Solana-built DEX Serum Consider Changes To Its DAO Governance
The decentralized exchange, Serum, operates on the Solana network. Currently, the developer of Solana and Serum (TDM Blockchain) has come up with a proposal to change the governance structure for the Serum project.
It recommended this change to the forum for Serum DAO on Thursday. If this recommendation is approved, a new community token will be created for the Serum DAO. Currently, there is a native token for Serum, SRM.
Creating the new token for the community will alternatively serve as the locked SRM version, known as the gSRM. These two tokens will get the same number of gSRM tokens every time the SRM token gets locked.
Also, if the proposal gets accepted, the new locked Serum tokens will give voting rights to their holders. The community members will always have to lock their SRM so that they can get a gSRM and vote on proposals for governance in the DAO.
The users would also have the option to unlock the token whenever they want. To lock and unlock tokens will take about seven days, as stated in the proposal. However, TDM has mentioned that the DAO could adjust this duration to whatever they choose.
The difference in this procedure is that rather than giving all token holders the right to contribute to the voting procedure, this right will only be given to those holders that have their tokens locked for this cause.
Intermingling With Other DAOs
Aside from the privilege given to holders in the voting procedures, all locked tokens can also be relevant in other areas. For instance, Serum DAO can issue grants vested to people or to some DAOs from the treasury.
Additionally, the receivers of these grants can also participate in DAO’s governance. Therefore, TDM also proposed that there should be a provision for procedures on how matters that concern the grants from DAO’s treasury will be handled.
For the votes on the governance of Serum’s treasury, what is required is a 50,000-vote quorum to favor the motion. These votes must also be more than half of the aggregate number of votes cast during the voting polls.
The community for Serum DAO may likely host some other DAOs soon. TDM proposes that there should be an interaction between DAOs within the same realm, the Solana-based DAO-to-DAO tooling platform.
These realms usually give their users room to make and manage their DAOs. This aspect of the proposal will ensure that all the DAOs registered on the platform for realms get to join the Serum DAO.
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