Benefits of DAO Governance for Communities with Arthera and Thirdfy
Can DAOs address the issues faced by traditional organizations? How can you be part of the growing movement towards decentralization?
Last week, we went live with Arthera, the next-gen EVM compatible L1 Blockchain, and Thirdfy, a zero gas fees trading platform, to discuss DAO governance and community building.
We've recapped the highlights of our conversation below!
What is DAO governance and why does it matter?
As Rhys, our Head of Ecosystem puts it, “DAO governance is a way to increase accessibility and a more equitable structure for a company,” by giving the community greater decision-making power and stake in what they’re building.
With decentralized governance, a wider range of perspectives can be evaluated and included to make key decisions. While the DAO space is still experimental, there’s a growing sense of enthusiasm from organizations who have seen benefits such as increased engagement and collective problem-solving.
What steps should people take if they’re considering starting a DAO?
Participating can be a challenge for many DAOs, because while there are many people who are interested in the concept, there’s a lot of confusion about how to take action.
Orienting the community around the mission, vision, and goals is the foundation of strong DAOs. Co-create the direction of the organization with your community and make it easy for them to participate.
How can we encourage more active engagement?
Felipe, CEO of Thirdfy, emphasizes that simplicity should be the goal. Move away from the assumption that people understand crypto, and don’t overcomplicate it.
When using a platform like Common, you can organize your DAO with different topics for new members to explore. Suggested topics include treasury management, partnerships, grant proposals, RFPs, and governance processes.
Give people the step-by-step details on how they can make an impact in the community to eliminate confusion and disengagement.
What are other factors that make a DAO effective? Establishing a strong culture is always a good move. You can do this through fun contests or niche community elements that only members would understand.
Establishing different roles is also a smart approach, because everyone brings a unique skillset hat can be used to contribute meaningfully. Empower those who are deeply invested in your DAO early on to boost efficiency and engagement.
What role can AI play in all of this?
AI can make it much faster to create proposals and streamline the governance process. Instead of spending multiple hours on minor tasks, you can focus more on operating the project.
Also, AI can help new members gain an overview of the DAO and identify how their skills can be used to contribute.
We’ll have to stay tuned to see how AI can be integrated into DAOs further!
If you missed the livestream, watch it here:
Want to get started creating your own community or browsing existing ones? Create a Common account here!