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The governance flow of Stakeborg DAO consists of the following steps:
- 3.Once you iron out the kinks, your proposal is ready for a Snapshot vote. This is the first formal voting step your proposal will encounter. It is off-chain, which makes it free, so you should aim for as much participation as possible.
A. Summary – a short description regarding the proposal, just a few sentences long B. Motivation – explains what the problem/opportunity the proposal identifies and how it adds value to our DAO C. Execution – what are the steps (detailed) needed to achieve the proposal’s goal (by who, how long it will take) D. Resources – what you need in terms of financing, Social Media support, etc E. Success metrics and KPIs – how is success measured? What are the KPIs? F. Team background – who’s part of the team and what their background is
To be proposed and passed, a Snapshot vote must meet the following:
- To create a proposal your voting power must be greater than or equal to 1 vote.
- Quorum on a proposal is defined as 1000 votes.
- When you create a proposal -- you define a start date & an end date, define choices, select if the vote is single choice or multiple choice etc.
- The default threshold for proposal passing is 50%.
On-chain voting is done using voting power. You can earn voting power by staking your STANDARD tokens under the Governance section. You can get a voting power boost by locking your STANDARD for up to 1 year.
Each on-chain proposal can contain up to 10 actions (Ethereum transactions) to be executed. To save on gas fees, multiple DAO proposals can be grouped into one on-chain proposal.
To be proposed and passed, a DAO vote must meet the following thresholds:
- Proposer’s voting power must be >= 1% of Total STANDARD Staked: To submit a proposal for vote, the address doing so must have a voting power greater than 1% of the total STANDARD staked in the DAO at the time of proposal creation. For example, if there are 1000 STANDARD staked, a user will need either 10 unlocked STANDARD staked, or 5 STANDARD locked for a year.
- Minimum number of votes must be greater than 35% of Staked STANDARD: For a vote to be considered legitimate, the number of votes on the proposal must be >= 35% of the total STANDARD staked. For example, if there are 1000 STANDARD staked, the participation of 350 votes would be enough to achieve quorum.
- Minimum 65% of Participating Votes Must Approve: A DAO vote is considered approved if the quorum is reached and 65% of the votes are in favor once the vote concludes.
The process consists of 4 main stages:
- 1.Warm-up (3 days)
- This buffer period allows for anybody who so desires to stake STANDARD before voting.
- During this period, the creator may cancel the proposal.
- If the voting power of the proposing address drops below the 1% threshold, anybody may cancel the proposal.
- 2.Voting (7 days)
- During this period, the creator may cancel the proposal
- If the voting power amount of the proposing address drops below the 1% threshold, anybody may cancel the proposal.
- 3.Queued for execution (3 days)
- The proposal vote passed, but the proposal cannot be yet executed.
- During this period, an abrogation proposal can also be submitted, allowing for a last-minute chance to cancel a proposal. There is no quorum requirement but in order for the abrogation proposal to pass, the number of votes in favor must be greater than 50% of staked STANDARD.
- 4.Grace (3 days)
- During this period, anybody can execute the proposal.
- If the proposal is not executed by the end of the Grace period, it is marked as expired and cannot be executed anymore.