Find the DAO here!
Since the official launch more than 2 weeks ago, LunaDoge team has been working hard to apply a revolutionary feature to the LunaDoge ecosystem. To the best of our knowledge, we are the first MemeCoin to implement a DAO. Before we will explain how LunaDAO works, let’s take a look at what makes a DAO revolutionary.
What is a DAO?
The Decentralized Autonomous Organization (“DAO”) enables LunaDoge to operate without an overarching figure of authority, allowing equal members to cooperate and self-govern with full transparency. In other words, investors who hold a stake in LOGE above a certain amount can make proposals regarding its future. Subsequently, the stakeholders vote on the proposal. In order to perform any action, a two-thirds majority needs to agree on doing so.
LunaDAO key features include submitting a proposal, voting on a proposal, assessing closed proposals and implementing proposals that passed to the LunaDoge ecosystem.
We will have a detailed explanation for every feature below.
Submitting a proposal
- Investors holding more than 100,000,000,000 LOGE (± $600 at the current market cap of $6,000,000) are able to submit a proposal using the “New proposal” button on the DAO website.
2. When you submit a new proposal, you need to fill in your question and explain in detail what your proposal contains. You are able to set the amount of choices for your proposal and select your start date and end date. After you have set your choices and actions, you can click on “Publish” and you will see a signature request pop up. Click “Sign” and your proposal has been submitted.
Voting on active proposals
1. On the DAO homepage (https://snapshot.org/#/lunadoge.eth), all of the active proposals are listed. You need to connect your wallet to the website and click the choice you want to vote on.
2. Once you click on the blue “Vote” button, a window will pop up to confirm your vote. In that window, your voting choice and LOGE balance will be shown. Click again on the blue “Vote” button and a signature request should pop up. Sign the request and your vote has been cast!
3. Once you have submitted your vote, you can follow the current results on the proposal page and see all votes that have been cast up to that point.
4. Once the end date has been reached, the proposal has ended and the LunaDoge team will assess the validity of the proposal by reviewing the votes.
Assessing the results of closed proposals
The result of a proposal is based on the total amount of LOGE held. Because we want to implement a tiered approach to voting, we will not assess the results based on the absolute amount of LOGE. This would benefit whales too much and we want our DAO to include a broad range of holders so we have allocated a certain amount of votes to each tier of LOGE held.
The tiers used in assessing the results are as follows:
Tier 1: Hold at least 100,000,000,000 LOGE, but no more than 500,000,000,000 LOGE — 1 vote per address.
Tier 2: Hold at least 500,000,000,000 LOGE, but no more than 2,000,000,000,000 LOGE — 2 votes per address.
Tier 3: Hold at least 2,000,000,000,000 LOGE, but no more than 10,000,000,000,000 LOGE — 5 votes per address.
Tier 4: Hold at least 10,000,000,000,000 LOGE — 10 votes per address.
The tiered approach still benefits addresses holding large amounts of LOGE, but reduces their voting power compared to the lower tiers. Furthermore, we set a minimum amount of LOGE of 100,000,000,000 for a vote to be counted to incentivize new investors to invest a larger amount of LOGE in order to participate in the DAO.
When does a proposal pass?
A proposal passes when the following criteria are met:
1. At least 10% of the total supply of LOGE has voted. Proposals can last as short as a minute so in order to limit the amount of manipulated proposals, a 10% threshold is applied related to the total supply of LOGE. This means that in order to pass a proposal, the proposal needs at least 100,000,000,000,000 total votes.
2. A two-thirds majority has been reached, using the voting power allocated to the tiers.
Implementing a proposal
Once a closed proposal meets all the required criteria and is validated by the LunaDoge team, the proposal will be implemented as soon as possible. We can’t wait to start the LunaDAO journey with our supporters!
Buy LOGE on PancakeSwap: https://exchange.pancakeswap.finance/#/swap?outputCurrency=0xb99172949554e6c10c28c880ec0306d2a9d5c753
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Github: https://github.com/LunaDogeFinance
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Website: lunadoge.finance
