Governance
Last updated
Last updated
SpineDAO is a functioning DAO and does not have a CEO or Board of Directors. Its members govern the organization through voting on governance proposals using $SPINE, our governance token. A person or organization verifiably holding at least one governance token becomes a member automatically. Specifically, each $SPINE token represents one vote, ensuring that governance is distributed among all token holders based on their stake in the DAO. This one token, one vote system is guided by insights from our stewards and core teams to facilitate a community-driven approach where every token holder's voice is heard. Our governance structure is outlined below.
A proposal is a major tool in the governance process. The submission of a proposal is used to make significant choices. In order to make a choice, someone must first formulate a proposition, provide justification for it, and then design a poll. SpineDAO leverages Snapshot, a leading blockchain voting platform, to facilitate on-chain voting. Snapshot facilitates all votes and proposals, providing a clear and verifiable record of governance decisions. Additionally, SpineDAO may utilize third-party audits and community oversight to further ensure the integrity of the voting process.
The voting process for proposals consists of two stages:
Stage 1: Initial Voting
This is also known as off-chain voting; this is the first step to the voting process where proposals are first posted in the "governance forum" channel on the SpineDAO Discord server. To advance to the next stage, a proposal must:
Remain open for 3 days.
A minimum of 10 votes
Receive a minimum of 70% of positive votes.
Stage 2: Snapshot Vote
If a proposal passes the initial voting stage, it is then submitted to an off-chain decentralized voting platform known as Snapshot. To be validated on Snapshot, a proposal must:
Achieve a quorum of 20% of circulating tokens.
Secure a simple majority (51%) of positive votes.
Remain open for 2 days.
Once a proposal successfully passes both stages, the appropriate stakeholders will execute it.
