CryptoStats’ path to becoming a DAO

Since CryptoStats publicly launched, we’ve seen great interest flowing in from the crypto community. Hundreds have joined the CryptoStats Discord, and almost 20 users have built new adapter so contribute to CryptoStats’ growing data library.

These new users have been attracted by the goals of open, trustworthy data and free data metrics. But to truly realize this vision, we’ll need to distribute the power over this system to the community. We’re excited to announce the next steps for CryptoStats, which is the transition of the project into a DAO.

Goals

Metrics that are owned by the community

CryptoStats aims to become the most trustworthy source of data metrics, a brand that everyone from individuals to large companies can rely on.

Moving forward, we need to ensure that the community has control over the methodologies used (specifically, which CryptoStats adapters are verified and added to collections).

With the launch of the CryptoStats DAO, the CryptoStats community will assume control over these decisions. With transparent decision making, any accusations of bias or deception should be alleviated.

Bootstrapping a comprehensive library of metrics

CryptoStats aims to support every major, publicly-determinable metric. In order to do that, significant work must be done to build and maintain the library of adapters.

We’ve seen that token incentives are powerful tools for bootstrapping communities, and CryptoStats will use these same techniques.

But instead of rewarding liquidity or trading, CryptoStats will run a “proof-of-code”, providing governance rights to anyone who builds and verifies an adapter.

Supporting independent metric sites

In addition to building out a library of metrics, CryptoStats also needs a network of independent websites to communicate metric data with the world.

Together, the CryptoStats DAO community will build a “Launchpad” program, which will provide the resources and support for developers to build websites and experiment with new tools for data communication.

DAO Structure

Like many other DAOs, CryptoStats will use a system of delegation: giving a select number of elected community members the ability to execute on-chain transactions on behalf of the community.

Optimistic actors

Voter apathy is an issue many DAOs have run into. CryptoStats specifically will need to take frequent action, as adapters need to be updated often and users rewarded for their contributions.

CryptoStats will use a system of “optimistic governance”, inspired by optimistic rollups. In this system, elected individuals can take actions like approving adapters, the DAO members can vote to reverse any action. Representatives must “stake” some assets before receiving optimistic governance privileges, and can have their stake “slashed” if the community finds that they have acted in bad faith.

What’s next?

We’ll provide more details about the DAO as it gets closer to launch.

We are in the earlier days and we are looking to expand and prepare for the DAO in many different areas such as:

The project is in it’s early days, and there’s many roles we’re looking for assistance with, including:

• Adapter & subgraph development
• Frontend development
• Business development
• Marketing
• Community management
• And many more…

So join the CryptoStats Discord community and have a chat with us!

And if you’re a developer who wants to get involved, take a look into building CryptoStats adapters… 😉