Common Research Report

Core positioning: A modular governance and community management platform to address fragmentation across chains and protocols. The vision is to be the “governance layer” of the Web3 ecosystem, enabling DAOs and communities to manage all their activities in a single interface along multiple block chains。
I. Core summary and investment logic
Core investment themes:
Common has targeted a growing pain point in the Web3 field: treating fragmentation. As the project deploys smart contracts across multiple chains, uses multiple DeFi agreements and owns multiple asset banks, its governance becomes extremely complex. Common tried to become the ultimate operating system of DAO by providing a unified “governance inbox”, modular governance tools and a chain-wide executive layer. The essence of investing in Common is to invest in the intersection of the two tracks of “specialized DAO tools” and “cross-chain interoperability”。
CURRENT STATUS: THE PROJECT HAS BEEN LAUNCHED INTO THE MAIN NETWORK, A TOKEN OF US$ COMMON HAS BEEN RELEASED, AND IN-DEPTH COOPERATION HAS BEEN ESTABLISHED WITH SEVERAL MAINSTREAM DAOS AND CHAINS。
II. Technological architecture and innovation
Common’s technology warehouse aims to connect governance decision-making seamlessly with cross-chain implementation。
Modular governance module:
PORTFOLIO: DAO CAN COMBINE DIFFERENT GOVERNANCE MODULES LIKE LEGO, FOR EXAMPLE:
The voting module: Support for the weighting of token votes, one vote per person, one vote per quorum, etc。
Funds Management Module: Multiple Wallet Integration, Flow Payment, Budget Management。
Contribution management module: Portfolio control, contribution tracking, payroll。
NO CODE/LOW CODE SETTING: LOWERS THE CREATION AND MANAGEMENT THRESHOLD OF DAO。
Whole chain implementation level (core innovation):
Question: One with a treasury in Arbitrum, the deployment of NFTs in the Ether factory, and participation on Solana in DeFi DAOs requires voting on different platforms, such as Snapsho, Tally, Realms, etc., and a disconnect between decision-making and implementation。
Common's solution: Through its full chain executive, DAO can launch a vote on Common, and the result of this vote can directly trigger the operation on the randomly supported chain. For example, a single vote could be approved at the same time: funding an allocation on Arbitrum, upgrading a contract on the ETA network, and depositing assets in a loan agreement on Solana。
Universal Inbox:
Providing a unified interface for ordinary members to view all governance proposals, tasks and updates that require their participation or attention has greatly improved the user experience。
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III. CURRENCY ECONOMIC MODEL ($COMMON)
Common is a practical token driving Common network, governance and ecosystems。
The token core function:
Governance: Holders can vote on the upgrade of the Common agreement itself, the use of the treasury funds, etc。
AGREEMENT COSTS: PARTIALLY ADVANCED FUNCTIONALITY OR HIGH FREQUENCY USE MAY RESULT IN COSTS OF US$ COMMON, WHICH MAY BE DESTROYED OR INCORPORATED INTO THE TREASURY。
PLEDGE: PLEDGE US$ COMMON TO OBTAIN THE PLATFORM ' S SHARE OF INCOME OR INCREASE THE WEIGHT OF VOTING RIGHTS IN ECOSYSTEMS。
ACCESS VOUCHERS: POSSESSING A CERTAIN AMOUNT OF THE US$ COMMON MAY BE A CERTIFICATE TO UNLOCK A PARTICULAR ADVANCED MODULE OR SERVICE。
Depot distribution and release:
TOTAL SUPPLY: 1 BILLION UNITS (US$ 1,000,000,000)。
Typical distribution ratio:
Community and Ecology (~40-50%): Airdrops, grants, mobility incentives。
Teams and consultants (~15-20%): usually have longer locking periods。
Investors (~20-25%): Private corporate investors。
Treasury (~15-20%): for future development and operation。

V. Risks and opportunities
Upside:
Market distress points are real and growing: demand for cross-chain governance tools will grow exponentially as the multi-chain world becomes normal。
Precedence and partnership barriers: Cooperation with giants such as Aave, Arbitrum and others is not just an example, but also a endorsement of trust, and it is difficult for new competitors to quickly replicate their networks of partners。
Portfolio potential: Modularization allows Common to integrate more tools and services, which could become one of the entry points for Web3 work in the future。
Clear revenue pattern: Large DAOs are charged through the SaaS model (software or services) and value capture pathways are clear。
Risks:
Competition risk: Existing giants such as Snapshot may counter-attack by developing or acquiring similar functions. Zone chain birth agreements (e.g. Uniswap Foundation) may also develop solutions on their own。
Technology implementation risk: Cross-chain messaging and smart contract calls are complex in themselves, with risks of security gaps that would seriously damage credibility in the event of an accident。
Market risk: DAO tool tracks depend on the ecological prosperity of the entire DAO. If the DAO model itself does not develop as expected, Common growth will be limited。
(B) THE USEFULNESS OF THE TOKEN IS DIMINISHED IF MOST OF THE PLATFORM ' S FUNCTIONS ARE USED FREE OF CHARGE OR IF THE COST IS NOT CAPTURED BY US$ COMMON。