Today marks the beginning of 0x DAO, the decentralized organization made of ZRX holders. The 0x DAO contract address has been deployed to mainnet and funded with 2M ZRX (~$4.1M at time of publishing).
- Initially, the DAO will only control the community treasury and not upgrades to the core protocol.
- The treasury’s purpose is not enforced and ZRX holders will control what to do with treasury funds. The suggested usage, however, is the funding of projects that benefit the 0x ecosystem and provide positive effects to ZRX holders. Some examples of past activities led by 0x Labs include: introducing stakeholders incentives (such as Market Maker programs and ZRX staking), funding development efforts like 0x Tracker and Gitcoin bounties, and growing 0x protocol awareness through events and marketing campaigns.
- A group of bootstrap delegates from projects building on 0x and the community will help guide the DAO.
- While anyone can share their ideas for DAO treasury use on the 0x forum, at launch, there will be a requirement of 100k ZRX to move a proposal to a public vote.
- Anyone holding any amount of ZRX will be able to participate in public votes. Since voting will occur on-chain, it will cost approximately 80k gas to cast a vote.
The process is still in its infancy and will mature based on the community’s preferences and needs. While it always starts with public discussions on 0x’s governance forum or other communal venues, putting proposals in motion can take different forms. As a concrete example, Bootstrap Delegates (see next section) have already advanced a proposal to introduce a grant program pilot.
Anyone can submit a proposal by calling the smart contracts
propose on-chain function, but realistically you should rely on Bootstrap Delegates to perform this action. Over time, we anticipate that the process for initiating a proposal to become more user-friendly. At the onset, there will be a minimum voting power requirement of 100k ZRX (0.01% of the total ZRX supply) for a proposal to be successfully moved to a public vote. This parameter is in line with what we have observed from other governance systems, such as those from Compound and Uniswap. Bootstrap Delegates are delegated enough voting power to submit proposals autonomously.
The proposal goes live after 1 full epoch waiting period. This will allow ZRX holders to react to the proposal, and potentially change their delegations based on the prospective vote of their representatives. Each vote will last 72 hours, and it will be possible to vote directly on ZRX Portal, which will be updated to support the new system. It will cost approximately 80k gas to cast a vote.
ZRX Portal was recently updated to work in sync with the 0x DAO contract. On-chain treasury proposals are automatically pulled on the governance page. Every ZRX holder is able to register to vote on the upcoming proposals, or delegate 50% of their voting power to a third-party entity. When casting a vote, your voting power will be automatically be calculated based on your delegations. On your account page, you are now able to see the distribution of your voting power.
ZRX Portal was updated by shad-k, a developer recruited and funded via a gitcoin bounty. This very same project is a concrete example of what can now be driven by 0x DAO.
As introduced in the last announcement, several individuals and teams stepped up to help with 0x DAO’s early days. To facilitate their operations (in particular to help them hit the minimum ) 0x Labs is temporarily delegating 1.5M ZRX of additional voting power per delegate. Here’s the list of the initial group:
This list will likely evolve over time according to the feedback of the 0x community, and subject to the active participation of the delegates.
We are excited to see what the community will achieve with these funds at its disposal under the guidance of the bootstrap delegates. Now, ZRX holders and delegates are in charge. Join us on Discord and our governance forum — we want to hear from you, and we want to see you take ownership of the protocol’s future!