One of the most exciting features on the DeversiFi platform is the DVF DAO and the governance mechanism that powers it.
The governance mechanism allows our community to steer the DeversiFi platform in any direction they see fit. The community can decide to spend funds to help grow the platform, fund community events, burn tokens, share revenue accrued from the platform and so much more.
However, many users are unclear what the governance feature is, and how they can maximise their involvement. So here we’re going to give you a run-through of the stuff you need to know.
The component parts
First off, the DAO has a few working parts that the community needs to understand:
Each of these parts constitutes a separate stage in the governance process, as you’ll see below.
How to get a proposal passed: The stages
1. Start a discussion
If you have an idea that you would like to push forward, the best place to get discussions started is right within our Discord.
This is where the vast majority of our community comes together, and it’s the best place to hear multiple viewpoints on your idea.
2. Take final opinions
After you’ve gathered a range of viewpoints, and drafted a clear proposal, it’s time to get serious by going to the Discourse forum.
Not everyone is present on the Discord server, so by posting your proposal in the forum instead, you’ll give everyone a final chance to submit their thoughts and resolve any final questions.
We have already created a template to help structure your forum post. It should include:
- Proposal title
- A short summary of the proposal and its goals
- Motivation for DVF holders to agree to the proposal
- Any other specifics
3. Taking a vote
Now it’s crunch time; you need to put your proposal to a vote! Please ensure that you have allowed at least 48 hours for other participants to comment on your proposal before submitting it to be voted on.
In order to submit your proposal head over to Snapshot, fill out all of the required information, and then submit your proposal for voting.
4. Gain approval from Reality.eth oracle
If your proposal is successful on Snapshot, you need to obtain approval from the reality.eth oracle. This oracle is essentially a bridge between the physical and the digital worlds, enabling you to take real-world data and convert it into information that can be stored in blocks.
By gaining approval at this stage, you ensure that the vote has abided by the rules set out for proposals in the DeversiFi constitution (You can find a link to those here).
5. Gain approval from the DVF council
Because the governance mechanism is still young, our DVF council (which comprises a mixture of the DeversiFi team and external thought-leaders) to ensure silly or fraudulent proposals do not pass.
But don’t worry: their only role is to prevent malpractice or malicious actions. Once the system has matured, they will remove themselves from the process. And as a DVF stakeholder, you have the power to elect or remove the committee-members too!
The money at your disposal
Now, let’s get down to the nitty-gritty – by showing you the value that’s locked in our DAO and Treasury. In other words, the amount of money you’ve got to play with if you make spending proposals.
Here’s the value in our DVF DAO.
And here’s the value in our DVF Treasury.
At current prices, the DVF DAO and Treasury holds $10,434,994 and $334,515,739 respectively. Needless to say, this is a considerably large amount of funds… and the best part is that the community is in charge of it ALL!
It’s important to note that the community can only spend funds directly from the DVF DAO, but can request additional funds to be channeled into the DVF DAO from the treasury in accordance with the DVF vesting schedule.
The finer details
xDVF holders will soon also be able to make other changes to DVF and the DeversiFi Protocol that are not considered “Big Stuff”. These include:
- Swap fee adjustments (between 0.2 and 0.4)
- Transfer fee (between 0.1 and 5 dollars)
- Liquidity mining total rewards per week (set initially to the maximum)
- Percentage of fees collected by governance module (set initially at zero and greyed out / disabled until there is a vote on-chain). Once active will be in the range of 0 – 25%
So now that you know a little more about the DVF DAO and what you can do within it, what are you waiting for? The power to make the changes that you want to see is within your reach. Make sure you grab it!