ROAD - A Registry DAO for token listing on Solana

Inspiration

SPL Token Library is great for creating new tokens. However, newly created tokens are not displayed properly on available wallets, causing a bad user experience. A curated list with all token information is already available, but it requires the users to submit a PR to a dedicated Github account.

What it does

Our project allows any user to register new token information on-chain by interacting with a dedicated Solana program and IPFS. In that way, we want to democratize the list, giving anyone the opportunity to update it. Any token in the list can then be voted by a Decentralized Autonomous Organization and marked as "trusted by the DAO". Consequently, wallets and DApps can retrieve the whole list at anytime, directly from the on-chain program and know which tokens are trusted and which not. This mechanism gives more security to the list, since potential scam token will not be approved by token holders. Also, token holders must stake their value to be eligible for voting.

How we built it

The system is composed by an on-chain program that associates the mint account public key of the token being registered to an IPFS CID where the JSON information are stored. A web application, developed using NuxtJS framework and VueJS, is able to interact with the on-chain program through Phantom Wallet.

Challenges we ran into

The initial idea was simpler and did not include the DAO. Designing and implementing the DAO and the staking mechanism was the biggest challenge we ran into. The DAO mechanism and the voting system needed a lot of fine tuning in order to cover all possible cases and avoid voting to end stuck in an inconsistent state. Finding a name for the project has been very challenging too! XD

Accomplishments that we're proud of

We think we accomplished our goal to create something useful for the community that can be easily integrated in the existing wallets and official libraries such as the spl-token-registry

What we learned

Working on this project made us learn how to implement a DAO voting system in Solana and how to handle all the unpredictable related issues in a very short amount of time.

What's next for ROAD - A Registry DAO for token listing on Solana

There are several improvements of our protocol we would like to address. For example we want to add the possibility to update token information (only the original creator) and to introduce incentives for token holders that actively participate to the DAO. We are currently defining the token economy for the DAO token and planning an airdrop. The system is already up and running on devnet. Our target is to start the integration with official libraries and wallet right after the hackathon and to launch the V1 on mainnet by the end of November.

Built With

• nuxt
• solana
• vue