Community Spotlight: Stargate Finance
Commonwealth is excited to spotlight another one of our communities: Stargate. As a project seeking to solve the rising demand to transfer assets between blockchains, we’ve been excited to see Stargate use our all-in-one governance platform.
Stargate: Welcome to the Omnichain Future
There is currently no fail-safe solution to bridging native assets between chains. Existing cross-chain bridges either rely on intermediate or wrapped tokens, support only a limited network of chains, or cannot be composed with smart contracts on the destination chain. Stargate has come up with the Delta (∆) algorithm, a solution that leverages cross-chain liquidity to enable a new class of cross-chain bridge (∆Bridge) that deals purely in native assets and maintains instant guaranteed finality (meaning a transfer submitted on the source chain is guaranteed on the destination).
Stargate Finance is a fully composable liquidity transport protocol that lives at the heart of Omnichain DeFi. As Omnichain communication protocols enable reliable bidirectional inter-chain communication in dense networks of chains, they have made it possible to bridge native assets without sacrificing instant guaranteed finality. Stargate is leveraging the unique features of Omnichain to allow users and dApps to transfer native assets cross-chain while accessing the protocol’s unified liquidity pools. In addition, users can farm LP tokens to receive STG token rewards.
Commonwealth: The All-In-One Platform Growing Decentralized Communities
As Commonwealth accommodates various governance processes, we make it so projects don’t need to be managed across multiple platforms like Discord and Telegram. Commonwealth accommodates various governance processes, including decentralized governance, community discussions, treasury management, and more. Since its inception more than two years ago, Commonwealth has become the all-in-one governance tool and crypto-native community used by many of the top DeFi projects to discuss, vote on, and fund their initiatives.
At its core, blockchain technology is creating a decentralized system that operates without a central authority. This is allowing DAOs to organize themselves online. In a DAO, decisions are made by a community organized around a specific set of rules all coded on the blockchain, making them 100% transparent and community-driven. They happen to share one bank account, where members vote on how funds are raised and distributed. In contrast, the critical decisions of today’s leading financial institutions are made by a select group of people behind closed doors. We want to usher in the future of decentralized governance.
Stargate Finance’s community operations will be fundamentally improved on Commonwealth. Everything from discussions to crowdfunding to executing proposals can happen on our platform, giving them more efficient community management. With more functionality on a streamlined system, their governance process will become seamless.
Stargate Finance’s platform on Commonwealth was built custom for their ecosystem and includes the following capabilities:
- Snapshot Integration: As part of the seamless governance experience that Commonwealth offers, Stargate Finance can have full integration with Snapshot. By joining Commonwealth, the community can move from discussion post to proposal with complete transparency along the way. This enables their community to consider the entire discussion leading up to the Snapshot proposal when deciding on their vote.
- ERC20 Token Forum: The Stargate Finance community on Commonwealth comes with full forum capabilities including threaded discussions, upvotes, user profiles, and more.
Participate in Stargate’s Commonwealth Forum
The Stargate Commonwealth forum is live, and they’ve had some interesting use cases on our platform, including:
- A proposal designed to be a template for any new base asset that would like to use Stargate as a bridge. Any non-supported assets can use the Stargate template to propose, post, and pass a governance vote with the community. If it passes, it will open up a new asset pathway for the protocol. The template ensures everyone follows the same procedure in seeking partnerships with Stargate.
- A proposed operating budget for the next six months. The budget is based on an estimation of the runway costs and business operations and has the option to be reassessed and adjusted based on expenditure. The post broke down the proposed budget in a table, showing how expenses will be distributed between audits, legal fees, contributors enumerations, and general expenses for a total estimated operating cost of $600,000. The community was overwhelmingly enthusiastic about the budget and its transparency.
Users are encouraged to participate in the ongoing discussions on their platform—begin a discussion or proposal on their forum today at https://commonwealth.im/stargatetoken/discussions