Time to read: 8 minutes
Date: October 28, 2022
DeFi (short for decentralized finance) is a group of financial service DAOs that put ownership back in the hands of users. DAOs that create DeFI platforms are vital spaces for Web3. When the goal for your community is to govern or grow DeFi products, being able to operate, onboard, and govern effectively is a necessity. DeFi DAOs also use tokens in order to allow members to assist in governance.
Problems faced by your DAO community
Verification of community members
One large issue faced by these communities is access to internal documentation, plans, and meeting notes. Without access, it’s impossible to get accurate data and feedback from your community. This ties directly into governing your community.
Newcomers to DAOs and Web3 are often overwhelmed by the amount of information on tokenomics and other aspects of DAOs that create DeFi products. It’s vital that community members understand this information so that they can take part in votes in order to participate in the ecosystem. Knowledge is needed to take part in the governance process in any DAO, and while DeFi DAOs can have a very streamlined transaction process, the ability to access information on what is happening in a DeFi DAO can be difficult to gain. This begs the question “what can you do about it?”
Lobby is the solution
Lobby is a knowledge platform designed from the ground up for information retrieval in a decentralized autonomous environment. In other words, it’s made for DAO members to efficiently get the information they need to do their work. Work they do as contributors, and as voting members of the DAO. We will cover the specifics of how Lobby achieves the highest information access possible, and how existing members benefit from the platform.
Benefits for governance
It is the publishing information for operators, for the engaged DAO members that participate in governance, where Lobby is uniquely valuable. DAOs publish their documentation on Lobby to inform and to operate. Informing is classic knowledge base territory, but we’ve improved the process with AI search. We have the searchability, but we also have information security through token gating.
We’re a Web3 native company, and have used our knowledge of cybersecurity and cryptography to create the ideal infrastructure for publishing secure information. This is critical, as that secure information needs to be discoverable, but only for the right people. Those people are your members with specific tokens in their Wallets. With those tokens, they can use Lobby Search like anyone else, and pull information from secure areas that no one else can access.
The availability of information is vital for you and the stakeholders of your community to be able to make the right decisions at the right time. Additionally, this information must be robustly guarded and access must be controlled by the DAO. You, the DAO operator, define which token holders receive published information in order to govern effectively.
We are never satisfied with the amount of value we provide, so we’ve gone further. We know that DAO’s need to be global to grow into their potential. To achieve this, we have expanded our support to include a wide range of languages. We’ve built translation directly into Lobby. The translated documents are as discoverable, and as secure, as any other document. The platform enables translation workflows in a document to document level, because anyone familiar with translation knows that’s the best in class approach. With Lobby you can support global stakeholders, whether they are the audience, contributors, or operators and as a result Lobby enables your growth.
Members are doing work, they are contributing to your mission, and they can use Lobby in different ways depending on exactly what the goals are. If your DeFi product DAO publishes content, say market forecasts for example, those can be published on Lobby. That content would only be accessible to the token holders, as you’ve defined the requirements, and those access tokens or NFT’s can then be sold. This means contributors can focus on creating forecasts instead of building the system to distribute them.
While selling information access is only a part of what DeFi producing DAOs do, and that not all of them do it, the other uses for contributors are:
- Collaboration, especially globally as mentioned above.
- Governance, a key component of DAOs, is information access.
- Contributors can use the information creation “work” of the DAO to advertise to potential DAO members by making that information public where appropriate.
- Contributors will spend significantly less time searching for the information created by other contributors, and will have to message people less, which enables autonomous operation.
New Members: How to
As we stated above, Lobby enables your DAO to grow. The basic unit of growth is to bring in people to your DeFi producing DAO. It’s not about getting the most people, the need is to get the right people. These are people that are up to speed with their “tier one” skills, which is what they bring to the table. They are capable and active in pushing for the goals of your DAO. The right members come up to speed quickly because they share your values and are motivated because their incentives are already aligned.
Go to them!
To get the right people, the primary requirement is to effectively communicate what your DAO is and where it’s going. However, the best communication that’s never discovered does no one any good. You must go to where your potential members are and then effectively communicate. Go where they are actively searching for you, their dream DAO. The place that potential members search for DAO’s is Lobby.
Getting the right people that are searching for a new DAO to join is an incredible benefit. The AI powered search built into Lobby gives potential new members the most relevant new communities at just the right time. The reason potential members search for DAO’s on Lobby is because of the leverage AI powered search gives them. Their time is effectively spent looking for the content that matters, the content that DAO’s use to run their organizations. This destroys a key problem for potential members, and that is information asymmetry. This only holds for the information that DAOs choose to make public by using our Token Gating system, but that’s sufficient to create the best information discovery for potential members.
Joining new groups is scary
When a potential member discovers your DAO and decides that they are aligned with your purpose, the process of onboarding begins. The first step is them reaching out to you, and we find that the best practice is to make that seamless, so be sure to create a page with contact information and update it as needed. The knowledge that the new member can communicate with someone if they need to is a powerful tool to remove perceived risk in the onboarding process. The contact also needs to validate the new member and give them appropriate tokens for access rights. All of this can be automated, of course.
Once they have those tokens, we believe that the majority of onboarding should be done in the docs. This does not have to be the way that you operate. There are definitely heavier two way communication methods that can be used, but if you were to scale your DAO up, how would you keep that heavy communication?
We believe the best onboarding happens with excellent documentation, and Lobby is where those docs should live. This way, you can enable new members to onboard themselves with internal information safely and quickly. This is the benefit of strong information security and AI search working together to enable new members to do work in your DAO.
New members for growth
The newest member in a group is generally incentived to stop being the newest member for long. Every new member represents a whole new potential network of connections to find more of the right members, more people that share your values and are motivated to build. How can you enable the newest members of a DAO to repeat the recruiting process? One way is to have them share your DAO’s Lobby with their networks. This creates a flywheel of member growth.
We are building a network of value with Lobby, and our monetization is with Web3 Native tools to enable your DAO to succeed. That means Lobby is freely available, and as long as we build the right tools and monetize them it will remain so.
An example of one of those tools is Canvas, which is the Web3 survey-to-earn solution. We’re using it ourselves, so look for the option to get paid to take a survey after you create a Lobby community.
How much effort does it take to maintain?
Getting documentation right over time is hard. We’re not here to tell you differently. Lobby helps maintain the ability to discover the right information with our robust AI search. Spend your effort where it matters and let Lobby keep track of everything else.
How long will it take to start?
You can have your Lobby community created in less time than it took to read this article!
Click here to get started: Click!
Ready to solve all of your form and survey needs? Canvas is the solution! Get started here!