Description

We have seen exploding opportunities since 2021 in the DAO area. It is growing fast in numbers and participants. Larger DAOs started to see the bureaucracy friction to steer project direction with speed. Some DAO started to experiment with the Sub DAO concept to scale while maintaining a level of decentralization, sub DAO in simple terms is often referred to as a smaller working group with more autonomy in the vote, treasury, or operation related to its main DAO. The likes of ENS, YFI, BanklessDAO, and Orca are those pioneers in SubDAO and inspired us to create the Socotra protocol. What does Socotra do? we create a framework to quickly and permissionlessly spawn powerful Sub DAOs from any ERC-20 token, any DAO. Socotra Sub DAO provides; the flexibility to design and allocate voting power through Sub DAO token, flexibility to allocate incentives payment (Main DAO token shares), a build-in bottom-up governance vote casting (concludes Sub DAO voting then cast vote directly to the Main DAO), and finally a payment approval system to burn SubDAO token in exchange for MainDAO token shares. Our model is flexible and powerful enough for various powerful use cases. To name a few; 1. Create focused workgroups (devs, marketing, treasury team) of the DAO with better autonomy - members can vote while contributes not only after they receive the payment,2. Open a DAO bounty that could delegate tasks further on many layers. 3. Create two or more competitive subDAO working on the same topic to balance power increasing decentralization. 4. Starting infra for anyone to create a Curve-Convex-Redacted relationship. Even more, users could create sub of sub DAOs and beyond (thus comes our Socotra island's beautiful tree logo). SOCOTRA aims to be the innovative DAO money-power lego building block that enables more possibilities for how we work together within DAOs. Follow us on twitter:https://twitter.com/socotraprotocol Our deck: https://docs.google.com/presentation/d/1DoPRVRe8kS6w-Ezc9ObMWw-Gcf0zMhoIJp0rrszP99c/edit?usp=sharing

Socotra protocol showcase

How it's made

We create a SubDAO factory smart contract that takes in any ERC-20 (main DAO token), a build-in token minter, and a controller to give flexibility to its owner to allocate token shares and new sub DAO tokens. and on-chain governance voting adaptors for a protocol that doesn't rely on only the Snapshot. The backend focussed on Snapshot voting integration and workflow to ensure Sub DAO token creation and management works seamlessly. IPFS helps us store essential sub-DAO information, and store payment request/ approval proofs to allocate the payment shares. We customize the Graph to index our SubDAO factory contracts, this enables us to keep track of all sub DAO created from our SubDAO factory and visualize it on our explorer effectively. Covalent helps us improve UX and frontend speed to verify user's tokens before creating the SubDAO as well as checking their balance before voting. Then we use Spheron to host our front with ease, this increases the decentralization of our protocol. Finally in the Governance use case. We introduce three sub-DAO use cases from top DAO- UNI, COMP and AAVE. UNI could scale its bounty grant programs where contributors could participate in the governance even before they receive UNI, COMP- could scale to create risk-subDAO, asset-listing-subDAO to focus on specific area, AAVE is similar to COMP, subDAO could be spawned to permissionlessly update protocol parameter.