Team Missile decides to practice on chain governance in the form of DAO community, which is based on the Aragon company template.
The $MSI token is the native governance token for the DAO, granting voting rights over the future direction and use of the treasury.
Relative percentage of tokens that are required to vote “Yes” for a proposal to be approved. For example, if “Support” is set to 50%, then more than 50% of the tokens used to vote on a proposal must vote “Yes” for it to pass.
Percentage of the total token supply that is required to vote “Yes” on a proposal before it can be approved. For example, if the “Minimum Approval” is set to 20%, then more than 20% of the outstanding token supply must vote “Yes” on a proposal for it to pass.
Length of time that the vote will be open for participation. For example, if the Vote Duration is set to 7 days, then token holders have 7 days to participate in the vote.
Missile Farm DAO uses the following Aragon Apps:
Voting: Used to create and participate in votes. Votes can be linked to an action, such as minting $MSI or transferring funds, or be purely informative.
Tokens: Manages the supply and distribution of $MSI.
Finance: Manages the organization's financial assets, including BUSD and BEP20s.
Agent: Enables the organization to interact directly with any other smart contract on BSC. For example, adding liquidity to a PancakeSwap pool.
Users can create Finance, Token, and Token Request votes through the Aragon App Panel.
The initial circumstances of the DAO are noteworthy in that there is a large initial supply of governance tokens minted, which are locked & distributed over time. In Aragon DAOs, the 'canonical' way of distributing governance is to mint new tokens for participants entering the system as they join.
The effect of this initial minting is that during the first days of the DAO it will not be possible to pass actions via the governance process, as a vast majority of the governance weight will be locked. At least Minimum Approval % of tokens must be distributed and used to vote in order for proposals to pass within the system with a relative majority. Proposals will not be able to immediately pass until the Support threshold is able to be used within voting, and is used. This means that every proposal in the initial days of the system must pass via relative majority, and be subject to a 7 day waiting period before the action occurs.
In order to alleviate the duration of this effect, the Minimum Approval threshold has been reduced to 10% (from 20% default)
In the first thirty days, before the remaining 50% of tokens is released from the timelock, it will effectively take 20% of token holders to reach the minimum approval, and 100% to instantly pass a proposal.
The Aragon Console can be used to propose arbitrary smart contract actions via the Aragon Agent.
act/0x77df6ca4cc96d16edc7858cfc00f70fdc98bb027/0xe96c9851773ec7adcb6a155c7d4acf19a4ede7ae/vote(uint256: 10, bool: true, bool: false)
Providing liquidity in various pools
Transferring tokens (this can also be handled via the Finance app in a more user-friendly way)