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DAO Governance FAQ
I. DAO Governance Vouchers
1. What are governance vouchers?
All users who participate in MDX boardroom lock-up (30days,90ays,180days,365 days) will receive MDX governance vouchers in the form of (xMDX). Vouchers are sellable and transferable.
2. What are the application scenarios for governance vouchers?
Vouchers can be used for DAO voting (Director election, Director voting, community proposal voting), getting revenue from DAO staking voting, participating in IMO, etc.
3. How can I redeem vouchers?
Users need to hold the same number of locked vouchers to extract the MDX that has reached the unlocking period (for example, to extract a 365d unlocked MDX, at least 6.475 credentials are required) when they redeem an unlocked MDX. The governance voucher will be automatically destroyed after the redeemation of the unlocked MDX. If the governance vouchers are lost, the lock MDX will not be able to be redeemed. Please keep it properly.
II.DAO governance rights Procudure of DAO governance: director election -> community proposal -> proposal selection -> proposal voting -> proposal implementation
1. Director election rules
a. Director election threshold: director can be shortlisted from those who stake a certain number of MDX governance vouchers.
b. Total number of directors: 9
c. Election frequency: TBD
During the election of directors, they were sorted according to the average number of votes obtained, and the nine address owners with the highest number of votes became directors.
After a successful election, a director will automatically become a proposal director in the next election cycle and need to fulfil his obligations as a proposal director.
2. Community proposal rules
a. Proposals can be initiated by all users who hold governance vouchers
b. A certain number of vouchers must be staked before a proposal can be submitted.
3. Proposal selection rules
a. During one whole month of their executive period, the directors are required to select community proposals that meet the team short or long term strategies on a daily basis.
b. Proposals supported by at least 5 official directors will be submitted for a public vote before publishing.
4. Proposal Public Vote
a. Participants:all users with governance vouchers
b. All voucher holders can vote on proposals after the publishing of the proposal. Their vouchers will be locked by contract during the voting period. These vouchers can be withdrawn after the public voting.
5. Proposal execution The proposal with the highest number of votes will be approved and finally implemented by the MDEX development team.
III. Exit mechanism of director and user
1. The official director quota for the current month is based on the 30-day average vote ranking obtained in the previous month. Official directors cannot quit during their executive period (one month).
2. Users can redeem their governance vouchers that were staked for director voting or proposal voting at any time. However, there is a 3-day unlocking time after withdrawal.
IV. Director Dividend Rights The specific rules for director dividends will be decided by DAO voting.
The MDEX development team reserves the right to modify, change or cancel the terms of this document for any reason before the final launch of the DAO product.