Dora Factory is an open source, community driven DAO-as-a-Service infrastructure for decentralized governance. It was built with the aim of managing, curating and incentivizing developer communities effectively with their native token. DORA is the name and ticker symbol for the native ERC-20 token of the project.
Built on Substrate, the programmable infrastructure of Dora Factory allows developers to make pallets such as on-chain voting and add them to its parachain or Ethereum layer-2 chain.
Dora Factory has three different elements: one factory each on Ethereum and Polkadot and a virtual bridge. On Polkadot, DAO functionalities can be performed through pallets. On Ethereum, individual smart contracts can be deployed through Dora Factory contracts for governance.
Apart from bridges connecting Polkadot Relay Chain with other important public chains, Dora Factory has built a simplified virtual bridge for user convenience. This bridge can be used for transferring tokens to Dora’s parachain from ecosystems outside of Polkadot enabling users to store crypto assets in cross-chain vaults.
The DORA token is primarily used for governing Dora Factory. However, users and holders of DORA can engage in staking, mining and even perform financial operations within the native ecosystem. Unlike many other cryptocurrencies, DORA cannot be utilized as a currency for exchange of goods and services.
Several use cases of the project include voting (direct and representative democracy, quadratic voting etc via pallets), fundraising (dutch auction, bonding curve fundraiser, quadratic fundraiser), incentive protocol, dispute resolution, and admin tool pallets. Dora Factory's governance is performed by two main bodies: the governance DAO (open for all DORA holders) and the Council (for the core team of the project).
The total supply of DORA is 10 million. DORA price is dependent on the projects availing the services offered by the Dora Factory.
The platform held a public sale on 21 March where tokens worth $180,000 were sold. Within the project’s ecosystem, each of the DAOs can be created by the staking of 100 DORA tokens which users get back once the DAO is dissolved.
The token is also used to incentivize validators, nominators and other members engaging with the ecosystem. It follows a linear inflation model to do so – 1,000,000 DORAs per annum unless the members vote otherwise.
The inflation rate starts at 10% for the initial year and then gradually decreases annually, which naturally has an impact on the DORA charts. 2% of the tokens created from the yearly inflation go to their treasury while the rest of the DORA tokens are allocated amongst nominators and validators.
Jiannan Zhang, an Oxford alumnus and the founder and CEO of DoraHacks, works as an architect for Dora Factory. The project is also backed by several well-known names such as DoraHacks Global Hackathon Series, HackerLink Grants, Hashkey, Hypersphere, CMS, Fundamental Tabs, Blockdream Funds, Signum Capital, and so on.
DORA Factory has successfully engaged blockchain developers all across the globe. 8 projects including DAOrayaki, LA DAO, Alexandria, EntangledQuery etc. in the DORA ecosystem raised funding of $50,000 (4885.7 DORA).