The OrochiDAO is dead, long live the OrochiDAO

• The OrochiDAO v1, lessens learned
• The OrochiDAO v2, the new summoner in collaboration with FestDAO

[NOTE] If you want to skip all our interesting stories and join DAO, just contact the DAO members listed in the DAOHAUS .You must join between 21nd ~ 31st Jan to make the most of the DAO as the EthDenver event is approaching.

The OrochiDAO v1, lessens learned

It’s been almost three months since OrochiDAO, the mysterious DAO powering events at Devcon 5, attracted 13 members holding 6,500 DAI to host events such as The year of DAOs:Moloch rises, Orochi Whiskey tasting party, and EthWaterloo after party.

We had in total of 13 companies and an individual in the DAO.

We had a variety of members such as Wallets (Authereum, Tor.us, Abridged), Media(CoinDesk),PR (YapGlobal), Game (Chainbreakers.io), Research (Axia Labs), Design&Development(Odyssy), Event (Kickback), Accounting (VeriLedger), Defi(Aave, Mariano “Much Cooler Dai” Conti), and Infrastructure (The Graph). In the very beginning, I have been making the most proposals to put new members in but other members started making proposals as we started spending the money.

Here is the list of full proposals extracted from Orochi subgraph.

Orochi DAO is the first Moloch forked DAO who actually completed, and here are some learnings.

• At Moloch, both contributors and beneficiaries will have shares. The way to differentiate one from the other is the “Tribute” section. When each member joins, they request 1 tribute = 1 share to make share price as 1.
• When a proposal with 0 tribute comes in, that implies that it is a spending proposal that started at row 12, “Sponsorship proposal 1”.
• At column K, the share price seems dropped once the spending proposal comes in. This is called “Social inflation” where lower share price indicates the effective use of the DAO fund. Read “The Next Flippening: More DAOs than Tokens” to learn more.
• The requested amount is approximate as I don’t have the data when a member ragequit. When a user ragequit, they burn their share in exchange for receiving the portion of the remaining tribute. One of the misconceptions of ragequitting is that people think members ragequit only when they disagree. In fact, you have to ragequit whenever you have to cash out. One tip for any Moloch grantee is that you have to ragequit immediately if you are intending to spend. Otherwise, your share will keep diluting when a new proposal comes in and/or other members cash out.
• Our initial intention was to organise events only for DevoCon5 but we ended up saving almost 2000 DAI. We had the choice of either each member withdrawing all the portion or use for other events. We further sponsored two events, Denver Mcon local Ethereum meetup, and EthWaterloo after party. I didn’t even attend either event (as I am based in Europe) hence one of our member Megan from Veriledger took the leading role organising the after-party.
• We had last DAO meeting in early December where we decide that everybody rage quit getting the leftover back. At that time, the share price was around 0.376 hence most members received 188 DAI. So the actual spending for each member was 500–188=312DAI.
• At Moloch, you cannot kick someone out. Hence it took almost 1 month to ask everybody to withdraw voluntarily. If they don’t, they will stay forever.
• Samantha from YAP Global decided to donate her shares hence I made the final proposal to take her portion, which was incorrect. If you make another 501 shares, then you can take only half of the remaining 188 DAI because I just inflated share from 501 to 1002. Hence I made another proposal to mint 1,000,000 shares so that now her portion becomes 0.093 DAI (188 / 1001002 * 500).

The OrochiDAO v2, the new summoner in collaboration with FesDAO

During my interview appearance at Wizard of Dapp, I mentioned “everybody should do DAO”.

By summoning a DAO, I learned in and out of how MolochDAO works and I can say that I turn from DAO noob to expert to the point that I was able to present at one of DAO meetups.

To further share the experience, the best thing is someone else will summon the new DAO which will be empowering EthDenver (and potentially other events depending on how much we raise).

For our v2, I am happy to announce that Felipe from DAOFest takes the challenge of becoming the new summoner. To learn more about Felipe and their upcoming DAOFest, you can listen to one of the DAOCast episodes.

Felipe Duarte from DAOFest

OrochiDAO v1 was one of the first Moloch DAOs sponsored by another DAO (Metacartel). V2 is now summoned by the creator of FestDAO which is powered by DAOStack. This means OrochiDAO v2 is one of the first cross DAO collaborations.

FestDAO itself put their joining decision into a proposal using DAOStack Alchemy

We already had a “summoning party” last Saturday to create a new DAO via Daohaus.

The new configuration is as follows

• To join, each member pledges 500 DAI
• Existing members will make proposals to add these new members.
• It will have 3 days voting period followed by 3 days grace period which allows disagreeing members to ragequit.
• Joining period will be between 22nd ~ 31st Jan .
• We will have a dedicated telegram channel and have a weekly call at 5pm (GMT) every Wednesday.

If you are interested in joining this new adventure, please contact the DAO members.