Despite being a multi-trillion dollar industry, one can see little consolidated effort on the ground to support and encourage political action towards crypto-friendly policies and legislation. Being a technologically sophisticated emerging industry space, much efforts towards crypto have been centered around innovation. But, it is equally crucial to have effective lobbies that help create a conducive atmosphere for innovations to prosper.
In this interview, we talked to Dustin Dill, Project Director of ThreeOhDAO, an organization working on behalf of Web3, crypto adoption, and financial technology evolution. We discuss its unique approach towards building a decision-making mechanism and funding pool for supporting positive political action towards crypto-friendly policies by leveraging the concept of DAO.
Q1: What is the vision that drives ThreeOhDAO? What does it want to achieve?
Our vision is to help public policies move positively to leverage the growth opportunities that make the crypto-economy potent. To achieve what we aspire for, we run a funding pool and decision-making mechanism that assists political actions towards crypto-friendly government policies and legislation. The dynamics between the crypto-industry and the government have been counterintuitive so far. And that’s what pressed us all the more for developing a robustly structured advocacy group that would take innovations in the field forward.
While we advocate for affirmative public policies, we must also say loud and clear that our organization believes in non-partisan functioning. The only side we are on is the one working for the betterment of Web3, acceleration in the crypto adoption rate, and a healthy evolution in decentralized finance technologies.
We have already released a detailed set of policy principles as the first step. These principles guide lawmakers and candidates for office on how to best enable this next generation of the internet, which is open, decentralized, and permissionless.
Web 3.0 is a massive opportunity for the US, and through these guiding principles, we want to help it harness this economic opportunity.
We are currently forming a Web 3.0 PAC that will support candidates who believe in blockchain technology’s societal and economic benefits and will champion policies that support innovation and advance the transition to Web 3.
Q2: How has your progress been so far? What aspects are you yet to cover?
We have already developed our Smart Contracts and finalized the aspects around our tokenomics. You will get the required details in our whitepapers (x3) and website. At present, we want to be active on the four chains of Ethereum, Binance, Polygon, and Avalanche. Out of these four, we are already active on the first two chains, while development for the other two is still in progress.
In the upcoming phases, we will have CertiK audit our systems and mechanisms, and we will then move on to adding the DeFi Advocacy platform to our services. To become widely accessible and conveniently available to the public, we also plan to list ourselves on Crypto.com and Binance.
On the non-technical side, we are assembling a group of policy and political experts as the industry-impacting legislation and midterms approach.
Dave Barmore, who previously worked in Congress, and was an early policy hire at Uber, is the latest addition to our organization. He will be leading the day-to-day operations of 3OH’s policy and advocacy work in D.C.
Lindsey Schulte and Jennifer Mullin are also joining 3OH. Schulte has decades of experience at the Democratic Congressional Campaign Committee (DCCC) and numerous Super PACs and will handle the strategy for the Web 3.0 PAC. Mullin, meanwhile, will be leading the strategic communications for the PAC. She’s the former communications director in the U.S. Senate and led public affairs campaigns at Uber, Exelon, and The Glover Park Group.
Q3: What Are Your Plans Around the ThreeOh tokens?
Our tokens support all our DAO functions. It caters to the needs of advocacy, operations, utility, and governance. On each buy and sell of our tokens, 5% goes directly to DeFi advocacy. It feeds the growth of the DeFi ecosystem and helps generate confidence for angel investor capital to flow. We believe that with more and more well-known industry investors backing our platform and value system, we will become more equipped to support our marketing initiatives for new DeFi 3.0 and crypto projects. It will empower us to move ahead with more robust technology education proliferation initiatives and build a well-informed global crypto community.
When it comes to supporting and expanding our operations further, we distribute 5% directly to the wallets for use on Liquidity Pool on each buy and sell. We have two types of wallets. The buy wallet serves the purpose of liquidity pool growth, while the other one is the P2-P4 development wallet. The purpose of the development wallet is to support multi-chain development on all the four chains we want to grow on, namely BSC, AVAX, Polygon, and Avalanche. It will also encourage DAO innovation efforts and the work done towards yield farming and treasury growth.
The utilitarian benefits of holding the ThreeOh tokens are also diverse. With ThreeOh tokens in their holding, users can vote on bills and say on crucial decisions on politicians, spending of the DAO allocations, and Super PAC. With ThreeOh, one can also vote on the core values of DAO and elect prioritization councils. Other than that, there is also the scope of earning through staking and yield farming.
Q4: Tell Us More About the Functionings of Your DAO. Do You Believe it has Gamechaning Qualities?
The Decentralized Autonomous Organizations or DAOs, as we popularly call them, went through several peaks and troughs. In their origination, the purpose of the DAOs was to make way for the community to invest in large treasuries. Moreover, they helped the investors steer through these treasuries’ nuances and formulate efficient investment and advocacy strategies. Additionally, there was the benefit of earning through staking the token for long-term gains. But, with the market periodically turning bearish, these DAOs fell flat and could not sustain with their rewards model. The model was more focused on long-term gains. And the management and leadership could not accommodate the short-term aspirations of a part of the community.
ThreeOh appeared at this juncture and helped investors see beyond the size of the treasuries. It brought back equal focus on one of the core agendas of a DAO: creating a robust and impactful community voice. It accommodates other significant agendas in terms of political advocacy. Simultaneously, it keeps in mind the reward objective of the staked wallets.
Our DAO is game-changing as it stems from more than one need and provides equal weightage to each. It takes forward the community’s faith and belief on Web3.0 and augments its value-leadership. It educates both the politicians and the general public on the benefits of blockchain and how it uplifts our society. It also ensures the consolidation of these community-centric efforts by impacting crypto legislation. For us, the agenda is to make every voice count while keeping everything on-record through the public and immutable record sheet of blockchain.