The Ondo DAO
Flux Finance is a decentralized lending platform governed by the Ondo DAO.
Stakeholders in the DAO — ONDO token holders — exercise control over the protocol, including economic parameters and smart contract upgrades, through on-chain governance proposals.
The ONDO token is currently non-transferrable, but token holders can nonetheless use their locked tokens to vote on DAO proposals. If you purchased tokens through CoinList, you can claim them now.
The DAO might also elect committees or multisigs to manage certain processes, such as updating certain economic parameters or pausing the protocol in critical times.
The governance process will typically follow a two-stage process: a forum discussion and an on-chain vote.
Governance proposals will typically start with a post on the Flux Finance Governance Forum. The post, though optional, is strongly encouraged. Feedback from the community and team will materially increase the chances of a successful and well-aligned governance proposal. Anyone can post and contribute to the discussion on the forum.
Once the governance proposal is finalized, you can submit a proposal for a binding on-chain vote. The DAO is a fork of Compound's Governor Bravo and uses Tally to manage the on-chain voting process. Voting power is based on ONDO token ownership, and token holders can delegate their voting power to other wallets.
The DAO parameters are set as follows:
- Proposal Threshold: 100,000,000 ONDO
- To submit a proposal, you need to have this much voting power (directly and/or delegated to you). This rule is necessary to reduce spam or malicious proposals.
- Voting Period: 3 days
- Once the voting period is live, people will be able to cast votes during this period, after which the proposal becomes binding and can be executed.
- Quorum: 1,000,000 ONDO
- Proposals will only pass if there is enough voting power to pass the quorum.
- Timelock: 1 day
- Successful proposals will execute after this delay period once the voting period completes.