Community governance is a concept that hearkens back to the early days of cryptocurrency, when intrepid cypherpunks pooled resources, shared ideas, and tinkered with one another’s proposals. Everyone pulling in the same direction but each with his unique talents and ideas, it was the notion that the people most dedicated to a project would be the best to affect its development.
This principle eventually gave rise to decentralised autonomous organisations – or DAOs for short. Open-source communities are comprised of coders, developers and community members. They were designed to allow for automated decisions, without the need of traditional management or a board.
Vitalik Buterin, Ethereum’s founder, has referred to DAOs in 2013 as “the holy grail” of types of organisations. There have been many DAOs on the blockchain. Each had its own decision-making mechanism, but the projects overall were diverse. Low voter turnout has hampered many DAOs while others have seen their reputations damaged by well-publicised hacks.
A Reimagining of the DAO Model
Bribe protocol is currently developing a completely new kind of DAO. In a nutshell, Bribe is a DAO tooling platform that coordinates voters into formidable coalitions and allows ‘bidders’ to borrow a larger share of a voting pool to influence proposals they feel strongly about. Each community member receives a share of the winning bid in exchange for their vote. This USDC stablecoin is used to pay the percentage.
Bribe is the braintrust behind Voter Extractable value (VEV). This concept reduces opportunity costs, boosts DAO participation, and increases voting use-cases. It’s DAO 2.0, and the idea has already caught the attention of several notable DeFi investors.
The protocol received $4 million from Spartan Group in a round of funding. This was after it attracted investments from Hypersphere Capital, Fundamental Labs and Dragonfly as well as investment from IOSG, Fenbushi Capital, Rarestone Capital, IOSG, IOSG, Fenbushi Capital, Fenbushi Capital, Fenbushi Capital, Fenbushi Capital, Fenbushi Capital, Fenbushi, Fenbushi Capital, Fenbushi Capital, Fenbushi Capital, IOSG, IOSG, IOSG, IOSG, Fenbushi Capital, Fenbushi Capital, Fenbushi Capital, Fenbulk Advanced Blockchain AG and Composable Labs incubated the Protocol.
Reflecting on the raise, Bribe’s founder Condorcet said: “Our early backers have joined us to formalise this essential mechanism by which DAOs come to decisions and reach quorums: voting markets.
“By moving this activity on-chain, we are ensuring that retail users can also participate, as well as providing data and case studies necessary to really understand what is going on ‘under-the-hood’ in DAO ecosystems.”
Bribe’s Bootstrapping Protocol
Bribe, like other DAO-based projects has its native token that powers governance and revenue sharing. In this case, a single $BRIBE token represents an individual voting stake in the holder’s chosen BRIBE Pool.
Recently, it was announced that $BRIBE would be available to purchase through a Liquidity Bootstrapping Pool on Copperlaunch on January 12. A portion of unsold tokens will feature in a liquidity pool at Uniswap and SushiSwap following the LBP.
Of equal importance is the upcoming release of Bribe’s maiden VEV product for staking governance tokens, the Aave Bribe pool, which is set for later this month. The Tokemak Bribe pool is expected to launch shortly after. Additional integrations will likely be announced in the very near future.
Bribe will see its community grow if it achieves its noble goal of encouraging protocol participation and DAOs to function more effectively.