See how Gnosis Chain DAOs like ShapeShift and DAOHaus are using Hedgey to distribute locked tokens through NFTs, and how these NFTs create a visual identity for their digital communities.
The concept is simple. DAOs are able to use Gnosis Safe to interact directly with the Hedgey NFT protocol for distributing locked tokens to multiple recipients using a novel application of NFTs.
The protocol allows the creator to set an array of recipients, define how many tokens each recipient receives, and how long the tokens are locked for. When the transaction is executed, the Hedgey protocol locks the tokens and mints unique NFTs to each of the defined recipients.
These NFTs act as unique ownership keys to a predefined amount of tokens which can be claimed by redeeming (burning) the NFT after the unlock date.
The NFTs can participate in voting with specific amount of tokens they represent using the Hedgey Snapshot strategy, can be transferable or non transferable (non transferable going live later this month), and can include logos of the DAO as embedded features in the NFTs.
Each month DAOHaus and Shapeshift distribute locked tokens to their core contributors as part of an ongoing contributor compensation cycle. The locked properties of Hedgey NFTs are applied as part of their hybrid compensation model. During their first uses of Hedgey, Shapeshift executed the transaction using Gnosis Safe via Wallet Connect.
While the core value of using NFTs is their ability to act as unique access keys to locked tokens, an added perk is their ability to contribute to the visual culture of a community.
By giving locked token holders a visual representation of their position, they are able to visually signal their contribution to the DAO in a way traditional locked mechanisms fail to do. NFTs have been a fun, lightweight, and easy win for early DAO communities. With the added feature of holding locked tokens, these NFTs also allow contributors to align with the long-term mission of the DAO.
To see the full collection of Hedgey NFTs on Gnosis, head on over to the Eporio NFT marketplace.
With the recently added Hedgey Snapshot strategy, locked tokens can now participate in active governance on snapshot. You can check out how ShapeShift implemented this here.
This is the first of many features in line for the Hedgey locked token distribution. We’ll be creating streamlined systems for distributing NFTs directly through Gnosis Safe App, as well as expanded features with how NFTs vest. If you’d like to keep up to date, follow us on Twitter or join our Discord .
If you’re interested in delivering locked tokens to your community, reach out to us directly on Telegram at t.me/goforlindsey.