JulSwap DAO
(The numbers and structure can change before the go live)
What is a DAO and how does it work?
A DAO, or “Decentralized Autonomous Organization,” is a community-led entity with no central authority. It is fully autonomous and transparent: smart contracts lay the foundational rules, execute the agreed upon decisions, and at any point, proposals, voting, and even the very code itself can be publicly audited. Ultimately, a DAO is governed entirely by its individual members who collectively take critical decisions about the future of the project, such as technical upgrades and treasury allocations. Generally speaking, community members create proposals about the future operations of the protocol and then come together to vote on each proposal. Proposals that achieve some predefined level of consensus are then accepted and enforced by the rules set within the smart contract.Familiar hierarchical structures seen within large corporations give way to community collaboration under this framework. Each individual member of the DAO oversees the protocol at some level.
Part of the elegance of this framework is the alignment of incentives. That is, it is in the individual’s best interest to be forthright in their voting and only to approve proposals that serve the best interest of the protocol itself. A healthy, robust protocol will garner more usage, and in turn, increase the value of the tokens of which each DAO member is in possession of. So as the protocol succeeds, so do the token holders.
How does the JulSwap DAO Governance work?
- To open a proposal, you as a User need to hold a minimum of 0.5% of the total supply from vJULD (4,000,000 vJULD)
- Total positive votes need to be 5% from the total vJULD max supply (40,000,000 vJULD)
- Minimum 125 positive votes from different wallets
- Proposal timeline should be minimum 48 hours and maximum 7 days after the proposal got created
- If the proposal was positive it takes 48 hours until it gets executed
How are the voting weights calculated?
The Voting happens in vJULD tokens which you can only receive while locking your JULD. If you lock your JULD for a longer time frame you get another ratio of vJULD tokens.
You can lock up your JULD for up to 4 months:
1 JULD locked for 1 month = 0.25 vJULD
1 JULD locked for 2 months = 0.50 vJULD
1 JULD locked for 3 months = 0.75 vJULD
1 JULD locked for 4 months = 1.00 vJULD
To protect the proposal from whale single decisions or attacks we've integrated the 3/4 core member rule wich means:
For the start, we have 4 core members and these 4 core members have the choice to vote as well, positive or negative. If 3 out of 4 core members vote positive and the above mentioned requirements like 125 different wallets vote positive which are vJULD holders the proposal will be active. If the minimum 3 core members vote positive and the above mentioned requirements are not fulfilled like minimum 125 positive votes from different vJULD holders wallets, the vote gets declined. We will increase the core member count in total and in needed confirmations step by step to increase the security based on the community activities and participants.
Who are these core members for the start?
- C-Level
- C-Level
- Developer
- Blockchain Developer
What all can the JulSwap DAO Governance decide?
vJULD is used as Governance Token where you can vote positive or negative for community decisions, like:
- Treasury management
- Exchange Contract Update
- Release Tokens from the lockup contracts for Marketing, Investments or anything else
- Fee regulation and distribution
- Adding/removing team member payments for the development
- Future JulSwap concept
- Staking options (LP)
We have the treasury which receives the remaining vJULD tokens which are not in circulation and 30% from the earned JulSwap cross-chain swap fee described HERE.
Last modified 14d ago