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Using Multisig wallet for DAO Treasury

A Multisig wallet (also a multi-signature wallet) is a wallet that requires a predetermined number of signatures to validate transactions, which means that each transaction requires multiple team members to validate it. For a Multisig wallet, you can set rules like “at least X of all keys are required to transfer funds from this wallet”. A well-known solution for a multi-signature wallet is Gnosis Safe.

Supported features:

  • Automatic transfer of funds received from NFT-sales to Multisig wallet
  • Adding and displaying meta-information (name, description) about Multisig wallet
  • Adding description meta-information (for example, purpose of spending) to Multisig Wallet transactions
  • Displaying information about assets and transactions on a Multisig wallet
  • Support of native assets (ETH), ERC20 and ERC721 assets
  • Support of interaction with other smart contracts and DAPPs (Compound, 1Inch, etc.)
  • Funds management based on multi-signature functionality through the Gnosis Safe App interface

Pros

  • A secure solution for joint fund management via multi-signature
  • The possibility of extending the functionality of Multisig wallet by using additional Modules​

Cons

  • Additional costs for contract deployment
  • Additional management overhead (multi-signature logic, use of external Gnosis Safe interfaces, etc.)