Soda Optimized for DAOs
As DAOs continue to grow in popularity through 2022 many users are left wondering, “how can I create my own DAO?” Soda has revolutionized the DAO creation process by bridging the gap between Web2 and Web3. DAOs that partner with Sonet will be granted access to Soda’s DAO tool, allowing DAO formation through our Web2 extension, accessible in Google Chrome, and the minting of DAO governance tokens.
This governance tool will empower DAOs and their members by providing ease of minting and governance decisions on an easy-to-use platform. DAO projects that partner with us can create their DAO through our extension once their users connect their MetaMask wallets. The DAO then simply chooses what rights it wishes for each member/governance token holder to have, presents at least one NFT asset for minting, and then mints the governance NFT, which will be sent by the DAO to whomever it desires, usually choosing its existing DAO members.
All of the minted NFT owners are now DAO members. Any governance decisions from then on can be done through our Web2 Chrome extension and allow members to vote directly. While the governance tokens will be NFTs with the same voting rights and governance protocols, they can still be non-fungible and contain different digital artworks, should the DAO desire so. Additionally, the DAO can decide to use only one digital asset and provide each member with a copy of it at minting, technically creating a series of fungible governance tokens with the same artwork and voting rights.
When creating a DAO, projects that partner with us can decide whether they wish to base their DAO on newly minted or existing NFT assets to base their governance tokens on. OpenSea will also be integrated, which will allow DAOs to upload their NFTs or use existing NFTs from OpenSea for their governance basis. When a DAO project is live and ready to go, it can mint a set of governance NFTs, basically a series of the same NFT offering governance rights to each member of the DAO. While the digital art of a governance NFT may vary it will convey the same governance rights upon each DAO member, as the DAO wishes to give.
A DAO needs at least one NFT asset to create their governance token series and provide them to its members, although it can use a series of unique NFT assets which will of course contain the same inherent governance rights. DAOs could base their NFT assets directly on their cause if they wish to.
Step by Step DAO Creation
First the DAO must choose a digital asset or NFT series to use for minting. Then the NFT asset or NFT series to be used is chosen and the DAO specifies how many governance tokens it wishes to mint. The DAO must then decide the governance tokens and voting rights assigned to the tokens and who will receive the tokens, basically who can vote for future DAO decisions.
A DAO can decide for voting to be open to all of its Web2 social media followers, meaning they do not require the governance NFTs to participate in decision making.
- Sonet will allow all Web2 users to vote prior to the DAO’s token launch. After the launch, members that want to vote will have to hold a $Sonet token to allow them to make governance decisions. We will integrate the $Sonet token to allow for DAO voting on Polygon, at the DAO’s discretion
A DAO can also make voting exclusive by limiting voting to only those wallets that hold the recently minted governance NFT.
- DAOs can use an existing NFT collection, mint a new collection, or mint copies of a single NFT which will be sent to its members. Only individuals who hold these tokens will be considered DAO members
- For example, if a DAO project partners with us and decides to mint a fresh series of 100 tokens, the DAO then decides which wallets these tokens will be sent to and how many tokens each wallet will receive. The DAO can decide it will have 100 members all with equal voting rights, or fewer members with some members having a greater share
Now token holders are DAO members with voting rights. $Sonet tokens will have an equivalent ratio to all DAO tokens and can facilitate as a middle token across all DAOs launched on our platform. So DAO members do not need to buy so many different DAO tokens.
Additionally, by integrating Web2 media platforms like Facebook and Twitter, Soda allows its DAO partners to include their social media groups as DAO members should the DAO desires. This allows for easier token minting and distribution, ensuring all of your followers are members.