Designing Our DAO Governance Model
As we continue building the LYNX DAO, one of our most important tasks has been designing a governance model that balances several key factors:
- Decentralization: Ensuring power is distributed among community members
- Efficiency: Enabling timely decision-making
- Security: Protecting against attacks and manipulation
- Inclusivity: Allowing meaningful participation regardless of token holdings
Our Approach
After extensive research and community feedback, we've decided to implement a hybrid governance model that combines elements of token-weighted voting with reputation-based mechanisms.
Token-Weighted Voting
For financial decisions and major protocol changes, voting power will be proportional to LYNX token holdings. This ensures that those with the most skin in the game have appropriate influence over decisions that affect the protocol's value.
Reputation-Based Contributions
For operational decisions and community initiatives, we're implementing a reputation system that rewards active participation and valuable contributions. This allows community members to earn influence through:
- Code contributions
- Community education
- Governance participation
- Content creation
- Bug reporting
Proposal Process
To prevent spam and ensure quality governance proposals, we're implementing the following thresholds:
- Proposal Creation: Requires holding at least 1% of circulating supply or 10,000 LYNX tokens
- Quorum Requirements: 15% of total voting power must participate for a vote to be valid
- Timelock: 48-hour delay between vote passing and implementation
Next Steps
We're currently developing the smart contracts for this governance system and will be launching a testnet version in Q2 2024. We welcome community feedback on this model as we continue to refine it.
What do you think about our approach to governance? Join our Discord to share your thoughts!