Collab. Land: DAO Pass has started the application and is not tradable and can only be used for voting to participate in governance

On March 9, the discord extension application plug-in Collab.Land announced on social media that DAO Pass has now started to apply. If users hold at least 10 COLLAB tokens, they can apply and participate in Collab.Land DAO governance. Collab. Land said that DAO Pass is neither transferable nor sold, and can never leave its wallet to claim. This means that if the transaction is attempted, the DAO Pass listed on the Opensea and other markets will fail. In addition, a wallet cannot have more than one DAO Pass, and the DAO Pass only gives voting rights. The voting rights are determined by the total number of COLLAB owned. A wallet with 100 COLLAB tokens has the same voting rights as 10 wallets with 10 COLLAB tokens.

Interpretation of this information:

Collab.Land, a popular Discord extension app, has announced the implementation of DAO Pass, enabling users holding at least 10 COLLAB tokens to apply and take part in Collab.Land DAO governance. The DAO Pass feature is unique in the sense that it isn’t transferable or sold, and once acquired, it cannot leave the wallet. This move ensures that the DAO Pass remains true to its purpose and general guidelines, and there is no way to game the system through transactions or sales.

Interestingly, a user’s wallet can only have one DAO Pass, which grants the holder voting rights. The number of voting rights reflects a user’s total number of COLLAB tokens held. Therefore, one user with 100 COLLAB tokens has the same voting power as ten users owning 10 COLLAB tokens each.

This move by Collab.Land reflects a growing trend in the DeFi ecosystem to leverage DAOs, enabling users to take control of the products they use. The implementation of DAO Pass will give users an additional incentive to hold more COLLAB tokens, as it enables them to take greater control over the platform’s development.

The first keyword is DAO Pass, a distinctive feature of Collab.Land enabling token holders to take part in Collab.Land DAO governance. The DAO Pass is not transferable and grants users exclusive voting rights based on the number of COLLAB tokens they own.

The second keyword is governance, which refers to the process of making decisions about the platform’s future, such as the addition of new features or changes to the project’s direction.

The third keyword is DeFi, which stands for decentralized finance, a rapidly growing ecosystem of blockchain-based financial products and services that democratizes access to financial services. The implementation of DAO Pass by Collab.Land reflects a growing trend in the DeFi ecosystem to use DAOs to empower users to take ownership of their experiences.