STP Launches DAO-Optimized Sidechain Verse Network
The EVM-compatible sidechain is being co-developed with the Meter Foundation.
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Standardized Token Protocol has announced the launch of Verse Network, an EVM-compatible sidechain optimized for DAOs.
Verse Network Debuts
DAO infrastructure is receiving a boost with a new, dedicated sidechain.
Standardized Token Protocol (STP) announced the launch of Verse Network Monday, a sidechain tailored to the needs of decentralized autonomous organizations (DAOs). Verse Network will provide a censorship-resistant, front-running resistant, high-performance sidechain optimized for DAOs and decentralized applications.
STP founder Mike Chen commented on the launch, stating:
“Verse will be an all-encompassing platform for any network, community, and organization to decentralize decision-making effectively and for developers to seamlessly launch decentralized applications.”
Currently, DAOs are limited in their governance activities beyond proposal voting. Verse will allow DAOs to expand how they interact with their communities while incentivizing participation and engagement at a low cost.
Verse Network is built on the Meter SDK, meaning it will be backward compatible with the Ethereum Virtual Machine. Additionally, the Meter SDK cross-chain protocol will allow communication across heterogeneous chains, enabling interconnection with blockchain clouds like Ethereum, Binance Smart Chain, and Polkadot.
Meter is a decentralized Ethereum scaling solution with a built-in metastable gas currency. The protocol has secured several high-profile partnerships with leading Layer 1 chains such as Avalanche, Harmony, and Elrond.
DAOs have seen exponential growth in 2021, most notably from DeFi protocols and investment funds delegating governance to their communities. With the help of Verse, DAOs will be able to optimize their operations while unlocking new possibilities for decentralized governance.
Disclosure: At the time of writing this feature, the author owned ETH and several other cryptocurrencies.