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Web3 Workplace Platform Coordinape Launches Decentralized Compensation Tool for DAOs
Coordinape’s product, CoVaults, uses smart contracts to automate compensation for contributors to the decentralized workspace.
Updated May 11, 2023, 4:39 p.m. Published Aug 25, 2022, 7:17 p.m.
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Coordinape, a Web3 platform that helps decentralized autonomous organizations (DAOs) manage and distribute resources to working contributors, has launched a decentralized way to pay people. CoVaults are self-custody smart contracts that enable teams to fund and pay contributors on-chain with any ERC-20 token.
Before CoVaults, Coordinape users only had the capability to decide compensation for their teams through Coordinape’s “Gift Circle.” Once compensation was decided, someone had to take the results of the Gift Circle in the form of a comma separated values (CSV) file and use an additional platform to distribute funds.
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Read more: Coordinape Is Decentralizing Compensation Decision-Making
Now, Coordinape users, in addition to deciding compensation, can frictionlessly execute rewards for contributors on-chain automatically, which minimizes the time spent on administrative operations. CoVaults also coordinates compensation for digital organizations by including fixed payments for salaries, recurring grants and even universal basic income.
Spyder Monkee, a product manager at Coordinape, told CoinDesk that CoVaults are going to be another “nice Lego,” a foundational tool, “to work in these new distributed decentralized and self-sovereign ways.”
Additionally, users have the option to earn a yield on their DAO’s compensation treasury by creating a Yearn-backed vault with DAI or USDC stablecoins.
Don Mosites, co-founder of AirSwap, a decentralized open-source software project that utilizes Coordinape, said the addition of CoVaults “enables organizations to flourish in this new kind of digital context,” where “new kinds of fluid forms of work can blossom online.”
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