Background
In February 2021, DXdao community members proposed the creation of a DXdao venture arm, coined DXventures. Community members quickly adopted the idea, and web3 projects have since approached DXdao regarding investment opportunities.
About Karma
Karma is a reputation system for DAO contributors. Karma aggregates and curates DAO member activity across various DAO tools to recognize their contributions and help build their reputation.
The blockchain space has seen an explosion of DAOs and contributors in the past 18 months. That has brought with it a number of challenges. There is very little visibility into these DAO contributors, how they have contributed to the DAO and how to discover contributors working across the DAO ecosystem. DAOs themselves struggle to understand who their contributors are, how to onboard new contributors and get a pulse of what is happening in their DAOs. Karma aims to solve this by integrating with various DAO tools, aggregating and curating this data and assigning a reputation score and mint an NFT for each DAO contributor for each DAO they belong to.
Every DAO is different with regards to operational structure, tools they use and how the contributions happen. Karma plans to work closely with DAOs to customize the reputation score for their communities based on various criteria defined by the community. Karma will also help showcase contributor’s work and make them discoverable. This NFT can become a lego block which others can use to build applications in the future. You can find MVP of ENS and Gitcoin DAOs here:
https://www.showkarma.xyz/dao/delegates/gitcoin
Karma wanted to help token holders decide to whom to delegate their tokens. By aggregating the delegate activity across various tools and assigning weights, a Karma score was created that can help decide their delegation.
Eventually, Karma plans to open source all the code, decentralize the aggregation and curation of signals and let the community drive the decision on what signals to curate and weigh them.
Roadmap
Phase 1: Plan to integrate with other DAO tools like Carrot, DXvote and others where DAO contributor activity can be captured
Phase 2: Introduce NFTs to embed contribution reputation and make reputation a building block in the web3 ecosystem.
Phase 3: Finalize tokenomics and introduce tokens in a way that makes sense to the product, community and ecosystem.
Traction
Karma received valuable feedback from ENS and Gitcoin communities and a number of DAOs have shown interest in adopting our reputation system.
Fundraising Status
Pitch deck, fundraising details/terms will be shared by Karma upon request
Grant to Karma
DXventures would like to formally seek the community’s feedback for an on-chain proposal to participate in Karma’s pre-seed round with an investment of $100,000.
If the $100,000 grant proposal is passed, DXdao would be issued a SAFE in Karma the company per the terms of the agreement. DXdao will also be issued a token warrant stating the percentage of tokens the DXdao would receive when a token is launched. The terms will be shared privately with all interested members.
Next Steps
If the DXdao community signals interest in going forward with a $100,000 grant to Karma, Karma will make an on-chain proposal on DXdao’s mainnet voting interface on Alchemy for the grant.
Feedback Wanted
Through this grant and partnership with Karma, DXventures looks forward to filling a need that many DXdao members actively face as contributors. Any feedback on the grant or ideas on how Karma can help contributors is welcome.
