- Polygon communities can now establish DAOs in just 10 minutes without writing any code, courtesy of Aragon App.
- Aragon App allows minting of governance tokens and migration of any ERC-20 token, including those from outdated standards.
In a game-changing move, the Aragon application now enables Polygon communities to set up Decentralized Autonomous Organizations (DAOs) in as little as 10 minutes, and without any coding involved. The latest Aragon release has unlocked this zero-cost opportunity, thus revolutionizing the way communities and projects on the Polygon network can establish their on-chain organizations.
The new feature on the @aragonproject App means thousands of Polygon communities & projects can launch their organizations on-chain without writing a single line of code, and at almost no cost 🤯
Learn how to import your tokens and start governing as a community in less than 10… https://t.co/Q0GO26u8Mt
— Polygon (Labs) (@0xPolygonLabs) July 5, 2023
The Aragon App: DAO Creation Simplified
Aragon’s application is a vital tool for any team possessing ERC-20 tokens on the Ethereum and Polygon networks. The app simplifies the process of setting up DAOs and organizing governance referendums, requiring teams to merely import their tokens onto Aragon’s dashboard. In addition, the application supports tokens that adhere to older standards, thus opening up decentralized governance to a broader spectrum of tokens.
The Aragon app has also introduced a minting feature for governance tokens. When users wrap their token in the Aragon app, a prefix “g” is appended to the token symbol, denoting ‘governance’. Unwrapping the token at any given point reverts it back to its original state. This pioneering feature enables the minting and movement of ERC-20 tokens to the Aragon dashboard, aiding the transition towards decentralized governance on various platforms including exchanges, DeFi platforms, and GameFi apps.
SubDAOs and Token Safety
Moreover, Aragon’s new release facilitates the creation of SubDAOs, allowing multiple DAOs to be launched with a single governance asset. Ensuring the security of tokenomics against fraudulent activities, the original DAO alone retains the permission to mint additional tokens.
The process to establish a DAO or SubDAO on the Aragon app is straightforward and user-friendly. Even with tokens that don’t comply with the ERC20Votes standard, the Aragon app guides users through the wrapping process to vest their tokens with voting capabilities.
As the era of decentralized governance gains momentum, tools like the Aragon app, in synergy with the Polygon network, are paving the way for a coding-free, streamlined DAO setup process. This innovative approach places the power of decentralized organization in the hands of every community, ushering in a new phase of democratized, distributed governance.
