DeFi News

DXdao’s Community Governance Guided By Reputation

Pinterest LinkedIn Tumblr

The DXdao is a decentralized organization that develops, governs, and grows DeFi protocols and products, controlled and run by the community. The project defines itself as a sovereign cooperative of people intent on seeing the Ethereum ecosystem thrive. 

As a cooperative of people with a shared responsibility of a prosperous financial order on Ethereum. Their vision is to guarantee that the system is decentralized, permissionless, private, and immutable by leveraging the on-chain, transparent, and resilient structure they have created to maintain and administer crucial protocols, products, and services for Cryptoshere. 

From the onset, the idea was a DutchX trading protocol, however, the DXdao came to existence in 2019 with Gnosis as the brainchild with an open invitation to everyone leading leaderless community governance. The original arrangement of reputation went into action in a thorough, accessible procedure.

More so, prospective members can earn a reputation in several ways in the system. Because of that, the DXdao has conducted its actions according to its community. The team claims their success in building a comprehensive, reach and competent, cooperative stems from that.

Therefore, the proprietors of the project are the stakeholders, popularly identified as reputation holders. Based on the dimension of the DAO’s reputation defines an individual’s voting influence.  The reputation as a governance mechanism within the ecosystem gets maintained by ETH addresses that commonly command the assortment of Smart Contracts which is the DXdao, and the designs it delivers. Though, some DXdao members declare themselves as the owners of particular addresses, while other address owners prefer to be incognito.

DXdao has complete authority over the on-chain and permissionless DutchX trading protocol, a DEX where anybody can list a token, as a starting point. DutchX uses the Dutch auction principle as a matter of facts. Besides, the community also owns eight ENS domains. They are Mesa.eth, DXdao.eth, DXoasis.eth, DutchX.eth, DXinsurance.eth, DXoracle.eth, DXwallet.eth and DXfeeds.eth. 

It also holds cryptocurrencies worth more than $10,000, including GEN DAOstack’s native token, ETH, DMM and others. The DXdao is operating the open-source trading interface for the Gnosis Protocol.

Becoming A Member And Decision Making

There are only one means to become a member of the DXdao community. Per their community governance guidelines, one needs reputation (membership) conferred on him/her by the DXdao. It can happen through a proposal subjected to a vote.

The process is such that a prospective member will ask for let say 10% of reputation to his/her Ether address based on an accomplished task or it can be their input to the community. Hence, the members can vote on-chain guided by weighted reputation.  When the poll approves the membership, then the person becomes a member, or in other words, given a reputation. This simple process is what ensures the generation of new memberships.

When it comes to decision making with the ecosystem, the DXdao reputation owners are responsible for voting on proposals on-chain. They use DAOstack’s alchemy portal and a holographic accord. 

Sometimes some proposals pass by a comparative preponderance, and other times an outright majority is required. A situation of that nature is dependent on the kind of engagement, and if the proposal has an incentive of arriving at precise staking origin.  Though, most of the time, the DXdao brainstorm on ideas to reach a consensus through off-chain, concise conventional techniques, like weekly calls, discussion panels, chat groups, among others. All these activities and events are accessible to the general public.

DXD Token 

The native utility currency for the DXdao ecosystem is the DXD token, which comes with various roles and responsibilities. As an ERC-20 token, it provides some essential opportunities to hodlers like a share in the revenue and rights to DXdao proprietary products and services. 

DXdao is issuing DXD via a consecutive process of fundraising. Buyers of DXD are financing the aims of the community and in return for the advantage of anticipated cash flows.  The tokens will go on sale in public for ETH based on a so-called bonding curve. The inclination of the curve is direct and accurate, accordingly every succeeding DXD trades for higher than the preceding one. 

But, DXD can likewise be sold back into the curve, though at a lower valuation than bought. The specification of the declivity of the bonding curve is such that $300,000 value in ETH would be an investment in the system once minting of 12,000 DXD takes place.

Join DXdao Community

Every Cryptocurrency derives its strength from the size of its community. If you like the DXdao project, then join their communities on Social media to learn more and engage the team and members.

Here are the links to their accounts:

Write A Comment

Chainlink (LINK) $ 24.80
yearn-finance (YFI) $ 29,563.00
Aave [OLD] (LEND) $ 2.52
Uniswap (UNI) $ 20.20
Synthetix Network Token (SNX) $ 7.70
UMA (UMA) $ 13.37
Compound (COMP) $ 287.13
Maker (MKR) $ 3,050.51
Wrapped NXM (WNXM) $ 72.39
0x (ZRX) $ 1.17
Loopring (LRC) $ 2.85
REN (REN) $ 0.902826
Kyber Network Crystal Legacy (KNCL) $ 1.98
Numeraire (NMR) $ 40.11
Band Protocol (BAND) $ 7.75
Terra (LUNA) $ 55.56
yfii-finance (YFII) $ 3,483.48
Sushi (SUSHI) $ 7.44
Balancer (BAL) $ 20.97
THORChain (RUNE) $ 11.01
Reserve Rights Token (RSR) $ 0.051082
Ampleforth (AMPL) $ 1.25
Nest Protocol (NEST) $ 0.011237
Serum (SRM) $ 5.43
Keep Network (KEEP) $ 0.847828
Augur (REP) $ 21.87
Curve DAO Token (CRV) $ 4.66
Kava (KAVA) $ 5.01
Bancor Network Token (BNT) $ 4.08
JUST (JST) $ 0.074911
Gnosis (GNO) $ 448.18
ForTube (FOR) $ 0.076063
Cream (CREAM) $ 35.20
Enzyme (MLN) $ 105.48
Tellor (TRB) $ 53.37
Akropolis (AKRO) $ 0.031539
IDEX (IDEX) $ 0.376360
Nectar (NEC) $ 0.115536
bZx Protocol (BZRX) $ 0.291341
AirSwap (AST) $ 0.429669
Switcheo (SWTH) $ 0.015306
Orion Protocol (ORN) $ 8.32
dForce Token (DF) $ 0.173699
mStable Governance Token: Meta (MTA) $ 1.55
pNetwork (PNT) $ 1.26