This is a preliminary setup for how governance will be organized and structured; this process should be reviewed and updated by the community as needed.
Engage with the Community
Token holders are encouraged to engage with the community. the largest number of Instadapp user can be found on Discord. The more engaged the community is around your proposal the more likely it is to succeed!
Submit a Snapshot Signal
A signal is a way to check user engagement, and receive response and feedback from the community. Use this to gauge how your idea or submit a more formal presentation.
Development Review
There are different types of changes that the community may vote on; for proposals that require upgrade/changes or other implementation at the contract level; those changes need to be submitted to the active team for review. The development team will review the code or develop the code for the proposed changes.
Submit the proposal
Once the proposal has been completed it is submitted as an Instadapp Governance Proposal and submitted for community to vote on.
Governance Execution (Implementing Changes)
The INST token contract utilized the COMP token contract as a base contract. The INST contracts currently follow the 3-Day voting/2-Day time-lock functionality but this can be adjusted by the community. The INST contracts utilize proxy-contracts to upgrade the DeFi Smart Layer contracts.
Something that might need consideration is in a security breach or hack situation, or someone exploiting a bug in a Dapp . With Governance flow as depicted here, a proposal/voting process would need to take place whilst hackers take full advantage. There might already be a plan in place for these worse-case scenarios but if not, a proposal could be put forward for a ‘Micro DAO’ (Say Sowmay, Samyak, Seb) to be set up that could apply an immediate fix that does not require Governance intervention in the case of an emergency.
Hi Samyak, the idea for a Micro DAO is to provide guidance and leadership, to have influence without necessarily having any power.
With a DAO, decision-making is done through community Governance but a Micro DAO (made up of important members of the community, maybe selected by the community) could act like a Steering Committee or Board of Directors but without having any power as such, yet still having influence by stating what it believes should be Governance’s aims.
For instance, the Micro DAO states that it believes Governance should focus on three main areas : Attracting Developers, Generating Revenue streams and Community Growth and asks Governance how this could be achieved. The Micro DAO is only offering up its thoughts on direction, stimulating discussion, requesting clarity on leadership as to how important aims could be achieved.
Perhaps this a role that Delegators will play, DAO’s are new in concept, I am interested to see how it will pan out.
