Spartan Protocol DAO Activated
(Decentralised Autonomous Organisation)
BonDAO is now live
The first phase of the Spartan Protocol DAO (Decentralised Autonomous Organisation) has been activated and can now be interacted with in the DApp.
Seeing as this initial DAO has a focus on bond-management, we may as well refer to it as the ‘BonDAO’. It allows the community to decide which tokens can be added to the curated list of assets eligible for Bond+Mint. They can also propose to allocate $SPARTA to the Bond+Mint contract in increments of 2.5 million SPARTA (up to a possible 100 million total distribution amount)
Read more about Bond+Mint below:
What is a DAO? (Decentralised Autonomous Organisation)
DAOs are unlike traditional organisations who have a hierarchical control structure, generally private and inaccessible to a community. Centralised exchanges are an example of this; you might want a token listed, but besides a Twitter barrage, you have very little influence on that decision coming to fruition.
DAOs place the community participants in control of the platform transparently and programmatically. The power of contracts enforced by mathematics means that a large number of automated actions within a contract can be set up and voted on, the results of which will be automatically actioned.
This would mean when applied to the above example; the community would be able to propose and vote on which tokens they want to be listed. On a successful vote, these tokens would be automatically listed. Resistant to external entities, governments and bad actor getting in the way of that decision.
The community is already familiar with the Spartan Protocol ethos being; ‘birthed by the community for the community’ with the initial developers building the platform the way they wanted to see it within the Binance Smart Chain ecosystem. Chosen for its power, speed and low fees.
Having Spartan Protocol run by a DAO was a central pillar of its development. The intent is to release the DAO in stages to familiarise the community with these powerful decentralised decision-making features.
If you want to read a little more into DAO’s check out the Binance Academy article below.
Decentralized Autonomous Organization (DAO) | Binance Academy
The acronym DAO stands for Decentralized Autonomous Organization. In general, a DAO is a system of hard-coded rules…
What is best for the ecosystem?
At this point it is super important to reiterate that the community continues to drive SpartanProtocol for the benefit of the community and if you want to join the DAO it is hoped that you join it with the intent to see it succeed, grow and prosper for the LONG TERM.
A focus on proposals that will benefit the platform in the long run, that means focusing on things that help it grow, develop and improve reach before focusing on individual benefit. Community value will drive results in individual benefit, it most likely won't work the other way around.
How do I get involved and influence the direction of SpartanProtocol?
To have your say with proposing assets and allocations to Bond+Mint you must be providing weight in the DAO. To gain weight in the DAO you must:
- Provide liquidity to the SP pools — When you add liquidity to a pool you will receive LP tokens representing your weighting in the appropriate pool.
- Lock LP tokens in the DAO — You will then need to visit the “Lock+Earn” option under “DAO” in the navigation menu. Your LP tokens when locked will provide you with weighting in the DAO. You can see below the lock/unlock options.
You will also notice the “Harvest” button towards the top of the image. In the future, to incentivise community participation in the DAO; 10% of the SPARTA emissions will be directed into the DAO contract as well as any proposal fees, you will in real-time accrue SPARTA that can be harvested. Between then and now, there is a lump sum of ~160k SPARTA available for DAO-harvesters to earn from.
By staking in the DAO you will not only be eligible to harvest SPARTA in ‘Lock+Earn’ but also the usual slip fees + dividends will still go directly into the liquidity pools which your LP tokens can be redeemed for.
Now that you have joined the DAO you will be able to check your percentage weighting which is located next to your current SPARTA rewards available. The higher the liquidity you provide to the protocol, the more liquidity tokens you will have to be able to lock in the DAO and therefore the more voting power that you will have for the direction of the platform.
The ‘Propose’ dropdown under the DAO menu bar will allow you to interact with the DAO proposals management page.
You can either vote on current proposals or put forward your own. Browse the list of current pending proposals and vote if you agree with them. Voting in support of a proposal does not attract any fees other than ‘gas’ which thanks to BSC is insignificant when compared to other chains.
If you want to submit a new proposal there is a 100 SPARTA fee for it to be listed. This is done to discourage spam proposals and ensure the proposal being put forward has been thought about. The fee is allocated to the DAO contract to be used towards ‘Lock+Earn’ and later on with DAOv2; ‘Grants’
If a proposal reaches a voting weight greater than 50% of the total DAO weight, it will automatically be switched over to ‘finalising’ status by the smart contract, where it will sit for the ‘CoolOffPeriod’ (currently set at 3 days)
After the ‘CoolOffPeriod’ has passed, anyone can attempt to finalise the proposal where it will recalculate and if still above 50% will automatically run the required function/s to make the proposed action happen.
In the case below when > 50% of votes are reached, 2.5M SPARTA will be added to the Bond+Mint contract. If you want to vote against the proposal all you need to do is….nothing. Well, except ensuring you have some weight in the DAO that is NOT voted ‘for’ the proposal. By not voting you are voting ‘no’ on the proposal. The intent is that proposals will need to be actively communicated within the community channels on telegram, debated, refined and then collectivity moved forward.
The majority of the community will need to support the proposal to get it to move forward.
So now is the time to join the DAO and have your voice heard.
An automated protocol for incentivized liquidity & synthetic assets on Binance Smart Chain
And vote on the proposals that your support.
Spartan Protocol is at its core a community-driven and led project. In this vein, the more contributors the better. There is a great opportunity for community members to contribute by making LP reward analysis tools, contributing code, graphic design, etc.
If you have an idea, share it in the community channels.
Engage with the community and developers
Where to find out about all the latest updates or suggest improvements — get involved.