Squads Weekly Update 9–15 May
Here is what Squads have been up to this week!
📽️ Squads explains: link Twitter to your wallet
To make the UX even slicker, Squads enabled users to link their socials to their wallet. The easy and quick procedure allows you to link your Twitter directly to your wallet address in Squads and forget about identifying team members by a long string of random letters and numbers.
🎉 Squads Feedback Bounty winners
We are pleased to announce our Squads Feedback Bounty winners!
🥇 DolphinsDAO — NFT-based crypto-native investment club has won 1000 USDC for their amazing piece on DolphinsDAO’s use case of Squads infrastructure and improvement suggestions to make Squads protocol better.
Here is the Twitter thread of their submission:
🥈 avidlearner.sol — 500 USDC went to ”avidlearner.sol” who secures his savings and invests with his friends using Squads.
🫂 Community call
Community Calls are weekly updates from Squads where we talk about newly shipped product features, plans for the future, and fascinating topics in the DAO space.
This time we covered:
- 2183 squads on mainnet 📈
65% — Multisigs
35% — Teams
- Fixed a few UI bugs
- Upcoming Twitter spaces:
🗓️ May 20th, 12 PM ETC
Grim Syndicate x Squads: The Road to DAOification
We are going to talk about the journey from an NFT project to a DAOfied community and the role of Squads in Grim Syndicate organizational process.
- Conversation with an active Squads user: DolphinsDAO 🐬
Last Thursday we continued our series of public talks with active Squads users where we look at use cases of Squads, listen to users’ feedback and discuss feature requests. This time we welcomed DolphinsDAO — first investment only DAO on Solana.
- They told us about how their community uses Squads for on-chain NFT voting and securing their funds via multisig treasury.
- Whenever a proposal is executed, the required amount of SOL is being transacted from the multisig wallet to an executive wallet. Then the required transactions are processed from the executive wallet on platforms like Magic Eden, OpenSea, etc, depending on the proposal. The assets are then put back into the multisig where the community has full control over the funds.
Join the next Community Call on Discord this Thursday to keep up with the news!
🟣 Twitter spaces: Sobol x Squads
Last Friday Squads joined Sobol’s weekly Twitter spaces to talk about the Solana DAO ecosystem, governance tooling, and current main issues in the space.
We identified the most accurate issues in the DAO space right now:
- Awareness of what DAOs are
- Need for more DAO tooling with easy UX, so that people without deep knowledge in crypto could easily understand and use the tool
- Making an effective organization out of a DAO
- Active member participation in DAO governance
Talked about the current Solana DAO ecosystem:
- Protocol DAOs
Currently most advanced with the largest treasuries in the space
a. Mango Markets
b. Grape Protocol
2. NFT DAOs
Solana NFT DAOs are different from Ethereum ones. They are more similar to social DAOs in nature, where the NFT collection acts as a cultural way to unite people together and then together build smth for their community. NFT communities evolve from mint to actual organizations that have a unique subbed structure.
a. Grim Syndicate
3. Investment DAOs
Essentially investment DAOs are groups of people that pull funds together and collectively decide on purchasing/selling their co-owned assets.
And discussed the Squads approach to DAOs:
It all begins with a Squad!
Squads approach focuses on the team aspect of DAOs. Independent of your DAO’s goals you will start with a single centralized team with a clear mission/ purpose whose end goal should be decentralizing. The initial team needs good UX tooling to then gradually decentralize and begin their journey.
Join our next Twitter spaces public talk with Grim Syndicate this Friday 12 PM ETC to discuss their road to DAOification.