DAO Discovery: Discussion of DAOs with Austin Virts and ThugDAO — Summary

Anna Margolis
11 min readApr 16, 2022

Introductions:

Austin Virt — Currently helps out at Solana, does advisory research on NFT and DAO research on DAO tooling.

ThugDAO — Has a DAO counsel of 7 people, and 6 DAO committees with 30 people working in each. Each committee has their own function: marketing, BD partnerships, creative committee, product/tech committee. Votes are run for 36 hours inside. They each have a committee Lead, who is participating on the multi-sig wallet, they are the de facto face of their committee, and they build and approve proposals for that committee.

The 6 different ones are building their own roadmaps for what they want to accomplish for the ThugDAO.

They have a multi-sig wallet using Squads, where they are collecting royalties for ThugDAO and HatLabs (50:50). Right now there is one multi-sig wallet, but they are talking internally to see if they need more.

They use NFT voting where the entire committee comes in and votes. There is also limited group voting for the DAO counsel that uses the multi-sig wallet for voting.

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JS — So that compels a scenario where the whole group has to come to consensus or arrive at a decision on issues around transactions?

ThugDAO — Every committee is building proposals, indicating how much money they need from the wallet. Nothing gets passed until it has majority approval from all of the committees. Every committee lead is responsible for getting consensus inside their committee.

It works well. We have disagreements, but ultimately it boils down to the voting. Any decision that gets passed with 50% voting, gets passed down.

JS — How long did it take you to get to this place of being organised this way?

Since 15th March when they got together. They announced it one 11 March. They opened up a form in the community for everyone to jump in to be part of the committees. They had 117 submissions.

They originally were intending to choose the committee and committee leads via the DAO votes, but the committees just chose the people to have responsibility for them. Each committee had 30+…

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Anna Margolis

As a former lawyer, Anna merges material world memories, tales of transformation and embodied experience in articulating the future of collaboration