Param Labs, a gaming ecosystem backed by Animoca Brands, Delphi Digital, and Mechanism Capital, has officially launched its very own DAO governance system in order to pave the way for a decentralized future of its web3 gaming platform, letting its community of token holders vote on various decisions.
How the PARAM DAO Works
As is the case with other decentralized guilds, the PARAM DAO will too use a proposal system through which members can influence how the PARAM Foundation uses ecosystem funds while helping decide where development should be focused on next. Some of the core principles of this organization are said to include openness, diversity, collaboration, adaptability, innovation, and a focus on creating meaningful impact to the ecosystem to benefit the community.
To become a member of this new DAO, you simply need to hold at least 1 $PARAM token, as that will enable you to vote on and discuss proposals, and perhaps submit your own proposals as well. Each token is worth 1 vote. Proposals are created and discussed in the official Discord server of Param Labs, while voting is done on Ethereum using Snapshot, a voting platform where you don’t have to pay any gas fees. In this system, all proposals are called PIPs (PARAM Improvement Proposal).
PIPs undergo a 6-stage proposal process: Ideation, Discussion, Review, Voting, Finalization, and Implementation.
Proposals are divided into 4 different categories:
- Feature Improvements & Additions – Suggest new features, discuss existing issues, and give ideas on modifying existing core functions.
- Process Adjustments – Any ideas for new processes or adjustments to procedures already live go in this category.
- Ecosystem Fund Allocation – Share your ideas on how the Ecosystem Fund should be distributed and utilized to properly support promising blockchain gaming projects.
- Brand/Partnership Strategy – Help grow the PARAM brand and the DAO’s influence by suggesting collaboration with various projects and initiatives.
How does the DAO decide on who its leaders are? Well, there will be regular elections during the year in which the community can vote on board members. Those who get this role will be managing proposals to make sure they align with the collective vision of the community.
More in-depth details on the proposal process, as well as the rules and guidelines of the DAO can be found in this official Medium post.
About Param Labs
Param Labs is a modular web3 gaming platform that raised a total of $7 million in strategic funding by May this year from a couple of private rounds that consisted of well-known angel investors and leaders in the web3 gaming space. The funding is being used to create infrastructure, web3 games, and developer tools capable of powering an entertainment ecosystem that is home to next-gen blockchain gaming experiences. This interconnected ecosystem is powered by $PARAM, the governance and utility token that launched earlier this year and will be used to cover gas fees on the Param L2 and L3 zkEVM, with Ethereum used as the settlement layer.
The core web3 gaming-related projects currently powered by this ecosystem include Kiraverse and Pixel to Poly.
Kiraverse is a free to play online third-person shooter featuring a variety of game modes to earn tokens and tradable collectables in, such as free for all, battle royale, 1v1, and more. Play to own rentable and tradable digital assets that include characters, weapons, and skins. It’s in development by Param Labs on Unreal Engine 5 and is playable in open beta on Windows PCs. In May this year, Param Labs formed a strategic cross-IP partnership with Pixelverse to integrate the IP into the blockchain shooter. Last month, the team announced new features they plan to add to the game, including wager matches, new modes, more maps, and more.
You can even have your own custom assets implemented into their web3 multiplayer compete to earn title using Pixel to Poly, a useful platform that lets you transform 2D images into 3D game ready assets that can be used in a variety of games, including web2 ones such as Fortnite. The streamlined platform uses AI to develop the 3D version of your design, with experienced in-house artists then adding further improvements to make it a high-quality model ready to be integrated into various games. You can choose if this model should be made for the Unity or Unreal Engine, while also picking the file format you’d like to receive, with the .FBX or .OBJ file getting emailed back to you within 30 days of submitting your image.
