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Degen Dog owners are members of the DAO: one Dog equals one vote.
To submit a proposal to the DAO, you must hold at least
0.25%of the total Degen Dogs supply. This equates to 1 Dog up until the supply reaches 400 Dogs. Examples of proposals include:
A quorum is the minimum number of total votes -- whether
abstain-- needed for a proposal to succeed. The quorum threshold is
20%-- a value that can be changed by DAO. This means that at least 20% of minted Dogs (at the time the proposal was made) must submit a vote. Proposals that do not meet this threshold will not be executed, regardless of the number of votes for and against the proposal.
Voting can begin immediately after a proposal is created, although the DAO could implement a delay between proposal creation and the start of voting, if desired. The voting period is approximately
A Timelock is a delay between the end of the voting period for a successful proposal and when the proposed transaction(s) actually can be executed. This delay gives DAO members time to react before execution. For example, a DAO member who is unhappy with a proposal may decide to sell their token or take other steps they deem appropriate. The timelock delay for Degen Dogs is
The thresholds and time periods mentioned above are settings that can be adjusted by the DAO via proposals. For example, the DAO may decide to change the proposal threshold or the length of the voting period in future.
Initially, the Degen DAO governance grants veto power to the founder(s) of the project. A key reason is that, due to the one-at-a-time auction process, the total supply of minted Dogs is very low in the early days. This could enable a single person to execute successful proposals before the community has had chance to grow and develop. The goal is for the veto power to be renounced (on-chain) at the appropriate time -- feedback and suggestions are welcomed in this regard.