Creating a SubDAO for $GEO Token Holders in the Odin Protocol Ecosystem

What is the GEO SubDAO?
A subDAO is a smaller, autonomous organization within the larger Odin Protocol. It enables $GEO token holders to make decisions about specific initiatives.

Purpose of the $GEO SubDAO:

  • Allocate funds for $GEO-related ventures.
  • Monitor progress and manage approved projects.
  • Ensure the use of $GEO tokens aligns with community goals.

Steps to Create the $GEO SubDAO:

  1. Community Proposal:

  2. Proposal Review and Voting:

    • The broader Odin Protocol community reviews and votes on the proposal. A majority vote from $ODIN token holders is needed for approval.
  3. Establishing Governance Framework:

    • Set up rules for proposal submission, voting, fund allocation, and decision-making tailored to the $GEO community.
  4. Smart Contract Deployment:

    • Deploy smart contracts to automate and secure the subDAO’s operations, ensuring transparency and trust. This process is automated and will be done over the DAODAO platform, running on the Osmosis Blockchain. DAO DAO is widely used in the Cosmos Ecosystem and reliably hosts a big variety of different DAOs.
  5. Funding the SubDAO:

    • Secure initial funding from the Odin Protocol community pool, core-team delegation funds and migrated EVM liquidity.
  6. Launching the SubDAO:

    • Publicize the subDAO’s goals, encourage community participation, and begin the proposal submission process.

Advantages of the $GEO SubDAO:

  • Decentralized Decision-Making:
    • Empowers $GEO token holders to govern over initiatives.
  • Increased Engagement:
    • Encourages active participation from $GEO holders.
  • Focused Governance:
    • Allows specialized management of $GEO-related projects.
  • Enhanced Transparency:
    • Smart contracts ensure transparent and accountable operations.
      -Contribution to other ecosystems:
    • Increase activity on the Osmosis Blockchain and contribute to its growth.

Creating a subDAO for $GEO token holders within the Odin Protocol allows for more focused and effective governance. This initiative strengthens the role of $GEO within the ecosystem and exemplifies the potential of decentralized governance in blockchain technology.

Imma do a sum up of what we achieved so far with the DAO testing:

logically, there´s always a coreDAO above subDAOs. So we tested a coreDAO at first.

:one:. We created a NFT collection, distributed it among five coreDAO members and used it for a NFT based governance DAO on the Osmosis blockchain.:white_check_mark:

:point_right:t5:Hereby, the DAOs consensus settings were set as following:

:small_orange_diamond:At least 51% of all votes must be a “YES” for the proposal to pass. A quorum of 20% participation was set for the proposal to not get rejected, even if there are 51% or more “YES” votes.
:small_orange_diamond:Revoting was disabled, which allowed us to pass or reject proposals quicker. This also led to the instant passing of a proposal as soon as there were 3 votes in favor. Same goes for rejecting a proposal.
:small_orange_diamond:Unstaking of the governance NFT takes only 1 sec (and you also lose your right to vote)
:small_orange_diamond:proposal voting duration is set to two days maximum

:point_right:t5:Every member staked their NFTs successfully and was given a right to vote for changes inside the DAO, aswell as for decisions.
:point_right:t5:Due to every member holding one NFT, the voting power of each one was the same.

:two:.We voted for the first proposal, which was changing the DAO profile picture and its description (we left the description as is, though):white_check_mark:

:three:.We created interchain addresses (interchain accounts) for our DAO treasury and enabled them. For this we had to launch two separate proposals.:white_check_mark:

:point_right:t5:an $ATOM and $ODIN address was created
:point_right:t5:we successfully sent funds to the preset $OSMO address of the treasury and also to the $ATOM and $ODIN address.
:small_orange_diamond:All the assets on the given chains were visible (GEO, ODIN, DOKI, O9W on Osmosis- Atom on the cosmos hub and all native ODIN assets on ODIN, similar to Osmosis.

:point_right:t5:additional addresses were added to the treasury, like NEUTRON, JUNO etc.

:four:.With additional treasury addresses, in the same proposal, we added new functions and widgets to the DAO​:white_check_mark:

:point_right:t5:We added the “Press” widget- an internal DAO Blog
:point_right:t5:The vesting module was also added, but not activated.

:five:.To be able to execute a vesting plan, we launched a proposal to activate the vesting agent for osmosis beforehand.:white_check_mark:

:six:.We rejected a proposal with incorrect vesting settings, which worked out and underlined the importance of collective awareness, once again proving that the consensus mechanism works​:white_check_mark:

:seven:.A correct vesting plan on Osmosis was proposed with the following conditions

:point_right:t5:Take 2500 $GEO on Osmosis, out of the coreDAO treasury and vest them to the wallets of all five coreDAO members over five days
:point_right:t5:The vesting of the GEO will start at 2024-05-27 17:00, given that the proposal timely goes through and succeeds 2024-06-01 17:00 CEST - Central European Summer Time (UTC +2)
:point_right:t5:Every member gets 500 $GEO over five days

:small_orange_diamond:every 30sec the $GEO accumulates on the account of each member and the accumulated amount can be withdrawn at any time.
:small_orange_diamond:the GEO was transferred to a special escrow account by DAODAO and gets deducted every 30secs. This can of course be interrupted by a passing counter proposal.

If you haven´t seen it yet, here´s an insight how the test coreDAO looks like, what functionalities it has and so on…:thinking: