XDAO Launches 1ST Multi-Sig Wallet on Oasis Network
We are delighted to announce that XDAO has recently launched the first Multi-Signature (Multi-Sig) Wallet on Oasis Network
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What are Multi-Sig Wallets?
Multi-Sig wallets require at least two private keys to sign and send transactions, which, for the wallet’s owner, mitigates risk and provides protection if control of the wallet is lost.
More importantly, Multi-Sig wallets allow organizations to construct complex spending rules involving multiple parties which is a critical safety feature for many blockchain projects. With XDAO enabling this new feature on Emerald, the EVM compatible ParaTime on Oasis, they will enable larger-scale DeFi, P2E, NFT, and DAO projects to deploy safely on the Oasis Network.
What is XDAO?
XDAO is a multi-chain Decentralized Autonomous Organizations (DAO) builder. It’s a platform where anyone, including developers of DeFi, NFT, GameFi projects, etc., can easily create and manage DAOs in minutes. This is done using XDAO’s Multi-Sig, DAO tooling features, and advanced DAO Smart Contract modules.
But it’s so much more than Multi-Sig wallets. XDAO is a fully customizable tool that can also be used for jointly managing crypto assets and DeFi projects in a variety of ways, including:
- Full or partial management of the DeFi project treasury
- Salary treasury/marketing treasury for any blockchain organization
- Grant program/bug bounty treasury
- Investing in DeFi with total assets
- Investing in NFT and GameFi
- Charity
- Joint participation in any Allocations, IDO, Launchpad
- Family treasury management and many other use cases
Once a DAO has been established in XDAO, decisions are made by setting up a quorum, and transactions can only be activated once the threshold is reached. DAO creators and managers are given governance (voting) rights, while investors have shares in the DAO but no voting rights.
Features of the native DAO tool include:
- Governance tokens: Mint GT, Burn GT, Move GT, Disable and Freeze GT Minting, and Disable and Freeze GT Burning
- LP token: Initialize Public Offer, Create Private Offer, Change LP Minting Status, Change LP Burning Status, Freeze LP Minting Status, Freeze LP Burning Status
- Transfer & Approve: Send ROSE, Send Token, Approve Token
- Permitted & Adapters: Add Permitted, Add Adapter
- Quorum: Change Quorum
- Custom transaction
Why Oasis Network?
Emerald, is Oasis Network’s EVM-compatible ParaTime, and allows easy integration with EVM-based DApps, such as DeFi, NFT, Metaverse, and crypto gaming. Since its launch in November 2021, network growth has increased rapidly.
As the leading privacy-enabled and scalable layer-1 blockchain, Oasis Network is ideal for DeFi. It offers instant finality, 99% lower gas fees versus Ethereum, high throughput, privacy protection, and defense against MEV.
What’s next?
This launch is just the start of XDAO’s partnership with Oasis.
XDAO has to date launched the following three modules on Emerald:
- Private Exit
- Dividends
- Payments
In the future, they intend to launch many more features such as Vesting — Freeze LP tokens for the investor and issue them in equal parts with some frequency;
Gas compensation — Reimburse the team member for his gas expenses;
Tx Combination — Do many actions on behalf of the DAO in one transaction;
Telegram Bot — Get Telegram notifications every time some action happens in DAO;
Timelock — Module which acts as a timelocked controller. This gives time for members of the DAO to exit before a potentially dangerous maintenance operation is applied;
GT Delegation — Transfer your GT tokens to your partner for a while, you can’t take part in the voting;
Transaction automation — Automate the execution of transactions when a certain condition is met;
These modules allow DAOs even more ability to customize their architecture for one that best fits their needs.
Additionally, if a DAO needs a module that XDAO has not yet created, developers can create their own using XDAO’s custom module feature.
Build on Oasis Network Today
Oasis is always ready to welcome new projects to the Network, and we have Oasis Grants program as well as an over $200 million Ecosystem Fund to help you get started. For more information, click here.
