How did partydao turn a tweet into a $200million product Dao in one year

　　 Article reprinted from ： Blockchain information

Original title ：《 PartyDAO The story of –—— How a group of strangers are 1 Turn a tweet into 2 A billion dollar product DAO 》

Original author ：cwweb3,DAO lovers

　　 A few weeks ago ,PartyDAO Announced that they got A16z The led 1640 Wanmei financial capital , It's worth 200 million dollars , This is the community driven class so far DAO The highest valuation of .

　　PartyDAO Amazing , He originated from a tweet , No founders , There is no centralized team , Most members have their own essential work and can only participate in it in their spare time , It is in this case that they handed over a good product , And by just 25 individual ETH Community financing for , It has developed into a remarkable product in less than a year DAO.

　　 origin

　　21 year 4 month 16 Japan , It's a Friday night ,Paradigm My research partner Dave White I'm probably in a good mood , So he began to Twitter Liao on idle -

It's Friday night , Let's play something . use ‘ If [xxxx], Isn't that cool ’ Reply in the format of , Then we can open brain holes together to see what we can do .  

　　 He received a total of 18 Replies in the required format , One of them is from Mirror The founder of Denis Nazarov.

‘ If you can deploy DAO To automatically bid for any NFT The auction , Isn't that cool , Call it PartyBid’  

　　Denis Not only put forward ideas , Name it , I also clarified the basic business logic in the same tweet , Seriously put the capacity of a tweet to the limit .

　　 There's a guy named Anish My big brother saw this tweet . His job is Polychain Capital makes high-performance trading system , I like to do something on Ethereum outside of work , Profess to be amateur Solidity The engineer .Anish Obviously modest , He fully developed the idea of more work and less work BB The spirit of , It took a weekend to put Denis The idea becomes a contract .

　　Anish The forefoot was just twitter It is said that he did it , There's one called Anna The girl replied , She is a professional contract engineer . She said ,hey I read your contract on my mobile phone , It feels good , Wait for me to look back in detail , Help you do a code check . This is how people gradually gather , There is no front end , There is no audit MVP In the next two weeks, I was constantly discovered by new friends , Everyone is attracted by this product idea , They also really won two auctions with this contract , It's available ！

　　 At this time, everyone feels that it is worth investing more resources MVP Promote into a more mature product . One of them is called John Palmer The elder brothers , This brother is a fan of Generative Art , I also had an unsuccessful entrepreneurial experience . He volunteered that I was good at doing PM, I can take the lead in pushing this matter down .PM With , Then there is the contract , front end , Design , Audit , That's it , A group has formed .

　　PartyDAO establish

　　 After deciding to turn it into a more mature product , It still needs some financial support . After discussion, we decided to use DAO The way to do this . They are Mirror Launched a crowdfunding , The goal is 25 An ether , Supporters will become DAO Members of .

　　25 individual ETH My goal is really not much , Crowdfunding soon ended . Altogether 52 Personal participation , And the people who will work in the future have also contributed , It means that more than half of the money is contributed by the contributors , Support yourself .

　　‘ See how the Internet can develop an idea in two weeks , Is it crazy . But we can go further .’

　　5 month 7 Japan  1 Proposal No - Set up a multi signature team to jointly manage funds

　　5 month 15 Japan 2 Proposal No - approval 6 Contributor roles , as well as 11 ETH+2500 individual $PARTY Budget and four week delivery time （ Crowdfunding exchange rate 1ETH=1000$PARTY）

　　5 month 15 Japan 3 Proposal No - approval John As project Lead Be responsible for the overall coordination and promotion of the project

　　5 month 17 Japan 4 Proposal No - Modify contributor role as 7 individual , The revised budget is 13.65 ETH + 2500 $PARTY, Each role corresponds to a specific person .

　　PartyBid V1 The product group officially set sail .

　　 Although at first only 7 Individuals are specifically involved in building PartyBid This product , But other community members are also gradually starting to build PartyDAO In itself . Their goal is not just to release products , It also includes PartyDAO Build itself into a long-term organization that can maintain its own sustainable existence .

　　8 At the beginning of ,PartyBid v1 go online , At this time, the core contribution group has grown to 11 personal , stay V1 They also received the help of more than a dozen other members from different projects and communities in the process of product construction .

　　V1 It's not the end , They followed up with a lot of iterations and optimization . Corresponding , The community approved several more budgets for product maintenance and subsequent iterations .

　　 In the course of nearly a year , All the financial resources of the whole community were originally raised by crowdfunding 25 individual ETH As well as some chain income obtained by the agreement .

　　 Financing in a bear market

　　 Talk about the details of financing , Many friends may be most concerned about this . At present, all public reports are quoted PartyDAO General draft , It didn't even mention the valuation .

　　PartyDAO This round of financing 1640 ten thousand USDC, Occupy 8.2%, That is, the valuation is 200 million dollars .A16z Led the investment 1000 ten thousand ,Standard Crypto cast 350 Ten thousand knives . These two families account for the majority , Other institutions are Compound VC,Dragonfly Capital as well as Uniswap Ventures.

　　 In addition to these institutions , There are also strategic investors and community investors .

　　 Most of the strategic investors are Web3 Top flow of circle , Include Opensea founder Alex and Devin,Zora The founder of Jacob,FWB The founder of Trevor and Alex,Loot The founder of Dom,Flamingo The founder of Aaron Wright wait , The list is too dazzling , Not one by one . And community investors come from PartyDAO Community members , Most of the members mentioned above are involved , They contributed one of them 1M$.

　　Token Unlock after a year 1/4, The rest is divided into 36 Unlock month by month . This round of financing is actually 3 It will be finished in the middle of June , It's just that everyone chose to 6 It was announced at the beginning of this month .

　　 Build the future of group coordination

　　 Cryptocurrency always swings in strong boom and bust cycles , When people frantically invest in some pictures ,PartyBid It seems to be only part of this hype .

　　 But this is not the case .

　　 With Web3 and DAO The rise of , People no longer have to participate in some traditional institutions , And have the ability to choose their own focus direction according to their own values and interests . Even in the absence of mandatory social connections , From early hunting and gathering tribes to retail investors in GME Beat short sellers in stocks , All this shows that people want to coordinate around common goals . The encryption field is gradually transitioning from investment speculation to the real application era , People naturally take the next step to join together to participate in this ecosystem . and PartyBid It is the players who focus on this track .

　　PartyDAO Just an experiment , He may be how a community coordinates itself and finances 、 Build and develop open infrastructure and a model for Next-Generation Applications . and PartyDAO The core of is to put the past single / What organizations can do becomes a multiplayer game . They hope to build a more powerful group coordination tool , And make these tools available to mainstream people , Not limited to a small number of encrypted players .

　　PartyDAO There are still many places worth writing , This article does not go deep into the product development process and DAO Organization operation process . Me and PartyDAO Several of our core contributors have established contacts , When I collect enough information , I will write about highly decentralized communities DAO How to work together to complete complex work such as products and financing , What interesting stories happened and what lesson and learn.

editor ： Zhang Jingdi