1. Basic Management Information
Any new DAO created must comply with a certain guideline for successful launch and initial management. Steps below can be used as a basic reference material, but are not compulsory. Please note that details given below must be modified according to the needs of the created DAO.
1. Basic Terminology of DAO
DAO Name
- Type in the name for your DAO
- Use one word without spaces
- Some of DAO names can be in use already, so if you see an error message after inputting the selected DAO name - please create a new name for your DAO
DAO description
- Make a short description of your DAO, its targets, strategy, anything you wish other people to differentiate your DAO from others
- The description will be seen in the Dashboard section once your DAO is created
- You will NOT be able to make changes to DAO name and description after your DAO is created
2. Creating Tokens for your DAO
By default your DAO will have a typical fund structure with GT (Governing Tokens) and CT (Community Tokens).
Your DAO Community will allocate their crypto assets to your DAO and receive your CT tokens in return.
All assets of your DAO are stored on one wallet and managed by GT (governance) tokens via voting.
Follow the following steps to create GT and CT tokens for you DAO:
GT token - used to manage your DAO via voting and other decision making mechanisms. Unique. Minted only once at the time of DAO creation and are linked only to your DAO. GT tokens are distributed among DAO Managers and Beneficiaries who would participate in regular voting procedures to manage DAO assets and receive benefits of such asset management.
CT Token - unique tokens for your DAO, minted as a sample as you create your new DAO. New CT tokens are minted when your community members make deposits to your DAO via the Token Request procedure. CT tokens are burned when your members withdraw assets from your DAO.
Full token name - type a full token name, which you would like to use for your community (e.g. Berezka FLEX, YolkaDAO token, etc)
Token symbol - type a token symbol of up to 5 letters and numbers (e.g. FLEX, YLK, 1INCH, etc)
Amount - Amount of GT tokens which will be minted as you create your DAO. Recommended amount is:
30,000 tokens for GT tokens
After your DAO is created, names, symbols and amount of GT tokens cannot be changed.
CT tokens are minted and burned with members of your DAO making deposits and withdrawing funds.
3. Voting Procedures Terminology
A - Setting up voting
Your DAO is managed via voting procedures.
Set your voting rules in the following section.
“Voting” section is a “Yes/No” type of votes which you will be used most of the time.
“Dot voting” section is used for complex voting procedures (e.g. distribution of rewards, approving whitelists, etc); rarely employed.
You can input your own voting rules.
The default voting settings used by most DAOs are set below:
Voting
Support - 51% (If the "Yes" votes reach this mark - the voting procedure will activate automatically)
Minimal approval - 25% (Minimal required votes amount for the procedure to be applicable)
Dot voting
Support - 40%
Minimal approval - 40%
B - Duration of voting and other procedures
Vote duration - used daily; period of time after which every vote is expired; by default set at 24 hours
Dot vote duration - used for specific one-off tasks; period of time after which every complex dot vote is expired; by default set at 5 days
Allocation period - rarely used; minimum timeframe used to distribute various assets among GT and/or CT token holders; by default set at 3 days
Delay period - rarely used; adjustable function which can be used for various asset allocation/distribution tasks with a delay feature to avoid external attacks and misuse of DAO assets; by default set at 2 days
Finance budget period - very rarely used; minimum timeframe used to schedule various budget payment and distribution functions; by default set at 7 days
4. Guide to voting creation
Most of the procedures done in the DAO management process are finalized by voting. The following steps are given as a guide and explanation on the voting procedure which will be one of the most frequent actions used for your DAO.
IMPORTANT: To initiate a voting procedure you must be a Governance Token holder with at least a minimal GT amount available. Otherwise the voting procedure will be invalid.
Step 1 - Initialize the process in Aragon Framework
Depending on the transaction needed the first step may slightly differ. Each type of the initial steps is explained on the corresponding pages of this guidebook.
Step 2 - Create a transaction to initialize voting procedure
After completing the initial steps you will be forwarded to a screen requesting the transaction creation. Check the inputted data before pressing the "Create Transaction" button.
Step 3 - Sign the transaction in your Frame wallet.
Navigate to your Frame Wallet interface and sign the pending transaction to initialize the voting.
Step 4 - Wait for the transaction to be completed
Wait for the transaction to be completed in Frame Wallet interface. To check the current status of the transaction click on "View Details" button.
Step 5 - Navigate to "Voting" Section
Navigate to your Weezi interface, click on "Voting" on the left side of the screen and select the GT Tokens. To reduce loading time set the filter for "Status" to "Open", so that finalized votings are not shown.
Click on the vote that needs to be passed.
Step 6 - Approve the voting
As the voting interface appears click on the green "Yes" button to approve the voting.
Step 7 - Create a transaction to complete your vote
After pressing "Yes" a pop-up will be displayed, requesting to create a transaction to cast your vote.
Step 8 (optional) - Get the voting bytecode from Frame Wallet interface
Navigate to your Frame Wallet interface to get the bytecode needed to proceed with one of the possible three ways of DAO Voting completion.
Open the transaction pending in your Frame Wallet, press the "View Data" button.
After that copy the voting bytecode as shown on the screenshot below and cancel the transaction.
Step 9 (optional) - Send information regarding the voting to other GT token holders
Current step is optional and is used if the conditions below are met:
There are more than 1 token holders for the GT Tokens.
The GT token holder who initialized the voting has a minor part of GT on their account.
Write a post via the communication service used by the GT token holders group (e-mail, Telegram group, messenger services, etc.) and insert the following data:
Printscreen (screenshot) of the voting.
Description of the vote - to inform other GT shareholders about the reasons to hold the voting procedure.
Voting bytecode copied at step 8.
After the majority of GT token holders cast their vote and "Support" condition described here is met - the voting will be automatically counted as valid and the procedure will be initiated.
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