This document is an ongoing work-in-progress draft for the new Rari DAO Delegate Launchpad Program proposal. Please leave your feedback in this document by using the comments feature and, once posted there, on our forum on Discourse.
TLDR; The Foundation wants to create a framework for a Delegate Launchpad. The goal is to enable new delegates to contribute sooner in their journey by lightening the financial load. Throughout the duration of the launchpad period, the aim is for the delegation done by the Foundation to be replaced by delegation from community members.
RRC-9: Rari DAO delegate launchpad program
Abstract
This document proposes a Rari DAO delegate launchpad program, which is designed to attract new delegates and boost DAO participation with the ultimate goal of advancing the mission of building a decentralized NFT infrastructure that powers future NFT use cases.
The delegate launchpad program consists of the Rari Foundation delegating a fixed amount of veRARI for a fixed amount of time as long as applicable delegates met the required criteria and maintained an active DAO status for the duration of the delegation.
The suggested mechanism is based on ideas proposed by the community during strategic workshops held on May 18 and 25 and related feedback.
Motivation
The Rari DAO is the governing body of the Rari Foundation, which was established to help grow the NFT ecosystem with the Rarible protocol, uncovering new NFT use cases and broadening the horizon of the NFT technology application. As such, we believe the Rari DAO community can benefit from inviting new members with relevant skills and experiences who can engage in the discourse of decentralizing the NFT infrastructure and help us get there.
By empowering these new members with temporary delegations, we fast-track their active DAO participation and cultivate a vibrant community.
This program will be a pilot from which we will learn and improve on future initiatives designed to grow the DAO participation. We’re targeting to onboard 15 new delegates through this program during summer 2023.
Rationale
The current DAO participation is low - both in terms of voting and discourse and in terms of proposal submissions. We’re seeking ways to jumpstart the DAO activity to get more traction on proposals and community discourse.
The Rari Foundation has just rolled out delegation incentives (as part of Delegation Week), which produced only moderate results. We need to look beyond delegation gas reduction. The delegate launchpad program will enable us to screen qualified applicants for the kind of skills, experience, and motivation the DAO can benefit from in the long run and, at the same time, elevate the new delegates within their communities.
Key Terms
$RARI - the official token ticker of the ERC-20 token that governs Rarible Protocol ecosystem
veRARI - the locked $RARI that can be used for governance: voting and proposals submission
Lock Period - the time during which locked $RARI remains unavailable for transacting or trading
Delegation - The act of loaning veRARIi tokens, obtained by locking $RARI, to someone who will represent your interests in governance and voting on chain.
Delegate - A party that has the ability to vote on Rari governance proposals. Could be a veRARI token holder or someone to whom other $RARI token holders have delegated their veRARI and voting power.
Rari DAO - A decentralized autonomous organization committed to building the future of NFT infrastructure & NFT use cases. The DAO oversees the treasury and is on the path to govern the Rari protocol.
Specifications
- Program recipients’ eligibility criteria
We’re seeking to attract applicants from the following professional areas.
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During the application period, applicants must submit their application outlining their qualifications, motivation, area of DAO contribution, Tally profile, socials, and wallet address or ENS. They must also acknowledge the conditions and terms of the delegation. The Rari Foundation team shall review all the applications and, together with the community, select the final 15 recipients and 5 top choices for a waitlist.
- Conditions of delegation
The Rari Foundation will delegate 2,000 veRARI to up to 15 delegates that meet the above criteria and have applied within the application period.
This program lasts for 6 months in total. During the first three months, the delegated amount will remain to be the total 2,000 veRARI, unless the recipient breaches the terms outlined below. During the second three months, the amount of delegated veRARI will linearly decrease to 0. If the program recipients wish to maintain their delegate status, they can use this period to gather support and delegations from the DAO community.
- Terms of delegation
The program recipients need to demonstrate a track of DAO participation: vote on at least 60% of proposals (in any given 30-day period), provide a rationale in the DAO’s discussion forum on voting decisions, and be, within reason, responsive to the community. If these criteria are not met or if the delegate demonstrates behavior at odds with the DAOs code of conduct, the foundation can revoke the delegation at any given moment.
In case the delegation is revoked, the Rari Foundation shall delegate to a candidate in the first position on the waitlist.
- Program budget
The total program budget is 30,000 veRARI, which translates to 30,000 $RARI locked for a period of two years. We propose this budget is allocated from the Rari Foundation’s Treasury.
- Timeline
As soon as the proposal is approved and executed, the Rari Foundation can promote the program and launch the enrollment period. Tentative schedule:
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Steps to implement
- Smart contract development
- Funds distribution: From Treasury to the Contract. Contract to wallet.
- Locking in veRARI.
- Delegating funds to the addresses of the selected candidates.
- Report to the community on the status of delegations.
- Weekly monitoring of delegate activities to ensure adherence to terms.
Steps for tally submission:
Rari Foundation to put the proposal up for vote on June 12.