Project Serum: DAO Voting Live

Earlier this month, Serum’s next steps towards decentralized governance was announced. We are delighted to see so much enthusiasm and activity on the Serum Community Forum.

The pieces are coming together, and it’s time to put words into action. Serum’s DAO Voting platform is now live and voting is open.

How it Works

The voting structure is straightforward: 1 SRM is 1 vote.

The DAO Voting Platform UI may be familiar to many, but here is a quick guide to the object level jargon:

  • realm — an instance of the DAO
  • governance — an address governed by the DAO (e.g. a token account or program upgrade authority)
  • proposal — an action to vote on, e.g., transferring tokens or upgrading a program

Governance parameters are as follows:

- 100,000 SRM to create a “governance”

- 25,000 SRM to create a proposal for the treasury

- Maximum of 3 days for voting

- Yes-Vote Threshold: 1.3% (1.3% of 1% of the total supply, or around 1.5 million)

- Instruction timelock after vote: 0 days

When a proposal is first uploaded, it is in a draft phase. The proposer will need a signatory to sign off to make the proposal active for voting.

Please note that a vote will automatically “tip” (i.e. pass) if greater than 1/2 * 1.5% * total_supply vote yes. In this case, the voting period will stop, regardless of whether the 3 days have passed.

This will not be the one and only voting structure for Serum. SRM and MSRM holders can look forward to voting rules with greater sophistication in the V2.

Next steps

Developers may want to check out what’s being built on the newly created governance program “addin” feature. The purpose of this change is to support voter weights provided by an external program: this feature is important for e.g. allowing the ability to vote with locked tokens and MSRM. This addin feature will also allow for the introduction of a council multisig for making fast decisions, e.g., program upgrades in the event of a security vulnerability

Your vote matters!

Thank you again for your support, commitment, and constructive conversation in the Forum. One recent and hotly discussed topic revolved around a liquidity mining program to grow the Serum ecosystem.

Discussions on the Forum can be moved to the DAO Voting Platform once ready. One proposal has already been submitted (by Atrix).

Your contributions matter! Head over to dao.projectserum.com to vote now.

Project Serum is a decentralized liquidity infrastructure protocol. Learn more at https://projectserum.com