Vellos DAO Governance
Project Selection Workflow
The top 50 stakers of the Vellos token will be able to vote on whether a project fundraise will go live on the Vellos site. The voting process will follow the below outlined steps:
A project will connect their project wallet to the Vellos site and provide the following information:
Project Name & Ticker
Project Category
Project Description
Project website, Discord, Twitter, Github, etc
Project smart contract address
Project financials, whitepaper/litepaper, and additional related documents
Project founder bios, LinkedIn, Github, contact email (must be the same domain as the website provided)
The project will specify the discount percentage, desired cliff and vesting terms, and desired number of NFTs to be minted.
After the application is submitted, our team will review and validate the provided information. Note: The purpose of this application will be to validate that the submitted information is accurate and that the project truly belongs to the founders. No project will be rejected based on the personal opinions of the team.
Vellos will run automated checks on the smart contract address provided by the project (in order to validate that no exploits or malicious activity is present). Additional automated checks will be run to make sure the project website, Discord, Twitter, and Github are legitimate and related. The contract address will be checked against CoinGecko and other aggregators to make sure they are valid.
Once the initial checks are completed, the project founders will receive a link to access their dashboard area, where they can update or add project information. Our team will publish the project into the "Proposed Projects" page of the site. Founders will be notified of this change via email.
The top 50 stakers will have a period of 5 days to perform research on the project based on the information provided. Projects will also have a chance to introduce themselves to our stakers on our Telegram channel and Discord server.
After the 5 days due diligence period, the top 50 stakers will have a period of 2 days to vote on whether or not the project raise should go live on the Vellos platform. In order to come to a quorum, the following criteria must be met:
a minimum of 50% of the top 50 stakers must cast their vote on the proposition
a minimum of 80% of voters must vote 'yes' on the proposition
Upon approval, the project will deposit tokens into the Vellos smart contract. Automated checks will be run again and the fundraise will go live on the Vellos marketplace.
New Feature Selection Workflow
Ideas that receive substantial backing from the community can be proposed for voting. A community member may initiate a preliminary proposal or discussion, which may lead to an official DAO vote. These proposals serve as a preliminary assessment or poll and do not assure implementation. For the concept to progress, it must be embraced by a development team, undergo a comprehensive code audit, and then be deployed by the multi-signature administrators. While any staker can vote, only the top 50 stakers can propose a vote to change the protocol.
Why does Vellos DAO employ this structure?
A DAO, short for Decentralized Autonomous Organization, is the chosen framework for a multitude of DeFi and crypto initiatives when it comes to governing their protocols. This decentralized and autonomous structure allows for collective decision-making without any single entity holding unilateral control. It's essential to understand that decentralization and autonomy are facets that are continuously refined, bearing in mind factors such as:
1. The effectiveness of decision-making within a DAO.
2. The necessity for coordinated development teams and administrators during the early stages of a project.
3. Striking a balance between decentralization and fairly rewarding contributors.
In the case of Vellos DAO, authentic innovation emerges from a collaborative blend of diverse perspectives within the blockchain community.
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