Squad Up!

Written by Ryisan C. Oct.26,2021

Quick Points

  • Squads is a user-friendly DAO generator on Solana, which combines a treasury
  • November 9 will see the release of Squads v 0.1

The NFT scene is exploding and there are new projects daily vying for the attention of many potential buyers out on the internet. With multiple discords constantly abuzz with information and talks as well as potential utility one main point of conversation is a DAO.

What is a DAO?

A DAO is an organization created by developers to automate decisions and facilitate cryptocurrency transactions. Within the NFT sphere, this would be used to give owners of the NFT autonomy on what happens next with the project. The owners would have the right to vote on what happens next with their product(the NFT and future utility.)

What is Squads?

As stated on their website, ”Squads is a user-friendly DAO generator on Solana, which combines a treasury, on-chain voting, and a chat all in one interface”, this means that all the necessary functions and requirements for creating, operating, and participating in a DAO can be found with Squads.

This means that DeFi holders and Moderators of NFT communities can register their token/NFT and allow the holders to participate in fair voting processes. Holders can then decide on things such as co-investing in projects or participating in a hackathon. Love playing to earn games? That’s another aspect Squads can help you with, you can put together a team to play and earn and benefit from teamwork.

A bit different from Grape

While Grape is already a useful tool for such an endeavor it still misses out on having an on-chain governance client to allow DAO members to initiate and vote on proposals. The creators of Squads realized this issue with various token holders and creators and decided to create this protocol to solve that issue.

November 9 will see the release of Squads v 0.1will act as a multi-governance client for the Solana ecosystem facilitating decentralized on-chain voting for already established communities.

This means that if you already have a coin of NFT that has successfully dropped on the Solana network you will be eligible to use version 0.1. You can then invite your holders to begin using Squads. Keep in mind that the governance-client aspect won’t be completely available until version 0.5 a little down the line.

On the same day 0.1 goes on to the mainnet, the developers or Squads are going to release v0.2 to devnet which will have all of the DAO primitives (deployment, voting, treasury) combined in one interface.

This version will allow for the deployment of private DAOs (the ones where the DAO controls the membership and needs to vote on adding/removing members). When these Squads are deployed, a mint of governance tokens occurs but they remain locked in the program dedicated to that Squad and are not liquid or transferrable.

For more information on Squads feel free to look into their website or onto their Discord channel.

Remember none of the information on Solanews should be taken as financial advice nor are we here to advertise. The writers of our articles may carry some of the assets introduced in our articles. You can follow Solanews on all of our channels here

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