DAO Vote #1: Outcome
The first DIA DAO vote has taken place. We are happy to see that the team’s proposal has received the most support. In this short update we want to share with you the details and our learnings for the continued development of the DAO infrastructure.
DIA’s team proposal has passed, resulting in a burn of 4.575M DIA Tokens from the reserve. The remaining 4.575M DIA may be used for activity to create value for the DIA token holder community. The burn will be executed until the end of December 2020.
Two other eligible proposals were submitted, but did not receive enough votes:
Further, one proposal was disqualified that aimed at allocating major unvested tranches to a single token holder and promised direct token rewards for ‘Yes’ votes. This constitutes unfair voting incentives and was barred from eligibility due to its malicious nature.
- While Snapshot.io provides a powerful DAO user experience with little friction, a more sophisticated infrastructure will enable a more engaged voting process.
- The majority of voters is in favour of long-term value incentivisation vs. short term profit decisions.
- Parameters around the snapshot taken from the Ethereum network such as duration need to be communicated clearer and earlier.
- Additional rules around the proposal and voting process, like minimum token holdings, submission period of proposals etc. as well as deeper elaboration on the purpose of a vote are required.
- Clearer and earlier communication about the loss of voting power through locking up tokens in savings programs is required.
As a result of the vote, 4.575 M DIA tokens will be burned before the end of December 2020. The remaining 4.575 M DIA tokens may be put to use by the team for the development of the DIA ecosystem and direct value creation activities for the larger community in 2021 and beyond.
We thank the community for its support and are thrilled to further develop the DIA DAO infrastructure with the input of the community.