New DAO System + New DAO Vault!

Decommissioned Forums Announcements New DAO System + New DAO Vault!

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    Jayco
    Keymaster
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    [Incoming Transmission]

    Hello Kektopians,

    As it turns out, Aragon DAO’s are quite expensive to utilize due to ETH’s network congestion. Creating a proposal cost about $10, voting on a proposal about $15, and to withdraw funds from the DAO Development vault (DDV) $25+! Our game theory is relying upon the community to directly govern day to day decisions as well as more critical decisions like where the DDV funds are allocated. We cannot expect the community to pay absorbent fees to participate. If anything the community is paying homage to the project by participating in governance.

    Snapshot.page utilizes a different method of authenticating your KEK balance. Rather than signing a transaction to the ETH Mainnet, it simply utilizes wallet authentication to check your balance as well as sign transactions. Two birds, one stone – For free! There are also interesting strategies you can apply to the voting, here’s one example, maybe you can only vote with liquidity tokens from our Uniswap pool 🙂

    So now that DAO voting is free, open, & verifiable, we can truly start to see the project flourish in this area. Power to the people!

    Next up, our DAO Development vault (DDV).

    Same problem with the DDV, super high fees to withdraw funds. We would constantly have to adjust the quorum percentage to stay just out of our reach while simultaneously risk losing access to the funds. There are a few different game theory paths that lead to the funds being stuck inside the vault. For example, assuming we the team only have 75% of the required voting percentage, and we require the community to vote the remaining 25%, what if everyone sells upon Uniswap launch? Or what if fees are just too high to the point of no DAO participation? What if someone held a large chunk of the tokens and simply didn’t vote in the DAO and held the tokens hostage? The only way for us to gain access would be to buy the tokens on the open market but then we arrive back at square one – devs have unattended access to the vault…

    The solution!
    Our new multi-sig safe: Open DDV
    Here’s the simple and elegant game theory.
    The multisig wallet requires, for example, 4 of 6 signers to approve a withdraw, say 4 team members, and 2 community members. Approving a transaction in the Gnosis Safe (DDV) doesn’t cost anything other than the final signed TX to mainnet ($3).

    Final
    Community proposes via DAO ($0) -> Community votes ($0) -> Multisig process begins -> Checks & Balances -> 4 of 6 must vote yes to pass (e.g.) a withdraw from the DDV. ($0) -> Final TX approves / denies ($3).

    Lots of exciting things happening in our part of the town – have a good one!

    [END TRANSMISSION]


    Putting work into the basedment. Call me the candor man.

    • This topic was modified 2 months ago by Jayco.
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