The Genesis DAO

The Genesis DAO

We want to decentralize this thing as fast as possible. Most of the core components of the system will be in place at launch or soon after. There are plenty of new things to add, but the what and when will be decided by the community.

Here’s how it’ll work

All decisions will be made via snapshot, using pVSQ as voting power. Following a vote, the Genesis DAO will prepare the necessary contracts/transactions and put it to an internal vote. DAO members have been instructed to only vote “for” if it is in line with the community’s decision. Thus, we are not making decisions, we are merely executing them.

What powers are held?

The Genesis DAO holds all critical powers. These include fund rescue functions in case of exploit or bug, contract ownership for migrations, and control over the DAO treasury. All decisions are subject to a 30% quorum, 70% consensus, and 2 day voting period. We encourage you to track actions and verify they are in accordance with the decisions of the community.

When would the Genesis DAO overrule a snapshot?

Hopefully never. The only time this would be done is in response to a malicious change pushed through by a single address or small minority. There is of course nuance here (why shouldn’t a token holder be able to exercise their voting power?), which is why the emphasis is on malicious.

With great power, comes great responsibility

The DAO-first approach is super exciting. Hopefully you all appreciate the effort being made to distribute as much power as possible; if we were most projects, we wouldn’t say anything and would just retain all these powers to a multi-sig.

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