Community governance is a concept that dates back to the early days of cryptocurrency, when intrepid cypherpunks pooled resources, shared ideas, and cobbled together each other’s proposals. With everyone pulling in the same direction, but each bringing their own talents and theories, the idea was that those most engaged in a project were in the best position to influence its progress.
This principle eventually gave birth to decentralized autonomous organizations – or DAO for short. Made up of developers, engineers, coders, and regular community members, these open source organizations were meant to automate decisions without the need for a traditional management structure or board.
Since Ethereum founder Vitalik Buterin introduced DAOs as the holy grail of organization types in a 2013 article, dozens of DAOs have been deployed on the blockchain, and although each has a mechanism for taking of decision-making at the base, the global projects were very varied. Sadly, many DAOs were crippled by low voter turnout while some suffered reputational damage from well-publicized hacks.
Reinventing the CAD model
Now a whole new type of DAO is being developed by the Bribe defi protocol. In a nutshell, Bribe is a DAO tool platform that coordinates voters into formidable coalitions and allows “bidders” to borrow more of a pool of votes to influence the proposals they care about. In return for lending their own share of the vote, each community member earns a percentage of the winning bid denominated in USDC stablecoin.
Bribe’s brain trust calls its concept Voter Extractable Value (VEV); all at once, opportunity costs for voters are reduced, DAO participation is enhanced, and voting use cases are increased. It’s DAO 2.0, and the idea has already caught the attention of several notable DeFi investors.
At the end of 2021, the protocol raised $ 4 million in a funding round led by Spartan Group, which attracted investments from 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 increase, Bribe founder Condorcet said: “Our first contributors have joined us in formalizing this essential mechanism by which DAOs make decisions and reach quorums: voting markets.
“By moving this activity up the chain, we’re making sure that retail users can participate as well, as well as providing the data and case studies needed to really understand what’s going ‘under the hood’ in CAD ecosystems. “
Bribe Bootstrap Protocol
As with other DAO-based projects, Bribe has its own eponymous native token that powers governance and revenue sharing. In this case, a single $ BRIBE token represents an individual participation with voting rights in the BRIBE pool chosen by the holder.
It was recently announced that $ BRIBE will be available for purchase through a Liquidity Bootstrapping Pool event on Copperlaunch scheduled for January 12, with a portion of the unsold tokens set to appear in a liquidity pool on Uniswap or SushiSwap after the LBP.
Equally important is the upcoming release of Bribe’s first VEV product for governance token staking, the Aave Bribe Pool, which is slated for release later this month. Shortly thereafter, the Tokemak Bribe pool will be launched and further integrations are expected to be confirmed in the near future.
If Bribe achieves his ambitious goal of encouraging participation in the protocol and helping DAOs run more efficiently, expect his community to grow significantly in the coming months.