Unifying Vision Through Reflection — TomoMasterDAO
DAO’s are a revolutionary way to govern bodies, distribute power across multiple entities, and find ways to make decisions effectively. TomoMasterDAO has been successfully operating for just over a year now. The launch of the DAO was a crucial step towards running TomoChain as a truly decentralized network controlled by the community. Let’s reflect over the last year and find the best direction for moving forward in the ever-shifting landscape of the cryptocurrency space.
2022 will go down as one of the wildest years in crypto history. The year began near peak euphoria in a raging bull market and ended with the devastating collapse of the second biggest cryptocurrency exchange FTX. Not to mention the conflict between Russia and Ukraine, and the collapse of LUNA triggering the downfall of 3AC and Voyager capital, all with a backdrop of sharply rising interest rates and runaway inflation. Those that have been here a while know that a bear market can be long and deep, but the sun eventually rises and those that have been hard at work will reap the greatest rewards. So what did TomoMasterDAO do to swim against the current and overcome challenges to power through its first year of operation?
TomoMasterDAO aims to focus on ecosystem growth and seeding new products, while TomoChain Lab works to maintain the core client as well as LuaSwap and LuaStarter. TomoMasterDAO’s role is to “steward TomoChain’s ecosystem into the future.” as mentioned by CEO Long Vuong in this letter outlining his vision for the community.
TomoMasterDAO began with its first board member election where 4 external community members were elected, to work with 3 internal TomoChain Lab members. The board would act as the gatekeepers for the DAO, providing direction, and vision, while doing the grunt work for partnerships, and integrations, and coordinating the grants program. In an effort to take a further step towards a truly decentralized network, the balance of power for the board sits with the externally elected members.
Dealing with a shifting market created some difficulties for the DAO. Beginning the year with plenty of capital floating in the space, the average price of integration was around $50k, ranging all the way up to $150k. Each board member had a unique vision about what they thought was best for the ecosystem. Dealing with budget restraints and differing opinions created some obstacles in determining what proposals to pass and reject. As the year progressed, integrations and grant sizes became more reasonable in relation to budget constraints, and this enabled the DAO’s productivity to increase.
TomoMasterDAO was able to navigate the volatile landscape to pull through for a resilient first year. Throughout the year, TomoMasterDAO was in contact with over 60 partners and teams. The vetting process done by the board resulted in 18 proposals, of which 17 were accepted by the community. More than 100,000 TOMO was allocated in funding for a variety of products. The board worked hard to broker deals and negotiate for integrations, as well as guide new project teams through the grant process. Through TomoMasterDAO, the TomoChain network made significant advancements across the ecosystem. With the community’s help, the DAO funded two NFT marketplaces, integrating with external IDO launchpads, providing privacy solutions for users, and integrating with industry-leading token bridges.
Where Will We Go From Here?
Looking forward to next year, it’s important to take into consideration the strengths and weaknesses of the DAO governance structure to tread the best path forward. Vitalik Buterin argues that DAOs can effectively work when making decisions in a concave environment, where compromises between two decisions are made. Decentralisation enables easier compromises between two policies rather than a coinflip choice. With slight adjustments to the TomoMasterDAO board and governance structure, more opinions, thoughts and visions can be taken into account when making important decisions. Giving more autonomy and tools to board members to execute their personal visions for TomoChain will boost productivity and address previous challenges.
Consolidating a unified vision between the TomoMasterDAO Board and the broader TomoChain community will create a solid foundation to push towards common goals. A major focus on the community, expansion of the user base, and providing more utility to the network through the funding of new DApps are core focuses of the DAO this year. A fundamental component of the DAO structure is the community and partners. Leveraging partnerships and the existing community will be a key component in expanding the network.
The coming year presents a great opportunity for those projects ready to take it. TomoMasterDAO will sink its roots deeper, with branches reaching higher ready to lap in the rising sun. Let’s build together, grow together.
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