FIREDAO COMMUNITY
?Intro
FireDAO, an autonomous economy driven by its community members, is founded upon principles of co-creation, co-governance, and co-ownership. Every community member holds a sense of ownership and actively participates in collective decision-making through referendum voting.
As the governing token, FDT is issued by FireDAO, conferring ownership rights to the entire community. However, unlike traditional DAOs, FireDAO conducts community governance activities centered around the FireSoul Account. To facilitate this, a community governance DAO will be established as the supreme governing body for the FireDAO community. Each official DAO member possesses a Soul Account and is assigned an FID, with each FID having an "on-chain reputation" known as FRT. The number of FRT serves as the basis for "voting rights" in community governance throughout the DAO. Community members without an FID do not possess the right to enjoy various privileges within the FireDAO ecosystem, including but not limited to reward rights, incentive rights, voting rights, and the right to be elected.
Initially, the RainbowCity Foundation governed the FireDAO community in a centralized manner. To oversee global community governance, the RainbowCity Foundation authorized an interim management team. This interim team, appointed by the RainbowCity Foundation, operates under the leadership of Mr. Kunyuan, the chairman of the RainbowCity Foundation, who possesses veto power over the group's proposals. As FireDAO's ecological development progresses, the authority of each administrator of the FireDAO protocol will gradually transition to the community governance DAO. Ultimately, the community governance DAO will manage and govern FireDAO, making decisions through community referendums. This transition aims to achieve complete decentralization of authority within FireDAO.
HOW DOES IT WORK?
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Taking inspiration from Compound's governing principles, FireDAO establishes a governance DAO for collective decision-making and protocol upgrades. Unlike the "one token, one vote" model, FireDAO innovatively centers its governance on the FireSoul Account. It combines the quantity and weight coefficient of various Soulbound tokens within the Soul Account to create the FID On-chain Reputation. The amount of FRT serves as the voting weight for governance decisions.Any wallet address with an FRT amount exceeding 100,000 can propose governance activities by creating executable code-based proposals.
Voting process
From proposal creation to formal voting, a 72-hour window is provided to allow users to conveniently delegate their votes. Each FID user has a unified voting delegation page, determining the delegation amount and weight based on their FRT amount. This voting delegation applies to all existing public proposals simultaneously. Prior to casting their vote, users must first delegate their votes, as failure to do so renders them unable to participate. Voting delegation can be self-delegated or delegated to others, but only one person can be delegated to. In the event of changes to the voter's on-chain reputation score, the number of votes delegated to others will be adjusted accordingly. Voting options include support, object, and abstain. Users who have completed voting delegation can exercise their voting rights through these options individually. The voting period spans 3 days, and each person can only vote once. Once a vote is cast, it cannot be revoked.When the referendum voting concludes, the total FRT at the time of proposal creation serves as the base for calculating the total voting weight. The proposal is deemed valid only if the total number of votes exceeds 20% of the score; otherwise, it fails. The voting results are determined based on the total voting points. If the number of support votes exceeds 50% of the base, the proposal is approved; otherwise, it fails.
In the case of an approved proposal, the result will be queued in Timelock with a delay of 2 days. After the Timelock period expires, any account can apply the proposed changes to the target contract, thereby executing each operation outlined in the proposal. Thus the governance contracts include a guardian contract address controlled by the FireDAO team, which can cancel proposals or disable the governance module in emergencies.