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Decentraland Secures Treasury with Aragon Client

Decentraland Secures Treasury with Aragon Client

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It’s only been two years since Decentraland opened its virtual world to avid NFT creators, but it has since amassed over 300,000 users. Check out how they used aragonOS to bring their DAO to where it is today.

What is Decentraland?

Decentraland is a decentralized virtual world that runs on the Ethereum blockchain and has used Aragon to build the DAO. The protocol is best known for users buying and selling virtual land and wearables as NFTs online, but it also opens up the possibility of monetizing digital spaces by building on top of virtual land.

According to core team member Yemel Jard, the platform was an initiative to create an open metaverse. “We are creating a common good, a shared virtual space where content creators and users can explore and create.”

Decentraland’s finite, walk-through, 3D virtual space is called LAND, which is sold as NFTs. Decentraland NAMES are exchangeable ERC721 devices fully integrated with the Ethereum name system. These unique human-readable names allow users to exchange tokens between memorable addresses, e.g. ‘jane.dcl.eth’.

Earth NFTs are divided into blocks identified by rectangular coordinates X and Y. These blocks are owned and purchased by community members using MANA, Decentraland’s original token. This gives users full control over the environments and applications they create inside the packages. They can range from static 3D views to more interactive applications or games.

What is Decentraland DAO?

Decentraland DAO is a decision-making tool for all DCL holders in the virtual world of Decentraland. By voting on the DAO, the community can issue grants and make proposals to make changes to banned name lists, add new points of interest, and add catalyst nodes. The DAO also manages LAND and Estate smart contracts.

The DAO is responsible for directing the future of the project. The teams are funded by a coffers of around $200 million, awarded through a grant program to help grow and improve Decentraland.

How does Decentraland use aragonOS?

How does Decentraland use aragonOS?

Decentraland utilizes the battle-tested Aragon Client security to maintain its treasury. With a warchest worth nearly $200 million, it’s important that their coffers are kept in a safe place.

“I would say that Aragon has a remarkable flexibility in setting up different authorization systems, it’s also open source and well audited,” said Jardi.

When a new proposal comes up for a vote, Decentraland will hold a signal vote off-chain. After the end of the voting, the members of the committee perform the voting in the Aragon Client. In AragonOS, you can allow a list of wallets and perform small votes in the same way as in multisig. This saves gas and keeps the DAO moving quickly.

For smaller events that don’t require diving into the cash register, the community votes on the Snapshot off-chain and runs the results manually through the Gnosis vault.

“The players don’t want to pay to vote, only the big whales,” said Jardi. So off-chain voting and on-chain implementation to access the main pool was a good combination for the community.

$174 million in the Aragon Right of Origin Agreement. $40 million in Aragon’s Finance.

Treasury of Decentraland in Aragon

TLDR: Decentraland keeps its main fund in Aragon Client and other parts in Gnosis Safes. Proposals that need access to the main fund, such as large funding proposals, are approved on the Aragon Client by the DAO Committee, a multisig controlled by three people.

“I can say that if you are a developer who wants to build a DAO that keeps its assets, Aragon is a safe and battle-tested option that supports the Ethereum and Polygon networks,” Jardi concluded, why they use Aragon to secure their main fund.

If you need For more help building your DAO, you might want to check out our DAO Experts program where you can find unique service provider solutions for your needs. We also have How To guides to help you get started with your first DAO.

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