New Setting: Token Transferability

We wanted to let you know that we’ve made it possible for DAOs to decide if their tokens can be transferred or not.

As a default, DAO tokens are transferable, meaning you can transfer them to any wallet where you have the ability to import a new token (like Metamask, for example, but not Coinbase).

Why is this feature important?

• There are times when a DAO may wish to make their tokens non-transferable
• Now DAOs can restrict token ownership to a specific set of individuals, ensuring the tokens can’t be transferred out of the original wallet they were first sent to
• Some people call this soul-bound tokens or non-transferrable tokens
• If the DAO wants to make the tokens transferable at any point, this setting can be updated at any time with a DAO vote

To start using this new feature, simply follow these steps:

1. Log in to your DAO dashboard
2. Navigate to the "Settings" section and find "Token Transferability Setting"
3. Select your desired transferability, which auto-generates a proposal to be voted on
4. The DAO will vote on the proposal to accept or decline the change
5. Once passed, the transferability of the tokens will be updated   
   

We believe this feature will give DAOs on Upstream additional flexibility and ensure that they are able to adapt their set-up to meet their community’s needs.  

If you have any questions or require assistance, our support team is available to help you make the most of this new feature. Reach out to us at help@upstreamapp.com.