Golff published its DAO governance and the issuance of governance token GDAO
Since Golff launched, it has been supported and participated by many community users. The highest TVL has exceeded $200 million. The current maximum annualized revenue of the Vault is still over 200%, which has brought substantial returns to the community. With the launch of Farm, Vault1.0, Vault2.0 and other series of products, as well as the continuous growing number of community users, many problems have gradually been exposed in the community governance system. It’s important to have an improvement of governance system. Although Golff has been kept “Golff Community Governance Process Proposal” to improve the Golff community governance framework, the main authority of the implementation of the overall proposal has always been controlled by the Core Team. This is not the spirit of Defi, and it also violates the original intention of Golff. After careful consideration, Golff should officially move forward to DAO (Decentralized Governance) and hand over governance to the community.
What is DAO?
DAO is Decentralized Autonomous Organization. DAO also called DAC, which is decentralized autonomous corporation. It is an organization represented by rules coded as a computer program that is transparent, controlled by shareholders or token holders, and is not affected by central institutions. Everyone in the DAO can post proposals and vote to make decisions.
Golff DAO governance framework
Golff DAO is a decentralized autonomous organization and smart contract system that serves the Golff ecology on Ethereum. It refers to a central authority that is not controlled by hierarchical authority, operates automatically according to pre-established procedural rules, and empowers all stakeholders, a real open decentralized organization. It is the management token and utility token of the Golff. Anyone with Internet access can hold and exchange GDao tokens. Users can participate in the Golff project governance proposal and voting by holding GDao. The voting resolution is not limited to the project destruction mechanism, production reduction mechanism, additional issuance mechanism, mining pool quota, Vault strategy etc.
Community proposal governance process
1.Any holder of GDAO tokens with 1% of the current total network circulation can apply for a proposal. The proposal will include project destruction mechanism, production reduction mechanism, additional issuance mechanism, mining pool quota, machine gun pool strategy, etc.
2.The proposal will enter a 3- day voting. Any user holding GDAO tokens can participate in the voting (the number of GDAO represents the number of votes).
3.Voting can delegate the voting rights to oneself or delegate to an agent. To allow an agent to vote, the vote must be delegated to the agent before the proposal is created.
4.When the votes for approval are greater than the votes against and the number of votes for approval is greater than 4% of the total votes, the proposal is passed.
5.When the proposal is passed, anyone can directly call the contract to execute the proposal content.
Golff DAO governance token GDAO
Considering the circulation and transaction attributes of GOF tokens, the daily transaction demands of community users will greatly reduce their enthusiasm for participating in Golff governance. Golff DAO will launch a new governance token GDAO, which will carry the governance functions of the entire Golff community. And to ensure the smooth transition of Golff’s overall governance structure, GDAO will be produced by locked GOF, and users who hold GDAO will get corresponding rights, including:
· Proposals and voting rights in Golff governance
· Get rewards for participating in governance
· Get some of the agreement revenue
· More rights and interests will be granted by community user proposals
GDAO is closely related to the development of Golff. Its essence is derived from GOF token, which is equivalent to a time-weighted GOF, focusing on governance. The length of the GOF holding time and the number of holdings represent the binding relationship between the holder and the development of Golff. GDAO is equivalent to tokenizing GOF with time weight.