🏛️Governance
By the people, For the People
I will support the White Hat DAO's mission / Vision; I take this obligation freely, without any mental reservation or purpose of evasion; and that I will well and faithfully discharge the duties on which I am about to enter: So may force be with us.
White Hat DAO Governance Framework
Summary
White Hat DAO is a decentralised autonomous organisation. Governed by a clear set of rules and executes actions automatically. Thus, effectively disregarding intermediaries. White Hat DAO controlled by Governance token holders. It is not a company. It does not have a management team or employees. Any individuals, development teams can propose upgrades, token swaps, and partnerships for WHITE HAT DAO. Token holders will vote on whether to approve or reject these proposals.
White Hat DAO is owned and governed by governance token holders. Our initial policy is for the following actions to be executed only after a successful proposal and vote.
token swaps with existing and emerging projects.
treasury allocation into various projects or autonomous entities (in the form of funding, liquidity support, and grants)
updates to White Hat DAO core protocols (including governance and treasury management functions) .
White Hat DAO will utilise the industry standard setup of Gnosis Safe, Gnosis Snapshot off-chain governance, and multi-sig administrators.
We imagine that these policies will change overtime after discussions with the BitDAO community.
Governance in Action
Key Design Choices
| Component or Feature | Phase 1 Design |
|---|---|
White Hat DAO Treasury | Gnosis Safe |
Governance | Gnosis Snapshot |
Governance Token | White hat DAO token |
Gnosis Safe Owner | Multi-sig |
White Hat DAO Treasury (Gnosis Safe)
White Hat DAO Treasury Gnosis Safe - ETH Network ETH Address - 0x7bD7De26eBD064465Bb9c272513Bb3bcBdDb1E93 https://gnosis-safe.io/app/eth:0x7bD7De26eBD064465Bb9c272513Bb3bcBdDb1E93/balances
White Hat DAO Treasury Gnosis Safe - Matic Network Matic Address - 0x3616fdaa0fC184e0641C6dC5Cae7Ac88cb57635b https://gnosis-safe.io/app/matic:0x3616fdaa0fC184e0641C6dC5Cae7Ac88cb57635b/balances
Do not transfer assets into the White Hat DAO Treasury unless you intend on making a donation. Transferring assets into the White Hat DAO Treasury will not return any gov tokens or any other tokens. Any assets transferred into the Treasury address cannot be recovered unless there is a DAO proposal and vote to do so.
Governance Module (Gnosis Snapshot)
Gnosis Snapshot is an off-chain vote aggregation platform. Snapshot supports off-chain governance for many industry leading blockchain and DeFi projects such as Balancer, Yearn Finance, SushiSwap, Uniswap, Bancor, The Graph, and Aave. We chose Snapshot as an off-chain vote aggregation platform to make governance simple and transparent for our users. It is a tried and true solution with a great user interface and user experience.
Snapshot-based governance, is commonly referred to as "soft" governance as the result of the vote is not automatically implemented -- it requires a development and operations team to perform subsequent actions, and implementation of changes via a multi-sig. Our Snapshot Space: Will be updated
Other Governance Discussions
In the community Discord and Forum, there will be a separate channel to discuss ideas around grants, token swaps, protocol roadmap, and governance.
Ideas that garner enough community support can be submitted for voting. A community member may draft a soft proposal for Snapshot that leads to an official community vote. Such proposals act as a “temperature test” or a poll, but do not guarantee implementation. The idea needs to be adopted by a development team, with finalized code audited and submitted, then deployed by the multi-sig administrators.
Proposal and Voting Parameters
Key Settings
| Item | Phase 1 Parameter |
|---|---|
Snapshot Strategy | 1 Gov Token = 1 Vote Weight |
Proposal Threshold | 10,000,000 White Hat DAO gov tokens |
Vote Duration | Minimum 7 days |
Vote Threshold | (1.0% of token supply) |
Note:
In Phase 1 Snapshot, the above parameters are policies and not enforced by code. The White Hat DAO will not recognise any proposals that do not comply with the above settings.
The above settings can be changed. We will discuss with the community on our forum, and submit a proposal vote prior to making any changes.
Definitions
Snapshot Strategy Defines the vote weight of each token. Our initial setting is 1 gov token = 1 vote weight of voting power. Future strategies may include: allocating vote weight to LP tokens to enable gov token holders who have staked, wrapped, or provided liquidity to retain voting power.
Proposal Threshold "Proposal Threshold" is typically defined as the number of votes required to create a proposal. In White Hat DAO Snapshot Space this is done through a visual filter, to only display proposals from users who have at least the threshold number of gov tokens in their address.
Vote Duration The length of time between voting start and voting end.
Vote Threshold The minimum number vote weight (Gov tokens) required to vote on a proposal. If this minimum is not met, the vote is unsuccessful even if the majority of voters voted yes.
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