CoVaults Soon!
0xa467
July 1st, 2022

At Coordinape, we’ve seen budgets and governance flow into and through DAOs, nourishing pods of contributors and activating them to perform their best work. The paths and directions these resources flow can regulate the priorities of the network, giving nutrients that upkeep and grow the organization’s mission. The management of token flows plays out with a variety of tools, from the raw vessel of a Gnosis Safe to intricate payroll apps like Parcel and Utopia, with varying levels of complexity, transparency, and difficulty.

Coordinape is introducing a new on-chain primitive for token transmission, custom designed to interact with Gift Circles and operationalize DAOs. We are excited to announce CoVaults, adding to the landscape of web3 legos in our growing ecosystem.

Transparency, flexibility, and simplicity are important in any market, but in a bear these values are essential. To that end, Coordinape’s CoVaults have been developed to make the process of distributing funds through Gift Circles easier, more flexible, and on-chain. CoVaults are code complete and we are putting the front end through QA now. We expect CoVaults to be released mid-summer. We’re excited to invite you to join us!

CoVault contracts are minted and managed by their owners. Coordinape makes creation easy, but you own your CoVaults. Your keys, your coins. Once set up, CoVaults can escrow ERC20 tokens and distribute them to Gift Circles with drastically less operational overhead for Circle administrators. CoVaults allow their owners to verify Epoch outcomes, and once synched, contributors can claim their rewards on their own, choosing the timing of when they receive tokens. If you are new to being a Coordinape admin, this means what was once spreadsheets and manual transactions is now on-chain and way less strain.

CoVault owners can synch with a circle's Merkle Tree to approve a distribution.
CoVault owners can synch with a circle's Merkle Tree to approve a distribution.

In addition, by building on top of CoVaults, we can now offer new options for contributor incentives that augment the role of Circles. This includes brand new (and much requested) Fixed Payments features, that can repeat with each epoch, such as for UBI or per-contributor standing salary agreements. After all, DAO contributors deserve to go steady sometimes.

What’s more, Coordinape Vaults also integrate with Yearn Finance, allowing organizations the option to earn yield on their payroll and operational funds while they are waiting to be distributed.

Future releases are already queued to enable alternative distribution mechanisms, like Disperse.app style payouts, and more advanced allowance scheduling features for set-and-forget budget management. But first, we will roll out Layer 2 or side chain deployment options for lower gas fees. Please let us know what chain would you like to see first!

Schematic of the CoVaults contracts.
Schematic of the CoVaults contracts.

At Coordinape, we imagine a future where some DAOs are acting much more like rhizomes than the pyramid of traditional corporations. In a more flexible format, resources pool where they are needed according to the hidden shape the DAO intends to become, and pathways to attain that direction are supported by their tooling. Tokens may even pass between DAOs through mutual initiative Circles, using the CoVaults features, evoking new strategies for incentives and borderless building. This is a vision that we are excited to continue to investigate, with CoVaults as well as our many partners in the DAO tools ecosystem.

CoVaults were audited by BlockSec and SlowMist. If you want to learn more about how to launch a CoVault, and start to enable better management for Gift Circles, please get in touch on our Discord and check out the CoVaults section in our Docs. We are eager to talk with potential early partners about how to get going.

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