Bribe Looks to Usher In DAO 2.0 With Voter Extractable Value
January 12 2022 - 9:23PM
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Community governance is a concept that hearkens back to the early
days of cryptocurrency, when intrepid cypherpunks pooled resources,
shared ideas, and tinkered with one another’s proposals. With
everyone pulling in the same direction, but each bringing his own
talents and theories to the table, the idea was that those most
committed to a project were the ones best placed to influence its
evolution. This principle eventually gave rise to decentralised
autonomous organisations – or DAOs for short. Made up of
developers, engineers, coders and regular community members, these
open-source organisations were intended to automate decisions
without the need for a traditional management structure or board of
directions. Since Ethereum founder Vitalik Buterin touted DAOs as
the holy grail of organisation types in a 2013 article, there have
been dozens of DAOs deployed on the blockchain, and though each had
a decision-making mechanism at its core, the overall projects were
highly varied. Alas, many DAOs have been hamstrung by low voter
turnout while some have suffered reputational damage due to
well-publicised hacks. Reimagining the DAO Model Now, a brand-new
kind of DAO is being developed by the Bribe defi protocol. In a
nutshell, Bribe is a DAO tooling platform that coordinates voters
into formidable coalitions and allows ‘bidders’ to borrow a larger
share of a voting pool to influence proposals they feel strongly
about. In exchange for lending their own vote share, each community
member earns a percentage of the winning bid denominated in the
USDC stablecoin. The brain trust at Bribe calls its concept Voter
Extractable Value (VEV); in one fell swoop, opportunity costs for
voters are slashed, DAO participation is boosted, and voting
use-cases are increased. It’s DAO 2.0, and the idea has already
caught the attention of several notable DeFi investors. In late
2021, the protocol raised $4 million in a funding round led by
Spartan Group, having attracted investment from the likes of
Hypersphere, Fundamental Labs, Dragonfly, Rarestone Capital, IOSG,
Fenbushi Capital and others. The Protocol was incubated by
Composable Labs and Advanced Blockchain AG. Reflecting on the
raise, Bribe’s founder Condorcet said: “Our early backers have
joined us to formalise this essential mechanism by which DAOs come
to decisions and reach quorums: voting markets. “By moving this
activity on-chain, we are ensuring that retail users can also
participate, as well as providing data and case studies necessary
to really understand what is going on ‘under-the-hood’ in DAO
ecosystems.” Bribe’s Bootstrapping Protocol As with other DAO-based
projects, Bribe has its own eponymous native token which powers
governance and revenue-sharing. In this case, a single $BRIBE token
represents an individual voting stake in the holder’s chosen BRIBE
Pool. It was recently announced that $BRIBE will be available for
purchase via a Liquidity Bootstrapping Pool event on Copperlaunch
scheduled for January 12, with a portion of any unsold tokens set
to feature in a liquidity pool on Uniswap or SushiSwap after the
LBP. Of equal importance is the upcoming release of Bribe’s maiden
VEV product for staking governance tokens, the Aave Bribe pool,
which is set for later this month. Soon after, the Tokemak Bribe
pool will be launched and further integrations are expected to be
confirmed in the near future. If Bribe achieves its lofty goal of
incentivising protocol participation and helping DAOs function more
effectively, expect its community to grow appreciably in the months
ahead.
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