Rootstock has established itself as the first and longest-lasting Bitcoin sidechains — and now, innovators building on Rootstock will actively take part in the Rootstock economy and value creation via RootstockCollective.
RootstockCollective, a DAO built on top of Rootstock, has been established to ensure the community has a bigger role in decisions affecting the project’s future and growth.
RIF is at the beating heart of this DAO, with staked tokens (stRIF) used to gain voting rights, influence proposals, and participate in governance.
What is RootstockCollective?
RootstockCollective is a first-of-its-kind DAO built on Rootstock, the longest-running and leading Bitcoin L2. Launched during ETH Pragma Singapore 2024, the DAO has ambitious plans to launch a number of initiatives designed to empower and reward Rootstock users and Bitcoin builders.
Ambitious plans are already in place to empower everyone in the ecosystem, and the DAO has secured $10 million in funding for its first year of operation.
This includes the Bitcoin Innovator Grant program, which will support the next generation of contributors by funding creative ideas that strengthen the ecosystem’s growth.
It’s time to decentralize everything — and while certain elements of this DAO will be centralized to begin with, greater control will be gradually handed over to the community.
RIF’s role in RootstockCollective
RootstockCollective benefits from a state-of-the-art, token-based governance system — and this is driven by a wrapper around RIF tokens, giving them further utility as a result.
Once locked away and staked in a governance system contract, users will be given access to stRIF, with each token representing a single vote.
To begin with, proposals put forward to this DAO will center on grant proposals, including who should receive funding and how much.
Others will focus on how assets in the DAO’s treasury should be used, and improvements to the governance system itself.
Voting will take place for a predetermined period of time (epoch), and proposals will only pass if the number of “yes” votes surpasses a certain threshold.
In time, user-friendly interfaces and dApps will be rolled out to ensure getting community voices heard, and debating with fellow community members, is as straightforward as possible.
And while RootstockCollective members will need to cast votes by themselves, they will be able to delegate their voting power to someone else in the future as mentioned in the RootstockCollective whitepaper.
This approach gives RIF token holders a front-row seat in Bitcoin’s evolution, all while encouraging the Rootstock community to develop, promote and use tokens within the ecosystem.
A new era begins
The launch of RootstockCollective has been a celebration — with the first 100 members receiving limited-edition NFTs.
And a new quest campaign has gone live on Galxe that’ll see $17,000 in prizes given away between the launch and December 1st 2024.