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- Safe is a widely used standard for enabling multi-sig control over an Ethereum address.
Do not transfer assets into the BitDAO Treasury unless you intend on making a donation. Transferring assets into the BitDAO Treasury will not return any BIT tokens or any other tokens. Any assets transferred into the BitDAO Treasury address cannot be recovered unless there is a DAO proposal and vote to do so.
- Snapshot is an off-chain vote aggregation platform.
- Snapshot was chosen to make governance simple and transparent for our users. It is a tried and true solution with a great user interface and user experience, and used by many industry leading projects such as Balancer, Yearn Finance, SushiSwap, Uniswap, Bancor, The Graph, and Aave.
- Snapshot-based governance, is commonly referred to as "soft" governance as the result of the vote is not automatically implemented. A development and operations team is required to perform subsequent actions.
- This has been selected instead of a standard ERC-20 token, as it supports 1) delegated voting, and 2) off-chain vote aggregation with the potential of moving to on-chain governance at a later phase.
- Ideas that garner enough community support can be submitted for voting.
- A community member may draft a soft proposal or discussion, that leads to an official BitDAO 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.
- BIT holders cannot vote or create proposals until they delegate their voting rights to an address.
- Delegation can be given to one address at a time, including the holder’s own address.
- BitDAO treasury (Gnosis Safe) and Snapshot Space are administered by a multi-sig wallet.
- Community suggestions will be considered to distribute the signing keys more widely.
- Proposed changes to multi-sig signers or rules will require a BitDAO vote.
- Key settings (Snapshot Strategy, Proposal Threshold, Vote Duration, Vote Threshold) are managed by the BitDAO Snapshot Space who have been nominated by the bitdao.eth dns multi-sig owners.
- These settings are enforced by policy and not code, as such BitDAO affiliated product teams, and multi-sig administrators will not recognize any proposals that do not comply with settings.
- Defines the vote weight of each token.
- Our initial setting is 1 BIT = 1 vote weight, so each BIT has equal voting power.
- Future strategies may include: allocating vote weight to xBIT or BIT-ETH LP tokens to enable BIT holders who have staked, wrapped, or provided liquidity to retain voting power.
- "Proposal Threshold" is typically defined as the number of votes required to create a proposal.
- In BitDAO Snapshot Space this is done through a visual filter, to only display proposals from users who have at least the threshold number of BIT tokens delegated to their address.
- The length of time between voting start and voting end.
- The minimum number vote weight (BIT tokens) required to vote on a proposal for the vote to be effective.
- If this minimum is not met, the vote is unsuccessful even if the majority of voters voted yes.