Current DAOs mainly rely on token based voting and delegation strategies. However, there’s been a lot of discussions around why token based governance isn’t ideal.
We would like to propose an experiment in governance at Rarible DAO which is similar to Representative Democracy of many western countries. The management of funds will remain in a multisig until the experiment is over, or, we decide to move forward with moving this fully on-chain.
Bullet Point Overview
- People can submit themselves to become a Delegate, at any time. New Delegates may be added weekly or monthly (tbd).
- Delegates are voted in and approved by existing Delegates (starting with a single member). Delegates receive a Delegate NFT which gives them certain rights.
- $RARI token holders can then delegate their $RARI to approved Delegates.
- The group of Delegates will have equal voting power (1 member, 1 vote).
- In order for a Delegate to have 1 vote, they must: a) have a Delegate NFT, and b) have a minimum amount of $RARI staked on them
- Delegates will have a list of requirements in order to remain a Delegate (such as attending a minimum number of meetings, or participating in forums and Discord).
- All proposals would be approved by the Delegates via Snapshot.
- We may decide to have a target breakdown of Delegate members, such as the diagram below, representing important demographics in our ecosystem. These percentages could change over time as the needs of the ecosystem evolve.
Other Notes
- This mechanism could be marketed in a similar way as the “Write Race”, where a group of elected members can then add new members.
Risks and Concerns
- Collusion, bribery are still risks with this model