DAO Prox: Setting up a DAO Proxy before TGE

Proposals
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DAO Proxy: Setting up a DAO Proxy before TGE

As discussed on the Community Call on June 5, 2024, there is a desire to set up a DAO to help prepare Meteora for the upcoming TGE (Token Generation Event). This proposal will outline a possible approach.

Why is this needed?

It is common for most DAOs to be formed once the TGE is completed, with the tokens received then used to vote on the DAO setup and structure. Setting up a DAO proxy will allow members to weigh in on how the DAO is set up before the TGE, thereby hopefully increasing the chances of the DAO’s success.

Important Note: This is not a proposal for who would receive the MET token. This is not a proposal on the MET token distribution, tokenomics, or DAO leadership. This is simply a proposal to decide who would get to vote on the proposed framework of the DAO and TGE before the TGE event occurs.

How will this work?

Tokens will be given to current active participants on Discord and/or bootcamp. The idea is that these people will have the highest vested interest in ensuring the DAO succeeds.

Who would receive a proxy token?

• 1 Token for every Bootcamp Graduate

• 1 Token for those with an LP Army Role (or greater, e.g., Bootcamp instructor, Admin, Mods) on Discord

• 1 Token for every DED NFT Holder (1 per wallet)

• 1 Token for every MER holder (based on an earlier snapshot)

• 1 Token at the discretion of Ben Chow or his designee to give to active participants who don’t fall into one of these categories

This approach will primarily engage those currently active in the DAO and potentially re-engage those who have been with Meteora for a while (from the MER token) in the discussion. While this won’t be the guideline for the MET TGE distribution, it lays the groundwork for making decisions based on those currently active.

These tokens will have no monetary value and could be issued on the Solana testnet, assuming they could integrate with proposals.meteora.ag for potential future voting.

Again this proposal does not address what the votes would or could be used for; instead, it lays the groundwork for who would vote in the DAO Proxy setup of the Meteora DAO.

I would appreciate any comments or suggestions on this approach.

9 Likes
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I think it’s a great approach, but can lead to some active lp providers without bootcamp participation to stay aside.

EX: I consider myself an active discord member, and I’ve made 22k in fees on meteora since March, but I don’t have any discord roles and not interested in bootcamp (I feel like I know that info already).

I suggest to open a way for people to submit and confirm their wallet fees pnl to get a voting power. With a minimal req. (ex 5k in fees).

This will help to make it inclusive for active LP providers without roles to take a vote.

4 Likes
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Thanks for the reply. Yes that is a good idea. Allowing those that are interested in voting to get a chance to submit an LP address to receive voting rights. 5K in fees may still be steep. I would say 1k that is still quite a bit to prevent any possible sybils and also allow smaller members to get in if they desire.

Making all these options I listed above with the ability to claim versus doing an airdrop I would prefer in any case so those not interested won’t be bothered.

Question for the team is. Is this feasible?

2 Likes
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I think 1k in fees is easy to achieve. Higher the standarts :wink:

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I like the concept. Adding a feedback loop based on the current high-engagement individuals who have contributed the most to Meteora.

1 Like
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Indeed, I’m also an old user, but I haven’t paid attention to the DC roles and such.

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This is a good idea. I don’t see any negative point in pre-defining a DAO before the TGE, on the contrary.

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I believe this idea is fair. Lets go.