Squads Protocol (Thread)

The predominant DAOs behind innovative projects hold a crucial role in shaping the future of DeFi and crypto industry. They are an important building block of well-known web3 projects that prioritizes decentralization.

Here, the mainstream DAO tool, @SquadsProtocol has a sole purpose as a social hub for DAOs to collaborate and coordinate through a layer 1 blockchain – $SOL.

The protocol focuses on clean and simple UI/UX with scalability and predictable fees in SOlana. While allowing democratization in the DAO framework and mass adoption, setting up a DAO in the protocol is as easy and intuitive as creating a group chat.

@SquadsProtocol v0.1 went live on November 9, 2021. This initial launch in $SOL mainnet provides a multi-governance client that establishes on-chain voting. The Squads v0.2 will instantly go into devent and adopts all DAO primitives: deployment, voting, and treasury.

Squad Fundings

In the seed round, @SquadsProtocol announced that the project successfully raised $1.5M with investors including @Collab_Currency (lead), @ReciprocalVC, @volt_cap, @chaotic_capital, @6thManVentures, @_rcapital_, 8186 Capital, @solana capital

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@twobitidiot (angel), @ryonnixon (angel), @mannaventures (angel), @JuliaLipton (angel).

Recently while simultaneously going live on $SOL mainnet, the protocol successfully raised $5M with investors including @multicoaincap (lead), @JumpCryptoHQ, @Delphi_Digital, @Collab_Currency, @volt_cap, @ReciprocalVC, @BlockwallDigi, @seedclubvc, @hi_Reverie, @DavinciDAO,

(continued) with angel investors: @joemccann, @DylanMacalinao, @kashdhanda, @JedAHalfon, @ayushmenon_, @julianweisser, @tylerwillis, @MichaelTant3, @HelpedHope, and @nickplatias

Diving deeper into the social hub, Squads main purpose is to not only make decisions but manage value as a collective. The user’s position in a squad is on-chain and absolute unless kicked out or lose access to the wallet.

The framework behind Squad opens up the possibility of seamlessly trustless joint ventures with strategic partners, collective pursuits, and joint asset management.

Important decision-making can now be managed on-chain: solved record keeping, transparency, and validating the legitimacy is all inside Squad.

Squads are controlled by multi-sigs governance, allowing for flexibility allocation of voting power. The types of squads that can be created are Teams (codified on-chain membership and token-less) or Multi-sig (simple multi-signature wallet to manage team assets).

Within the protocol, each squad has a built-in vault which allows deposit/send not only fungible tokens but also NFT for diversification.

To realize these goals, Squads partners with @RaydiumProtocol. The partnership allows Squads to swap tokens seamlessly through accessing Raydium’s liquidity pool.

As a social hub, Squads amplifies its social features by partnering with @cardinal_labs. This partnership allows squad members to link their Twitter identifier to their $SOL address.

Roadmap:

• Built-in chain integration

• Staking and structured products

• Legal wrapper for those creating an LLC

• Purchase listed NFT from UI