanks to everyone who supports DAOSquare, and we welcome any suggestions to help DAOSquare move forward better! Let’s build the future together!
About DAOSquare
Born in the well-known West Ethereum community MetaCartel, DAOSquare is dedicated to building a Web3 incubator which aims to be the Y·Combinator in the Web3 era.
Website: https://daosquare.io
Incubator: https://incubator.daosquare.io
Twitter: https://twitter.com/DAOSquare
Discord: discord.com/invite/wtgQN5C
Forum: https://forum.daosquare.io
Media: https://dao2.io
