You can now start a DAO with existing tokens by importing them into the Aragon App without writing any code!
This means communities that already have tokens can start governing their organizations onchain on the Aragon App today. You can also create subDAOs that use the same token to govern, but don’t have permission to mint more of the token—only the parent DAO has that permission.
If your token doesn’t support the ERC20Votes Standard, you can still use it in governance by wrapping it. We’ll show you how to wrap tokens in this guide, too.
Here’s how to import an existing token into your DAO.
Start on the Aragon App and click “Create a DAO.” This process will take about ten minutes to complete.
Make sure to choose the blockchain that your token is minted on.
Now, give your DAO some personality with its name, logo, and description!
If you create your DAO on Ethereum, you will also choose a dao.eth subdomain.
Select “token holders” to participate in governance.
For the question, “Does your community already have an ERC20 token?” select “Yes.”
Paste in the contract address. You can get this from a block explorer by opening your wallet, selecting the token, and clicking “view in block explorer.” Every wallet is different so you may need to check the wallet website or docs for more instructions.
If the token is verified, you can continue without the need to wrap!
If the token follows the ERC20Votes Standard (more specifically IVotes) and makes this transparent with ERC165 (it was minted outside of the Aragon App), you will need to wrap the tokens into governance tokens.
A wrapped token in the Aragon App has a “g” for “governance” in front of the token symbol.
Token holders need to wrap tokens themselves. The token does not automatically become wrapped when it’s imported into your Aragon DAO. We’ll cover how individual token holders can wrap their tokens in the steps below.
Regardless of whether your token needs to be wrapped or not, you will now set the threshold of tokens a wallet needs to hold to create proposals and click “Next.”
Warning: The new DAO will not be able to mint new tokens by creating a proposal, like in other DAOs on the Aragon App. You will need to distribute and assign tokens externally. Keep this in mind when setting your governance thresholds.
If you have to wrap your token, we will provide reference values so you can see how many tokens will need to be wrapped for the settings to work. These are to help you visualize how you will need to adjust your settings to accommodate wrapping and unwrapping.
The tokens do not automatically wrap themselves. Each token holder will need to enter the Aragon App and follow the steps listed below to wrap their tokens. That’s why the governance settings help you visualize how many tokens need to be wrapped to reach your thresholds.
You can always increase this setting later with a vote. For wrapped tokens, it’s best to keep the minimum participation threshold low, because you aren’t sure how many holders will choose to wrap their tokens.
Check over all the settings to make sure they’re correct. The only thing you can’t change later with a vote are the blockchain you choose and the token associated with the DAO.
If you need to wrap your tokens, pay extra attention to the minimum participation setting. Make sure it's a level that you feel comfortable your community can reach!
Pay a gas fee to deploy your DAO! You can now use your token in governance.
Both options take you to the same place.
If there are no DAO members yet, meaning no one has wrapped their tokens to participate in governance, the community tab will look like this:
If there are DAO members, meaning at least one other wallet has wrapped their tokens, it will look like this:
Select "Wrap" and type in the amount, or hit "Max" to wrap all your tokens.
Here, you will approve the amount of tokens usable by the Aragon App.
This step wraps your tokens to be used in governance.
Your token is wrapped! Your tokens will now have a “g” in front for “governance.”
Wrapped tokens in the Aragon App have a "g" in front for "governance." To see these wrapped tokens in your wallet, you need to add the token symbol.
You can also click the "Max" button to unwrap all of them.
After the transaction completes, your tokens are now unwrapped!
Tokens that were minted by another DAO in the Aragon App or tokens created for Governor Bravo DAOs, like Tally DAOs, can be used in the Aragon App without wrapping. This is because they follow the ERC20Votes Standard set by Open Zeppelin. This standard "keeps a history (checkpoints) of each account’s vote power," which is important for governance.
However, any other ERC-20 token will need to be wrapped to use in governance. This is because they follow different token standards.
A wrapped token in the Aragon App will have a “g” in front, standing for “governance.” So, wrapped LINK in the Aragon App would be written as “gLINK.”
Your tokens are sent to a wrapper contract, which keeps track of the amount you sent. In their place you receive “wrapped” versions of those tokens. They will have a “g” in front standing for “governance.”
When you want to unwrap your tokens, you will “call” the contract to return your original tokens. You do this through the Aragon App in just a few clicks without writing any code.
Yes, you can unwrap tokens at any time—even while a vote is live that you already voted in. You’re always free to exit.
A snapshot of the vote is taken at a specific block. So, if you had wrapped tokens at that block, then you can still participate in that vote. However you would not be able to participate in the any future votes.
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