Past and Achievement of SubDAO on Q4 2021
2021 is a big year for the blockchain industry. All the while, people’s interest in crypto has skyrocketed this year: it’s a hot topic not only among investors but in popular culture as well, thanks to everyone from long-standing investors like Elon Musk to some popular kid from your high school on Facebook.
But the industry is only in its infancy and undergoing constant evolution, so is SubDAO. In the past year, SubDAO has worked on realizing its final aim in all aspects.
Although it’s difficult to predict where things are headed in the long run, in the coming months, SubDAO has made a specific plan about its future.
What has been completed and achieved in the past several months? The article will list some highlights.
With continued hard work and exploration, the SubDAO team developed several tools including Dapp, Chrome Extension, PolkaSign, etc. It was a great success with the Web3.0 app for electronic agreement — PolkaSign which achieved a round of Grants by Web3 Foundation on October 13th.
With the joint efforts of SubDAO’s core development team and all contributors, the SubDAO testnet launched on October 20th. The testnet offers the functions that enable the users to join the DAO quickly and vote for governance with free test tokens.
As the roadmap of the PolkaSign development, PolkaSign’s development work was nearly completed, and the code was submitted to the Web3 Foundation in December.
Check the details of PolkaSign：https://github.com/SubDAO-Network/Grants-Program/blob/master/applications/SubDAO_PolkaSign.md…
Based on the old version of the Chrome Extension(DAO Wallet), SubDAO released a new Chrome Extension update on December 10th. Substrate nodes, and ink! Contracts were used on the development and it is open-sourced, just like SubDAO Frontend.
Testnet was launched on testing while many bugs have been fixed in DAPP INK.
Chrome Extension INK was fully optimized on the UI and functionality.
The full functionality of the earlier version of PolkaSign INK was completed and has been submitted to Web3Fundation.
The specific details are as follows:
1.SubDAO DAPP EVM
The DAO member management function is complete
- The owner can add moderators
- The owner and moderator can add members
- The owner can delete the moderator
- The owner and moderator can delete members
- Transfer ownership
- Exit DAO
- Set name, desc, and other information
- Get a list of moderators
- Get a list of members
Complete vault contract development
- Create a vault
- Add token support to the vault
- Delete the token from the vault
- Deposit & Withdraw
- Get the token list
- Get balance
- Get transfer history
Complete the vote contract development
- Create vote
- Participate in votes
- Execute vote
- Check if the user has voted
- Query vote details
- All vote list
- History vote list
- Active vote list
- Pending vote list
2.SubDAO DAPP INK
- Front-end: display the record of the token being transferred on Vault
- Contract: after ERC 20 creation, all tokens are sent to the creator
- Voting improvements: Only yes & no options are supported
- Ethereum cross-chain bridge scheme is determined and succeeded in building all Ethereum cross-chain bridge nodes
- Optimized template management. Create a DAO that supports multiple template selections
3. Chrome Extension INK
- New version UI design — complete
- Added plugin support for DOT and KSM tokens
- Show Balance — Complete
- Transfer — Development completed
- Decentralized red packet function
- Grant submission and debugging optimization
- Optimized the contract design, continued to verify the signature verification, added the IPFS upload function, and optimized the signature verification process
- Parachain testnet test
- Crowdloan built and test
6. Token Sale
- Address collection contract and front-end completion on token sale completed
- Front-end and contract development completed
- Token claim
On November 9th, SubDAO announced the issue of the initial token GOV(Governance).
On December 3th, we announced to prioritize cooperation with other parachains through discussion with the development team and prudent consideration. SubDAO would deploy the contracts on MoonRiver as the first step to cooperate with other parachains.
Adjustment of the token economics
Due to the inefficiency and high cost of parachain slot auctions, SubDAO has made a new plan. SubDAO will burn two thirds of the total pre-deposited tokens for parachain auction, that is 20% of the total number in circulation. The remaining one third will be kept as “Future Parachain Plan Costs and Eco Developer Incentive”. After this adjustment, the total supply of the GOV token will change from one billion tokens to 800 million, a decrease of 20%.
SubDAO Starry Sky Program was one of the most significant events in SubDAO history. On November 2nd, SubDAO conducted the token sale on SubDAO’s official website, Bounce Finance platform, Gate.io, MEXC Global.
The token claim on the SubDAO official website was open as planned on December 3rd.
Considering the high gas and inconvenience of token claim, SubDAO announced on December 6th that the GOV got on Bounce Finance Token Sale will be directly airdropped based on MoonRiver after the SubDAO contract is deployed on Moonriver.
From October 29th, SubDAO continued to achieve a further partnership with Crust, Phala, Bifrost, StaFi, and Litentry. All these projects built their DAO on SubDAO Testnet and invited their users to vote for the governance.
On October 30th, SubDAO announced the strategic cooperation with the Polkadot metaverse project, Bit.Country, and would cooperate strategically in the fields of DAO and Metaverse.
Community is one of the most powerful strengths to support SubDAO further. During the two months, the number of Twitter followers has increased by over 6,000. SubDAO also held almost 10 AMA covering about 3 million and was supported by the communities from different countries and regions.
Cooperating with several famous projects including Crust, Phala, Bifrost, StaFi, and Litentry, SubDAO also held the airdrop event, attracting over 5,000 users to join the DAO and vote for the governance on SubDAO testnet.
To build a strong community presence and support, SubDAO launched the Starfish Ambassador program on October 25th. There was a big success on the Starfish Ambassador program, over 600 applicants participated in the program, and 50 of them became our ambassadors. They were good support on the content, translation, image, and video promotion, etc.
Q4 of 2021 was a struggling period for SubDAO — Yet we tried our best to still make progress while deeply reflecting on our work. Indeed, every decision and every step made by the team was with tons of discreteness. “Be Patient and Think Long-Term”, is a motto that has never been out of style, especially for SubDAO.
SubDAO is a cross-chain DAO protocol based on Polkadot. It allows any decentralized organization to swiftly create and manage DAOs. We are committed to serving as a Web3.0 entry by providing blockchain-based digital agreement signing, DAO social networking, asset management, and other tools and services.
SubDAO has completed multi-million dollars financing from dozens of institutions including Huobi Ventures, OKEx Blockdream Fund, CMS, Hypersphere as well as investment by Messari founder Ryan Selkis. The founding team of SubDAO is composed of the former Technical Team leader of the IBM Group and many early well-known developers from Polkadot.