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FxDAO's monthly update (April 2023)

· 3 min read

The start of the journey: The journey really started a few months ago when we started talking with lawyers and international advisors about our idea, we want to be different, and in order to achieve that we needed to get advice from professionals in the matter…

A few months later we are here, writing code, moving papers, and excited to bring what we think will be the first legally incorporated DAO into the Soroban network.

What have we done so far and where are we?

We wanted to do everything right from the beginning and because of that our work started by first connecting with international advisors so we learned the best way (at least for now, let's not forget blockchain developments are still early in terms of clarity within jurisdictions) to incorporate so our project fulfills its goal of being as decentralized as possible.

Of course, we also started the development of the protocol and have been updating it in order to be compatible with the latest Soroban previews (currently being compatible with the latest preview number 8.) and it wasn't until a few weeks ago on March 3rd when we first published the first working version of the webapp/contract where users could connect their wallets and create Vaults directly in the Soroban Futurenet.

A few weeks later on March 23rd, we published the fully re-designed webapp which included the same logic (create Vaults, increase debt, increase collateral, and pay off the debt) but a better UX experience.

During the same days we have been in touch with our advisors and we're currently in the process of incorporation. The project will be under the umbrella of a fully legally recognized DAO entity and we estimate between 30 and 60 days all the paperwork should have been completed already.

And the latest update was done yesterday (April 10th) when we deployed the new version of the webapp/contract, this version allows participants to redeem collateral and liquidate Vaults which are under the minimum collateral ratio. This new version also included modifications so the protocol is compatible with the latest version of Soroban.

It's important to note that currently, everything is on the Soroban Futurenet, and hence why we call it a PoC all the time because currently is not something that can be used on the real network.

What is coming now?

There is still a lot of work to do, but everything so far is going well in terms of progress. From now we need to continue the development of the protocol and the incorporation of the DAO entity. We will continue sharing updates on our Twitter account (FxDAO Protocol (@FxDAO_io) / Twitter) for every progress that is made in the development.

We hope you liked this first monthly update and until the next month for a new update 😃