Interview with XDAO

Symbiosis: Hi! Nice to meet you, please introduce yourself!

XDAO: My name is Vlad and I’m CEO at XDAO. I am responsible for the overall success, developing a long-term strategy, and keeping an eye on the team’s general mood.

Symbiosis: Can you give us an elevator pitch about XDAO? What is it all about?

XDAO: XDAO is a multichain DAO builder for crypto entrepreneurs. Well, I’m going to approach the XDAO story from the customer’s point of view. Consider you are going to create an investment DAO because it is the most common type of organization.

The first step is getting to know each other. A user or a group of users learns how the platform’s interface works.

Then comes the creation. Creating a DAO is as simple as possible and consists of performing a specific sequence of actions, which is clearly defined: name your DAO, distribute governance tokens, etc..

The third stage is collecting money. Smart contracts contain conditions for generating liquidity provider tokens (LP tokens). They determine the ownership of the company’s shares in proportion to the investment in DAO’s “share capital.” These tokens guarantee that the investment can be recovered at any time. Also, governance tokens, which provide the right to vote, are generated when a DAO is created. The rules for their distribution and the voting conditions are also set out in the smart contract in the process of the organization’s creation. The next stage is the use of money. It is the process of increasing the capital, which usually involves investment activities. And the final stage is the distribution of profits. Investors can “burn” LP tokens and get their assets back with a profit. Alternatively, they can use the dividend module to distribute dividends across LP token holders.

Symbiosis: It would be cool if you could describe the most common uses for your project!

XDAO: To create a decentralized organization, it’s needed to define its architecture, the ways of participation, the main business processes and conditions for implementing management functions. Once the architecture is formed, it must be encapsulated in a software package (smart contract) and placed on a blockchain network.

Accordingly, a programmer can create a DAO in practice, with a manager involved: one is responsible for the business processes, the other is in charge of their implementation in the form of a smart contract and the launch.

In theory, programmers can create a DAO by themselves, but their skills may not be enough to launch, scale it and attract participants. That’s why there are services like XDAO that exist that can get DAO projects the attention they require.

For the use cases: I see VCs and funds as our ideal users. Because all our tools are sharpened to safely, comfortably and quickly dispose of the common treasury.

In XDAO we made crowdfunding very convenient, using our launchpad module. Anyone can start a borderless global crowdfunding campaign just like Constitution DAO.

In terms of crowdfunding, XDAO is ideal because:

• Any initiative can be raised for crowdfunding and absolutely transparently promoted in any media sources and social networks.
• Refunds from unsuccessful projects are guaranteed by DAO itself, because any user can make a refund himself even without DAO managers to approve and intervene.
• Distribution of funds and payment of commissions to investors is regulated in DAO by all participants.
• Timing, whitelist — everything can be specified for the crowdfunding. At the same time, all funds will go to the DAO wallet secured and guarded by DAO participants.

Of course DeFi protocols can also use XDAO as a multisig wallet, preserve protocol’s treasury there and distribute community bonuses from the same XDAO dApp.

Who want to collect lands and NFTs can also do that with ease through the Collector DAO.

Yes, there are many opportunities for the users.

Symbiosis: We really like your visual style and design. Who is responsible for it?

XDAO: Thank you! We have our brilliant young enthusiastic designer who is responsible for the visual part. We also recently made an agreement with Pokras Lampas. He is a famous artist and the inventor of calligrafuturism style. His vision for the XDAO will still be reflected in the future.

Symbiosis: What do you think of the integration with Symbiosis Finance?

XDAO: Cross-chain DAO has always been our goal. We actually tried a lot of bridges, negotiated with a lot of devs. Our main criteria for usability were versatility, easy-to-develop architecture, flexibility and stability. But it was Symbiosis that provided exactly what we needed — a convenient simple seamless swap between blockchains. Considering the number of blockchains that XDAO supports, only Symbiosis can guarantee that the same rules will always be followed during the transfer. For the end-user, Symbiosis is also a great simple solution and it works exactly like a typical swap. Our DAOs can now exist simultaneously on both BNB Chain, Avalanche, and Ethereum, freely transferring funds back and forth.

Symbiosis: Tell us about your vision of cross-chain DAOs!

XDAO: We see cross-chain in several stages. As the industry develops, of course.

1) Financial stage — the ability to manage DAOs on multiple blockchains, by creating copies of DAOs on each blockchain and sending funds from one blockchain to another via bridges like Symbiosis. This is actually how XDAO works at the moment.

2) Integration stage — the ability to create a “DAO entity”, i.e. define a DAO address on all blockchains in advance. At the same time it will be necessary to distribute funds also through bridges.

3) Interoperability stage — the ability to exist and manage a DAO simultaneously on multiple blockchains. This is essentially moving voting to cheaper blockchains in terms of gas costs. Create a proposal, for example, on Ethereum, vote on Polygon, and then execute voting on Ethereum.

Fundamentally, we see the development of DAOs gradually moving from one state to another. And, in my opinion, the trend towards interoperability will affect DAOs first and foremost.

Symbiosis: What are the future plans on your road map you are most excited about?

XDAO: We are working on our roadmap very carefully. Blockchain is evolving rapidly and we need to keep up with the technology and move with the development of Web3. So whatever plans we set up, the market will make its adjustments, it is inevitable. But we have a great roadmap for now and we are sure that the market will need something that we are developing right now in the near future: we have taken on the task to create our own decentralized order exchange, DEXDAO. And it won’t be just a token exchange… Well, we are still actively discussing the DEXDAO within the team.

It should also be noted that we are working on further development of the XDAO main protocol. We plan to release new modules, some of which are already in the queue.

Symbiosis: We think it can be a very exciting job in our field! Tell us a funny story about your work process.

XDAO: It’s more just an interesting story about business and motivation. One day after the speech I was surrounded by a crowd of people interested in technology and the application of DAO in the real economy. As always, I tried, as much as possible, to answer all the questions, and there were a lot of them. I remember one gentleman. He didn’t ask any questions, he just listened and thought something to himself. After a while, another organization appeared on the XDAO platform, which raised about $1 million in crowdfunding. Only some time later I found out that it was that gentleman. His team raises money for their project, keeps transparent accounting, and it’s generally, in my opinion, a model DAO. So there you go, lots of questions are good, but those who actually do something, they go ahead and do it!

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