Ooki DAO

With Ooki, power is shared by all and incentives are aligned. Find all the details regarding governance of the Ooki protocol below.

How does the OOKI Dao Governance Work?

Stage 1: Forum Discussion

Proposals will be initiated in the Ooki Forum for community discussion, input and buy-in. During this stage new suggestions and changes will be discussed and debated by anyone in the community. Proposals should be outlined and discussed at this stage until community consensus and buy-in is reached. After a OOIP is submitted on the forum it undergoes a period of discussion for a least three days.

Stage 2: Snapshot Vote

Upon receiving community input during a discussion period in stage 1, the proposal moves to stage 2 where there will be a snapshot vote. During this stage, token holders can voice their support for or against a proposal by voting with OOKI Tokens. Depending on the results of this vote, whether it is approved or rejected, the proposal will either be tabled, go back to the forum for further discussion, or proceed to the next stage. This phase requires the following:
  • Prior discussion in the forum.
  • 0.5% to propose
  • Greater than 50% of votes in favor to pass a proposal

Stage 3: Ratification

If the proposal passes with a majority it can then proceed to on chain vote. On Chain voting takes place on Etherscan. After the prior two stages have been completed successfully, the third stage of governance is the on-chain governance portion. A fork of the Compound Bravo Governance Module will be utilized to manage the operation of the DAO. In the future the community may at its discretion choose to utilize a different governance module.
After a proposal is submitted to the Governance module, there will be a formal voting period. At the end of the period the proposal will be either approved and implemented or rejected.
In order to create and submit a proposal to the governance module, an address must have at least 0.5% of the total supply worth of voting power staked in the staking module, to create and submit a governance proposal for voting.
When a governance proposal is created, it enters a 2 day review period, after which voting weights are recorded and voting begins.
Voting lasts for 3 days; if a majority, and at least 3% of the total supply are cast for the proposal, it is queued in the Timelock, and can be implemented 1 day later. In total, any change to the protocol takes at least one week.
In summary, the on chain governance phase requires the following:
  • 2 day Review period
  • 3 day Voting period
  • 1 day Timelock waiting period
  • 0.9% of the total supply of OOKI to submit an on chain voting proposal.
  • 3% quorum needed of the total supply of OOKI.
  • Greater than 50% of votes in favor to pass a proposal

How do I create a OOIP?

To create an Ooki Improvement Proposal (OIP) follow the template on the forum and simply post it. Once the proposal has been discussed for three days. It will reach community consensus and proceed to the next step of community snapshot proposal vote.

What types of proposals can be created for DAO approval?

Various ecosystem parameters can be decided on by the community. As the governance process formalizes and evolves, these parameters will grow. A few examples:
  • Funding proposals
  • Fee proposals
  • Token proposals
  • Ecosystem parameters
  • Marketing initiatives
  • Development roadmap and feature prioritization
  • Salaries and personnel changes
The proposals are generally intended to give high level guidance for team members to implement, and not to control granular decision making processes.