- Aragon’s new application enables projects with ERC-20 tokens to establish Decentralized Autonomous Organizations (DAOs) in minutes, without any coding required.
- The app even allows for the creation of SubDAOs using existing tokens.
In an innovation that will ease the establishment of decentralized organizations, DeFi stalwart Aragon has unveiled an application that will enable teams with ERC-20 tokens to launch Decentralized Autonomous Organizations (DAOs) through a user-friendly, no-code dashboard. All that is required to use this innovative tool is a contract address and a MetaMask wallet.
The new feature on the @aragonproject App means thousands of Polygon communities & projects can launch their organizations on-chain without writing a single line of code, and at almost no cost 🤯
Learn how to import your tokens and start governing as a community in less than 10… https://t.co/Q0GO26u8Mt
— Polygon (Labs) (@0xPolygonLabs) July 5, 2023
Revolutionizing DAO Launching on the Polygon Network
Projects and communities operating on the Polygon (MATIC) network are now equipped with a powerful tool to initiate their on-chain organizations, with the key benefits of zero fees and zero need for coding expertise. This capability has been made possible by the latest release of Aragon’s application.
This novel development is particularly significant for teams with ERC-20 tokens on both Ethereum (ETH) and Polygon (MATIC) networks. To establish a DAO and organize governance referendums, teams just need to import their tokens into the Aragon app’s dashboard.
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Tokens created even under outdated standards can continue to play a role in decentralized governance. The Aragon application facilitates the minting of governance tokens, designated with a prefix “g” in the ticker.
In a significant step, ERC-20 tokens can now be minted and transported to the Aragon dashboard, paving the way for decentralized governance across an exchange, DeFi platform, or GameFi application.
Creation of SubDAOs Simplified
Moreover, the application’s new release provides entrepreneurs with a straightforward way to create SubDAOs. With the Aragon tool, multiple DAOs can be launched using a single governance asset.
Importantly, safeguards have been put in place to fend off potential scams, by ensuring only the original DAO has the power to mint additional tokens. This check ensures the integrity of tokens and their respective economics are maintained.
This breakthrough is a step forward for blockchain governance and marks a significant stride for projects on the Polygon network. Through the simplification of the DAO creation process, Aragon continues to position itself at the forefront of DeFi innovation.
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