Looking for DAO Partners on Prime Deals: A Closer Look at Token Swaps with Open Proposals
This week, we were very proud to announce that Prime Deals is broadly available to any DAO seeking to initiate a token swap with a specific partner, or solicit an open proposal.
In just a matter of days, we’ve seen 5 DAOs step up to make Partnered Deals with us on Prime Deals, and there will be many more to come, including one with Celo 🤝Prime.
But, what if you don’t know who would make a good partner for you? What if you’re not exactly sure who to kick off your partnering conversations with? What if you just want to test the waters?
That’s exactly why we created Open Proposals, and today we’ll show you how to use it to let other DAOs know that you’re looking for a partner, what’s in it for them, and how to open the conversation with you.
Initiating a Deal
First, head to the Deals interface, and click “Initiate a Deal”. You should see the screen below:
Joint ventures with multiple partners is coming soon, so for now, click on Token Swap to proceed.
Open Proposal
Next, you will have to choose between an Open Proposal or a Partnered Deal. We’re assuming you’re new to this, and just exploring who might want to partner with you, so go ahead and pick “Open Proposal”.
From here, in order to create an Open Proposal you will have to fill in specific information so that the proposal can be posted live on the platform. Let’s take a closer look at each step and the data you need to provide:
Proposal
In Step 1: Proposal, you will be directed to a window with a form with three fields to be filled in: the Proposal Title, Summary, and Description. Each field is required. Create an interesting name for your proposal, e.g. “25,000 $X token for a partner to advance DeSci”. Try to be specific about the partner you’re looking for, and what you’re offering.
After that, just click on proceed to be taken to the next screen.
Lead Details
Here’s where things get interesting. You need to have a wallet address for the proposal lead, aka the person who will be the admin for this deal. This person can edit the deal terms, initiate funding once the deal is approved, and execute the token swap. And don’t worry, if you need to change it later, you can.
Next, you will find two checkboxes. In the first one, you will choose between keeping it for yourself or transferring the Administrative Rights to the DAO that accepts your proposal. This is very important! Think carefully about how you want to use this feature. If you relinquish the rights to potential incoming DAOs, it means they can come in and get the deal done once you accept their proposal. We suggest you retain the rights unless you foresee so much interest, that it would be easier to let the accepting party run the show for you.
In the next screen, you can choose to hide proposals made from the public, keeping them visible only to the proposing DAO (your DAO) and the one who makes counter-offers.
Primary DAO
Now it’s time to identify the proposing DAO (your DAO!).
You will need to indicate its name and treasury address to start with. Make yourself look good too, by uploading a media file with your logo. Next, if there are more parties involved in ratifying the deal, add them to the representative addresses section. This is good if you have a multi-sig and want to make it faster and easier for all of the multi-sig addresses to interact with the proposal.
Representatives are wallets that have specific powers within your DAO, specifically they are able to vote for the acceptance of a proposal, and contribute / withdraw tokens. After adding all the data, just click on proceed.
Token Details
It is now time for you to present the information about the token of the potential DAOs you want to partner with who will be privy to your token swap offer.
You can even enter more than one Token, if applicable. Click “ADD TOKEN+” to add the data.
You will have to enter the token address and the total number of tokens of the primary DAO (yours) that will be transferred to the DAO that accepts the proposal. In addition, you will need to define the number of tokens that will be transferred immediately and whether they will be vested for a certain proportion of them.
Next, you can define the vesting and cliff period for the proposal you are creating. The cliff period lets you define a time period whereby no vesting will take place. For instance, if you enter 30 days, it means no tokens will vest until 30 days from the execution of the proposal.
Vesting on the other hand lets you define the time period over which the entire swap will vest, if you don’t want to execute the swap immediately. This would be good for instance if you wanted to ensure that the DAO you are partnering with will deliver some specific milestones first before they are able to claim the entirety of the token swap. Perhaps it will take 90 days from start to finish. This part is up to you to figure out.
Finally, you can select a fixed period for the proposal to be completed. This means that all parties involved take the necessary actions to carry out the business. When you’re satisfied, click proceed.
Terms
In the last step to create a Token Swap Open Proposal, you will need to stipulate what the terms and conditions will be for carrying out the deal through clauses. You can create up to 10 of them, and this will help your potential partners understand what you are proposing, what they need to do, and what you are doing for them.
After adding all the necessary clauses you will just need to click on proceed again to finish creating your proposal.
And that’s it! Your Open Proposal is live now, and other DAOs can see it, make counter-offers, or accept and enter negotiation with you.
Get Primed!
We’ve never been more confident that DAO2DAO interactions will drive the future of crypto networks — we think the best way to bring this future into being is to build it, and that’s why we made Prime Deals.
If this interests you, there’s never been a more exciting time to get involved.
Try Prime Deals and build more resilience and stronger networks with other DAOs in our ecosystem, or reach out to us here if you want some assistance.
If you want to learn more about how it all works, check out the documentation here.
Lastly, if you are committed to enabling DAO2DAO innovation and are interested in collaborating with or getting involved in Prime, jump into our Discord now, and let’s get connected!
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