Inspiration 🤩

Venture DAOs are typically exclusive and require either proof of funds, KYC/AML, or other intrusive and exclusive methods that prevent participation. The global community needs an open, fair, accessible, profitable place to gather and buidl connections and businesses, QuickFund DAO is that congregation of success.

What it does 💰

Project Creators can start raising money <5 minutes with our provably fair venture DAO. DAO members and voters can earn passive rewards by participating in the DAO voting, staking QFD tokens and by funding a project that meets their funding goal! Investors earn money by investing in community-vetted A+ projects and earning future equity, and other custom rewards.

How we built it 🧱

  • The QuickFund DAO project lives on the Polygon Mumbai test network built upon OpenZeppelin contracts, and DAO governance infrastructure.
  • The Smart Contracts have DAO governance contracts, governance tokens (QFD), entirely on-chain governor contracts for managing DAO proposals, and all actions within the dApp. This keeps the voting on-chain as well for provably fair fundraising, voting, and compliance with investment regulations. (must-see sc repo, for good tech info!)
  • Utilizes the perfect UI framework combo including Typescript, Next.js, ethers.js, and tailwinds.css allowing for the potential to create the perfect UX for the users and fresh, enticing UI that is enjoyable to interact with.

Challenges we ran into 😲

The Quickfund team was a global team. Every single member from a different country (and continent), coming together to build a truly global community product! The asynchronous effort was strenuous at times, but the team came together and created a very solid infrastructure and tokenization model in the end, and workable product. We will focus on UI style improvements and UX in the next immediate phase along with more features.

Accomplishments that we're proud of 💪

  • The Smart Contracts are well tested, with test coverage around 80-90%, with 100% in the majority of and classes, functions, contracts.
  • Smart Contract logic is extremely effective, eg: Chainlink Automation only checks one function(isApproveFundingbyDAO) and does not care about a bunch of timing or other multitudes of functions, allowing for effective calls, gas-saving and scalability of the dApp.
  • The low amount of gas needed for critical functions of the dApp and DAO are incredible to see in each tx, and will allow for rapid scaling and onboarding of many projects and businesses of diverse scales to participate.
  • The business/tokenization model has a positive feedback cycle built in! The participants have an incentive to stake QuickFund DAO tokens into the DAO pool to receive passive rewards, and to vote for only quality projects with a high chance of succeeding in funding and equity appreciation. This means the DAO and eventually it's members will receive the 10% (immediate) reward when the project meets it's target funding.
  • Coordinating a global effort and coming together on a slick business model and infrastructure, delivering that work on-time and with an impressive smart contract and tooling layer was a huge win for our team and this project.

What we learned 🧐

  • Migrating to Polygon cut costs of deploying Project Creations by 136,217%! (see chart comparison, attached as an image in the submission or the sc repo!)
  • Implementing Chainlink Automation to continually check if projects are funded or not and then Pay Out the rewards to the project owner automatically when the funding period ends based on if target amount was raised or not, was exciting and opened our eyes to more use cases utilizing Chainlink api's in the near future.
  • Our Team learned a lot of new skills in the past month including building a profitable business model for a product, new techniques for ethers.js and integrating the contracts, DAO smart contract calls and functions, and most importantly, utilizing on-chain voting and DAO processes is not only possible, but scalable using Polygon and Chainlink!

What's next for QuickFund DAO 📈

  • UI/UX Refresh
  • Staking of QFD Tokens w/ passive rewards to users for participation in DAO and investment activities
  • Custom Rewards for Project Creators to define; Reward Tiers, NFTs, Instant % Equity for investors, Passive-Income NFTs/Pools and Project Liquidity Pools support
  • Release to Polygon Mainnet
  • Regulatory Compliance
  • Community-Enhancing Features for Project Creators; in lieu of actual investment, support collaboration with all kinds of community members and opportunities for the Creators.
  • Business Model/UX/Tokenomics Improvements

Built With

  • chainlink-automation
  • dao
  • ethereum
  • governance
  • ipfs
  • keepers
  • next.js
  • polygon
  • solidity
  • tailwinds
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