Announcing Community By Community: The Wrap DAO

We are happy to announce the first true governance model for Bender’s first protocol, the Wrap Protocol!

Here at Bender Labs, our mandate from the inception of our first protocol has been to build protocols for the community, owned by the community. The Community by Community initiative and the creation of Wrap DAO marks the creation of the first Bender Labs Decentralized Autonomous Organization.

We want Wrap Protocol to be lead by you, our community, and Community by Community is looking to achieve just that.

A Wrap DAO?

To allow the community to govern our protocols, we’ve created a formal governance process we call the Wrap DAO.

The Wrap DAO is a systemized process for any and all community members to make proposals, vote on proposals, and provide technical solutions to mend and ameliorate the Wrap Protocol. Our goal is to have you, the Wrap Community, be the voice that governs the decisions related to the Wrap Protocol and its token, $WRAP.

The Wrap DAO will be hosted through three main platforms:

• Tezos Homebase: A Tezos DAO framework allowing Wrap community members to submit and vote on proposals using their $WRAP tokens.
• Bender Labs Discourse: A Discourse moderated by the Bender Labs community team, where community members will look for the community’s support and provide the details for their proposals as well as discuss other proposals with the community.
• The Wrap Board: A set of 11 members elected by BenderLabs that will materialize proposals supported by the by creating or directly implementing technical solutions.

These three elements are the keys to creating, discussing, voting, and providing solutions on proposals for $WRAP.

Walk me through how a proposal will work

Community members will be able to gauge community interest for their ideas and submit proposals through the Wrap DAO established on Homebase Tezos, as well as the aforementioned Discourse. Each proposal will go through three stages:

Stage 1: Heat Check — Discourse & Homebase

The Heat Check is a way for community members to gauge the interest of the community on a certain topic.

Anyone can submit a post on our Discourse to provide context for their proposal and establish the solution they see fit, along with a corresponding Tezos HomeBase proposal for community members to support or oppose their idea through token-weighted voting. Proposal authors are encouraged to determine the community’s preferred solution to their proposal before moving on to the next stage.

A Heat Check will be deemed successful if it achieves a large majority of supporting votes on Tezos Homebase.

Stage 2: Proposal Discussion — Discourse & Homebase

The Proposal Discussion is a way for successful authors of a Heat Check to formalize the solution to their original proposal.

The author of the original Heat Check can submit a Discourse post to provide an exact solution for their initial proposal. At this stage, the author of a proposal should be able to provide an exact explanation for the change they would like to see implemented to Wrap Protocol.

Along with the Discourse post, a corresponding Proposal Discussion proposal will be posted by the author on Tezos Homebase to allow for the community to vote on the solution put forward by the author. Tezos blockchain developers able to provide the exact technical solutions are encouraged to do so, as well as provide their code in their Discourse Proposal. Should the proposal be successful, they may be rewarded in the form of $WRAP tokens depending on the nature of the proposal!

Stage 3: WrapBoard Committee Vote & Governance Proposal

The third stage of the proposal allows for successful Proposal Discussion to be moved up to the Wrap Board, where rewards will be established for the author of the proposal and the developer of the proposal.

The WrapBoard Committee will:

• Vote internally to pass the proposal submitted by the community, unless a technical issue arises
• Establish the rewards deemed fair by the Committee for the implementation of the proposal to the author, as well as the author of its technical implementation
• Post a Governance Proposal post on Discourse to explain the outcome of the proposal or potentially outsource technical implementation to a developer in the community, should the proposal not have a technical solution attached to it

Authors of proposals that pass the third stage will be rewarded for their efforts to better the Wrap Protocol.

Note: The above is only a brief description of the proposal lifecycle. If you would like to submit a proposal, please refer to our Wrap DAO documentation on our website to follow the steps outlined.

More on the WrapBoard

It is all well and good to have forums and voting platforms for the community to discuss and vote on protocol changes, but who is going to make sure the successful proposals are implemented? In comes the Wrap Board!

The Wrap Board is a set of 11 key members of the Wrap Community that will make sure a technical implementation follows successful Proposal Discussions. The members of the Wrap Board include:

• Hugo Renaudin, the CEO of Bender Labs
• A Bender Labs main developer
• Two Quorum members
• Two Bender Labs Community Team members
• 5 Community Wrap Board Committee members to represent the voice of our community

This Wrap Board committee will vote to pass proposals that have successfully passed stages 1 and 2 of the proposal lifecycle and ensure they are implemented and change Wrap Protocol. Successful implementations will be posted by the Wrap Board on the governance Discourse through a Governance Proposal post.

Being a Wrap Board member allows for an exclusive voice in the governance of Wrap Protocol and many other rewarding surprises!

How to get on the Wrap Board

You can be an exclusive Wrap Board Committee member too!

The first set of Wrap Board Committee members will be directly elected by the Bender Labs team and invited to participate in the Wrap Board. We’ve chosen to invite community members to the WrapBoard that we feel voice the concerns of the community best and have the best intentions for Wrap Protocol at heart.

In the future, Community Wrap Board Committee members will be elected by the Community itself through a voting process!

To learn more about the Wrap Board, its functions, and how you can get on the Wrap Board Committee make sure to visit our Wrap DAO documentation.

When will the Wrap DAO be ready?

The newest version of Tezos Homebase is live starting today! What this means for Wrap Stakeholders is that the Wrap DAO will be ready extremely soon on Homebase. Discourse Discussion will initially be held on the Bender Discourse under the categories discussed in our documentation.

Closing Thoughts

Bender’s end goal to for the community to be able to manage, change and run Wrap Protocol. The Wrap DAO is a crucial step in that process and we are very excited for a true governance model where the community is represented.

Make sure to join our Twitter, Discord & Telegram to keep up with the protocol and the changes we are making to Tezos DeFi!