What is Coordinape?
Coordinape is a new platform from Yearn.finance aimed at simplifying the distribution of its $40,000 monthly grants budget to the Yearn DAO community. This initiative represents a significant step toward decentralizing governance, making the allocation of funds more efficient and equitable for active contributors.
How Does it Work?
Each member of the Coordinape network receives a specific number of “allocation points” that can be distributed to individuals they collaborate with throughout the month. The idea is to track interactions and allocate rewards accordingly. Those with the highest number of interactions and allocations will receive larger portions of the grant budget. Think of it as a popularity contest crossed with a merit-based funding system, minus the high school drama.
Why Coordinape?
Yearn operations member Tracheopteryx emphasizes that despite other programs like Colony, an in-house solution was crucial for Yearn’s unique needs. With a significant monthly budget and numerous active contributors, it wasn’t practical to allocate funds on a one-by-one basis. They needed a system that scales and adapts efficiently.
Scaling the Distribution
- Addressing a $40,000 budget
- Enabling dozens of active contributors
- Efficient allocation through community-driven insights
Trust in a Trustless Ecosystem
Interestingly, while Coordinape relies on social trust, it functions within a trustless blockchain framework. Tracheopteryx argues that emphasizing social trust fosters a more collaborative and creative work environment, vital for any thriving organization.
“We needed a consensus mechanism that enhances collaborative energy,” Tracheopteryx said.
A Look Ahead
As described by Yearn founder Andre Cronje, the vision for Coordinape extends beyond Yearn itself. The platform aims to be a general tool beneficial for other organizations and DAOs facing similar challenges. An open-source version of Coordinape will be released soon, inviting additional innovation and adaptation. Who knew governance could be this exciting?
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