⚙️DAO Mechanics

Overview

Proposals can be submitted by and voted upon by any holder that has a $GLXY token. The DAO then follows a permissioned relative majority structure where a council consisting of the founders and elected community leaders must endorse a proposal for a proposal to move to the voting stage. This voting structure overcomes the common limitation of a DAO, which is the lack of a centralized figure that can take responsibility for the organization’s decision.

Once a proposal is endorsed by the council, the relative majority vote will be used to pass/fail a given proposal. 1 $GLXY = 1 Vote. Systems that have used this type of voting structure include MetaCartel Ventures, Raid Guild, and DAOhaus. We will also implement an early voting mechanic so that proposals can be passed instantly upon having 60% of the total circulating supply having been used to vote on any given proposal.