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🏦Governance

Ray Dex will be a community governed protocol, such as a DAO. $RDX is a governance token that will allow holders to vote on community proposals.

Current Parameters

Category
Component
Comment
Status
Custody
Treasury
Coming soon
Official
Custody
PulseChain Safe Owner
Multi-sig (Coming soon)
Official
Custody
PulseChain Snapshot Space Owner
Multi-sig (Coming soon)
Official
Discussion
Soft proposals and discussions
Discourse (Coming soon)
Guidance
Discussion
Forum discussion period
Minimum 7 days
Guidance
Voting
Voting Module (Governance Module)
Official
Voting
Governance Token
RDX (Coming soon)
Official
Voting
Delegated Voting
Enabled for Delegate All only.
RDX holders must delegate before voting (can delegate to themselves). https://app.raydex.org/dashboard/delegate
Official
Voting
Snapshot Strategy
"COMP-like" 1 delegated RDX = 1 vote weight
Official
Voting
Proposal Threshold
200,000 RDX, (Coming soon)
Official
Voting
Vote Duration
Minimum 7 days
Official
Voting
Vote Threshold (Quorum)
100,000,000 RDX (1.0% of token supply)
Official

Treasury

Major uses of the treasury will require that the Multisig sign it. The members of the multisig should only sign it if it is the will of the community and has had a passing vote by quorum. There must be at least X out of Y signatures for a transaction to be approved. (Details to be determined). At time of launch, uses of the treasury will be entrusted to @cryptobigboy until community governance milestones are met, and multisig holders (chosen from Hex and PulseChain community) are in place. ​
Do not transfer assets into the Ray Dex Treasury unless you intend on making a donation. Transferring assets into the Ray Dex Treasury will not be returned. Any assets transferred into the Treasury address cannot be recovered unless there is a DAO proposal and vote to do so. Treasury address to be determined in the future after mainnet launch.

Governance Module (Snapshot)

  • The official governance module is: PulseChain Snapshot.
  • The official Snapshot Space is: https://snapshot.org/#/raydex.eth
  • Snapshot is an off-chain vote aggregation platform.
  • Snapshot was chosen to simplify and transparent governance for our users. It's a tried-and-true solution with a strong user interface and user experience that's utilised by numerous industry-leading projects like Balancer, Yearn Finance, SushiSwap, Uniswap, Bancor, The Graph, and Aave.
  • Because the outcome of the vote is not automatically enforced, snapshot-based governance is usually referred to as "soft" government. Following actions must be carried out by a development and operations team.

Governance Token (RDX)

  • Ray Dex governance token, RDX, is an instance of Compound Finance’s governance token COMP.
  • This has been selected instead of a standard ERC-20 token, as it supports 1) delegated voting, and 2) off-chain vote aggregation with the potential of moving to on-chain governance at a later phase.
  • The RDX token contract address is: (Coming soon)

Governance Discussions (Forum)

  • The recommended forum for discussions regarding the $RDX ecosystem is: (Coming soon)
  • Ideas that garner enough community support can be submitted for voting.
  • A community member may draft a soft proposal or discussion, that leads to an official DAO vote. Such proposals act as a “temperature test” or a poll, but do not guarantee implementation.
  • The idea needs to be adopted by a development team, with finalized code audited and submitted, then deployed by the multi-sig administrators.

Delegated Voting

  • RDX holders cannot vote or create proposals until they delegate their voting rights to an address.
  • Delegation can be given to one address at a time, including the holder’s own address.

Multi-Sig Administrators

  • Ray Dex treasury and Snapshot Space will be administered by a multi-sig wallet.
  • Community suggestions will be considered to distribute the signing keys more widely.
  • Proposed changes to multi-sig signers or rules will require a DAO vote.

Snapshot Space Administration

  • Key settings (Snapshot Strategy, Proposal Threshold, Vote Duration, Vote Threshold) are managed by the DAO Snapshot Space who have been nominated by the raydex.eth dns multi-sig owners.
  • These settings are enforced by policy and not code, as such DAO affiliated product teams, and multi-sig administrators will not recognize any proposals that do not comply with settings.

Snapshot Strategy

  • Defines the vote weight of each token.
  • Our initial setting is 1 RDX = 1 vote weight, so each RDX has equal voting power.
  • Future strategies may include: allocating vote weight to xRDX or RDX-PLS LP tokens to enable RDX holders who have staked, wrapped, or provided liquidity to retain voting power.

Snapshot Proposal Threshold

  • "Proposal Threshold" is typically defined as the number of votes required to create a proposal.
  • Ray Dex Snapshot Space this is done through a visual filter, to only display proposals from users who have at least the threshold number of RDX tokens delegated to their address.

Snapshot Vote Duration

  • The length of time between voting start and voting end.

Snapshot Vote Threshold

  • The minimum number vote weight (RDX tokens) required to vote on a proposal for the vote to be effective.
  • If this minimum is not met, the vote is unsuccessful even if the majority of voters voted yes.