Hello, DAO!
Vires.Finance is a pool-based liquidity protocol facilitating lending and borrowing capabilities at rates defined by the market equilibrium.
Today, the long-expected update is finally here: DAO Voting is live!
Technical background
Waves smart contracts system not only allows for the parameter updates, but also full redeployment of the smart contract(and any other outgoing transaction) at an address. This is advantageous in terms of system upgrade: the dapps deployed within Waves network do not need to have, say, V1/V2/V3 pools(and subsequent liquidity migration and fragmentation issues) like one can usually see within top defi protocols within Ethereum network. Instead, the contract parameters can be updated to enchance API, increase interoperability, or adjust the mechanics.
Vires locking mechanism(“gVires”, where ‘g’ stands for governance) allows to keep participants uniformly commited to the governance decisions for extended period of time(50% unlocked within half a year).
Combining these, the decentralized gVires-based voting can control
- assets onboarding
- vires emission & rewards
- market parameters
- system upgrades
- DAO grants
- … any other related aspect of Vires and VIRES DAO.
The proposal lifecycle
- Anyone with 1000 gVIRES can create a proposal. The proposal is created, and the transaction ID is registered within the voting smart contract. This also automatically creates forum discussion thread. Everyone can verify the ID corresponds to the data to be broadcast.
- In 48 hours after proposal has been created, the voting begins. Currently the requirements are 30% of current total gVIRES to get quorum, 50% of that for the proposal to pass. The voting lasts 5 days.
- During 7 days after the voting passed, the proposal can be applied by anyone simply by broadcasting the transaction.
How to start
Today, the first proposal has been deployed: If successful, the new data record in settings app storage will be created, signalling gVote :Hello, DAO! . Don’t be too harsh on the vote: this exact proposal doesn’t change any meaningful value, but it demonstrates the mechanics behind it. Anyone with 1000 gVIRES can create a proposal, tweaking Collateral Factor, reward distribution, adding tokens and any other parameter!
What to do?
Lock VIRES and prepare to vote for the first proposal immediately!
As always, provide liquidity, follow us on social media for the latest updates, participate in the discussions on the protocol future:
