How actively DAO are used in Tezos?
We understand how popular DAO are in Tezos, how they help the largest projects adapt to market conditions and how decentralized they are.
A little context
We were interested in the topic of DAO after the story of Kita, which accounted for 95% of the total number of deposits and 86% of the debts of a large landing protocol. The developers even held an emergency vote to take temporary control over the whale wallet – and Kit also voted in for. Later, the community called the decision unethical and illegal, and, according to the result of the second vote, left the whale at rest.
Therefore, we decided to check the self -government portals of the popular Tezos projects and find out if there are such whales in Tezos, or everything is really decentralized and safe. Fortunately, managerial tokens are well distributed, and project communities are actively voting and accepting offers.
TEZOS self -government
TEZOS protocol updates are controlled by basers by voting for different proposals for updating the protocol. Voice “weight” depends on the number of own and delegated TEZ.
The voting process consists of five periods lasting 14 days and 5 hours:
- Offer (Proposal) – Bakers publish proposals in the blockchain in the form of a code ready for introduction, and not a textual “let’s do it”. Then they vote for the proposals to withdraw them in the next period. To do this, you need to dial 5% of the vote “for”;
- Research (Exploration) – Bakers study sentences and vote for the best. In order to move to the next period, the offer must be achieved by a quorum of 50% of the total possible number of votes and dial a minimum of 80% of the vote “for” excluding those who resisted;
- Cooling (cooldown) – the proposal is launched in a separate twist so that the community tests it in practice;
- Promotion (Promotion) – Bakers discuss test experience and vote whether to introduce it in the main. To activate the update, you must again achieve a quorum and superbly;
- Acceptance – extra time to adapt the code and infrastructure to the new version of the protocol. Upon its completion, the baseers synchronously update the nodes and TEZOS switches to it.
If not a single offer is gaining enough votes in any period, the protocol drops progress to the sentence period. The same thing happens if basics at any stage vote against the update, as it was with ITHACA.
160-200 bakers usually take part in the vote-more than half of the total number. At the same time, there are no oligarch bakers in Tezos who could single-handedly influence voting. For example, the largest private Baker Coinbase Custody owns 13.3% TEZ in staining, but does not participate in the voting.
Kolibri Finance produces an algorithmic stabelcoin KUSD on security TEZ. The safety and stability of such tokens can be expressed in the form of a formula with many components: threshold for providing a stove, reserves, remuneration for the liquidation, deductions to the stabilization fund and the Fund of Developers, and others.
With the help of Kolibri Governance Portal, the Kolibri community changes the values of the components and disposes of funds. For example, initially deductions to the stabilization fund (Stability Fee) were 24% per annum. Over time, the fund was filled, and the cost of KUSD increased to $ 1.03. The community regularly carried out votes on the Kolibri Governance portal, and as a result reduced the percentage of deductions to 0.5% per annum to stimulate the release of new KUSD and reduce the course to $ 1.
To make a proposal on Kolibri Governance, you need to enter 1000 KDAO ($ 360) to escrow mechanism. The initiator of the voting will receive them back when the proposal gains at least 20% of the vote “For”.
Kolibri governance does not indicate the number of voters, only the number of votes in KDAO. The community is very actively: more than 400,000 KDAO from a total issue of 1 million are involved in the latest offers.
Youves produces algorithmic stablecoin on the key to TEZ, TZBTC and SIRS, and also provides liquidity pools for the exchange of tokens and farm.
Voting on Youves Governance relate to the launch of new Treken Tracks, the addition of assets as security, changes in the level of security and other values. For example, in the latest vote, the community approved the development of the mechanism of adaptive adjustment of the commission for Mint UUSD, the bonus for the elimination of “drowned” storage facilities and other platform parameters.
The proposals are made by the developers of Youves. To participate in the vote, you need to own You tokens, while the tokens that the user introduced to the liquidity or staying pool pools are taken into account.
From 40 to 110 YOU holders out of 1300 took part in the voting.
Plenty Defi provides pools for the exchange of tokens, farm, staying, as well as a bridge for transferring assets from Ethereum to Tezos.
Plenty developers take on voting plans for the development of the platform. For example, in the latest sentence, the community voted for launching Flat Curve and conventional CPMM for more stablecoins and wrapped assets, reducing awards in farms to combat inflation and closing farms for unpopular trading couples.
To participate in the vote, you need to own Xplenty tokens. The proposals are made by the developers of the project.
From 70 to 364 Xplenty holders from 2600 took part in the voting.
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