Skyren has made the strategic decision to build its Decentralized Autonomous Organization (DAO) on the Ethereum blockchain, despite its native token SKYRN residing on the Polygon network. This choice may seem counter intuitive at first glance, but it's rooted in several key factors that prioritize long-term sustainability, interoperability, and industry alignment.
Building the DAO on Ethereum provides Skyren with unparalleled cross-chain flexibility:
Asset Mobility: Ethereum's extensive network of bridges and cross-chain protocols allows for seamless movement of DAO assets across various blockchains.
Airdrop Participation: This flexibility is crucial for Skyren's core function of participating in airdrops across different blockchain ecosystems.
Future-Proofing: As the blockchain landscape evolves, Ethereum's position as a central hub ensures Skyren can adapt to new chains and opportunities without major restructuring.
Ethereum's status as the de facto standard in the blockchain industry offers several advantages:
Default Choice: Many industry leaders and projects default to Ethereum for critical infrastructure, enhancing Skyren's credibility and interoperability.
Tool Compatibility: A vast array of development tools, wallets, and services are built primarily for Ethereum, ensuring smooth integration and user experience.
Talent Pool: Access to a larger pool of experienced developers and auditors familiar with Ethereum's ecosystem.
Ethereum's mature ecosystem provides robust security and transparency features:
Battle-Tested Security: Ethereum's long-standing presence in the market has exposed it to numerous security challenges, resulting in a more resilient network.
Transparent Governance: Ethereum's well-established governance processes align with Skyren's commitment to transparency in DAO operations.
Auditing Standards: The Ethereum ecosystem has developed comprehensive auditing standards, crucial for maintaining the integrity of the DAO's smart contracts.
While Polygon offers advantages for the SKYRN token, Ethereum remains the optimal choice for the DAO:
Gas Fees and Speed: Polygon's lower gas fees and faster transaction speeds benefit SKYRN token holders for frequent transactions.
DAO Operations: The DAO's operations typically involve less frequent, more significant transactions, making Ethereum's higher fees less impactful.
Ecosystem Depth: Ethereum's deeper liquidity pools and more extensive DeFi ecosystem provide better opportunities for DAO treasury management.
Skyren's decision to build its DAO on Ethereum while maintaining its native token on Polygon represents a strategic balance:
Best of Both Worlds: Leveraging Ethereum's robust ecosystem for DAO governance and Polygon's efficiency for token transactions.
Future-Ready Architecture: Positioning the DAO to take advantage of Ethereum's ongoing scalability improvements (e.g., Layer 2 solutions, Ethereum 2.0).
User-Centric Approach: Providing users with the security and familiarity of Ethereum for critical DAO functions while offering the speed and cost-effectiveness of Polygon for token utility.
By choosing Ethereum for its DAO, Skyren ensures a solid foundation for governance, interoperability, and long-term growth, while still capitalizing on the strengths of the Polygon network for its token ecosystem. This dual-chain approach exemplifies Skyren's commitment to leveraging the best aspects of different blockchain technologies to create a robust and user-friendly platform.
Skyren's Decentralized Autonomous Organization (DAO) uniquely combines the strengths of both Ethereum and Polygon blockchains. While the DAO's core operations are based on Ethereum, voting takes place on the Polygon network using the SKYRN token. This setup might seem complex at first, but it's designed to offer the best of both worlds. Let's break down how this works.
Despite the DAO being based on Ethereum, voting is not hindered for SKYRN token holders on Polygon. Here's why:
Separate but Connected: The voting process is separate from the DAO's operational smart contracts on Ethereum.
Polygon-Based Voting: All voting occurs on the Polygon network, where SKYRN tokens reside.
Smart Contract Integration: Special smart contracts on both networks ensure that votes on Polygon are recognized and implemented by the DAO on Ethereum.
The concept of cross-chain voting weight is key to understanding how your SKYRN tokens on Polygon translate into voting power for the Ethereum-based DAO:
Token-Based Voting: Your voting power is directly proportional to the number of SKYRN tokens you hold on Polygon.
Snapshot Mechanism: At the start of each vote, a snapshot of token holdings is taken on the Polygon network.
Weight Calculation: This snapshot determines each user's voting weight for that particular proposal.
No Token Movement Needed: You don't need to move your tokens to Ethereum or any other network to participate in voting.
After voting concludes on Polygon, the results need to be applied to the Ethereum-based DAO. Here's how this process works:
Result Compilation: Once a vote ends, the results are compiled on the Polygon network.
Cross-Chain Oracle: A trusted cross-chain oracle service securely transmits the voting results from Polygon to Ethereum.
Smart Contract Execution: The DAO's smart contracts on Ethereum receive these results and automatically execute the approved actions.
Transparency: This entire process is transparent and can be verified on both blockchains.
While the underlying mechanism is complex, Skyren aims to make the voting experience as user-friendly as possible:
Single Interface: Users will interact with a single, intuitive interface for all voting activities.
Wallet Connection: Simply connect your Polygon wallet containing SKYRN tokens to participate.
Automatic Processing: The cross-chain interactions happen behind the scenes, requiring no additional action from users.
To summarize the voting process:
Where You Vote: All voting takes place on the Polygon network.
What You Use: You vote with your SKYRN tokens on Polygon.
Your Voting Power: Your voting weight is based on your SKYRN token holdings.
Behind the Scenes: Complex cross-chain mechanisms ensure your vote on Polygon impacts the Ethereum-based DAO.
User Simplicity: Despite the technical complexity, the voting process is designed to be straightforward for users.
Skyren's innovative approach combines the security and established ecosystem of Ethereum for DAO operations with the efficiency and user-friendliness of Polygon for voting. This hybrid model ensures that SKYRN token holders can easily participate in governance while the DAO benefits from Ethereum's robust infrastructure. As always, the Skyren team is committed to transparency and will provide detailed guides and support for users participating in DAO governance.
