DAO in DeFi: Case Study of GrabCoinClub
DAO? What is DAO for DeFi projects? The term, of course, has nothing to do with Dao in the context of East Asian philosophy. Although… There are some similarities: DAO is the primary source of any blockchain-based business, arranged according to the harmonious laws of decentralized finance, it is the way of conscious economic development for the benefit of a particular community. GrabCoinClub also starts with DAO.
Learning a Bit About DAO
Within the DeFi projects, DAO means a decentralized autonomous organization. As such, a DAO is an efficient and secure way to work with like-minded people around the world. Think of it as an online business that is collectively owned and operated by its members.
DAO in GrabCoinClub
Since GrabCoinClub is a project with earning option for project members, DAO is the basis of its fundamentals.
If you own project’s NFT from certain collections and series, you automatically get rights in the project’s DAO and influence the internal economy of MetaMind gaming metaverse as well as manage the DAO objects.
The DAO involves only:
Collection I
Avatar generations 10–15
Collection II
Series 12–16:
Series 12 — Maintenance Station
Series 13 — Arena
Series 14 — Rest Hall
Series 15 — Teleport
Series 16 — Gambling House
DAO Objects
DAO objects are non-fungible tokens with smart contracts on a blockchain that have a special meaning in the gaming Metaverse. All DAO objects are present on Planets by default. They cannot be deleted or destroyed. These include:
- the Capitol
- the Marketplace
- the Exchange
- the Star Bridge.
The Capitol is the main regulatory entity of each Planet. The Capitol receives all requests for votes on all matters administered by a Planet’s DAO. When an unknown Planet is taken, the Capitol is automatically created by the System. Also the Market, the Star Bridge and the Exchange are under the control of the Capitol.
The Market is a place where users can make transactions of purchase and sale with each other. From each transaction a percentage is deducted to the Capitol, for the benefit of the Planet’s DAO. When a transaction is made between users whose Avatars have different percentage of commission, the lowest commission is deducted.
The Exchange is the same as the Market, but only for the transaction of services, such as the hiring of guards, workers or mercenaries.
The Star Bridge is one of the most interesting objects in MetaMind. It allows players to travel to different Planets and Star Systems. It is a kind of space ferry, on which one buys a ticket for GC-tokens and moves to her/his destination. How much would a ticket to another Planet cost? That issue is up to the DAO, that is, the project participants (players) themselves.
So, the DAO in MetaMind is a decentralized autonomous organization, which is controlled by the NFT owners’ smart contracts and project tokens. This is a great prospect and a big responsibility, because the vector of economic development of MetaMind and GrabCoinClub community depends on all DAO members’ collective decisions.
