The WingRiders DEX Platform (WR) is building itself to take the form of a Decentralized Autonomous Organization (DAO). A DAO, as the name suggests, operates solely on the basis of its members participating in its decision making which takes place without any board of directors, managers, owners or any other piece of classical hierarchical structure we know from standard groups and companies (unless the DAO elects them). The infrastructure of such direct-voting decision making takes advantage of Smart Contract - essentially the company ethics are hard-coded with pieces of self-fulfilling software that, in the end, eliminates any human error, deception and behind-the-curtain practices. Transparency, freedom and community are the primary virtues that we all as WingRiders bring to the collective table.
The WingRiders Token (WRT) constitutes the cornerstone of the DAO governance - whenever the time comes to make a collective decision, be it on what feature to develop, who to cooperate with or anything else, the tokens will be the means to vote for your favorite proposal. This also means that the token holders, the Riders, will be making all the important decisions (such as treasury management, fee structure, distribution of funds collected in treasury, product design decisions). Then, whichever proposition gathers the necessary amount of votes, will be implemented (more details on that in later chapters). The detailed description of the WRT can be found at https://www.wingriders.com/wrt.
Furthermore, reserves of the WRT supply will be held by the DAO and used to incentivize the users to use the DEX, especially to farm.
The underlying idea is that the Riders can use the token vote on changes/improvements to the organization itself and the DEX platform. These changes can be virtually anything, from changing the fees to implementing new features and possibly even changing the voting system etc. The main condition here is that the platform and the organization have to stay compliant with the laws and regulations. Equally important matter, also subject to voting by the DAO, is releasing funds from the Treasury.
The voting will be done continuously on proposals the WRT holders themselves propose using the Governance Portal made and operated by WingRiders for this purpose, with some novel mechanics that are yet to be finalized. Each proposal will have its own voting period.
A basic overview, further elaborated on in the chapters below, of the community engagement and governance can be split into two major parts:
First, our community portal and Discord will be utilized for non-binding suggestions, ideas and feedback, so that the community members have a place to express their ideas, discuss them and perfect them into suggestions that are worth voting on and subsequently implementing into the platform or DAO.
Second, a system for binding proposals will be used in the Governance Portal. There, the binding proposals will be submitted and voted on by the Riders and whichever proposal (as long as it complies with legal requirements and is feasible to create) wins will be implemented into the DEX Platform or the DAO. A collateral for submitting proposals will be in place, to prevent spam, bad, malicious or troll proposals and incentivize high-quality proposals.
On each proposal, there will be a minimum threshold of “attention” - the total number of votes on the proposal. The Riders will be able to vote “Yes”, “No” or other options (even complementary ones, like “Yes”, “Yes, but…” etc.), specified by the proposal creator. The highest voted option of the proposal will win, if the total sum of votes cast is bigger than the attention threshold. This threshold is in place in order to allow through only those proposals that gather enough community attention.
The primary purpose of the DAO is to oversee the works and future development of the DEX Platform, ensure its continuity, prosperity, growth, good name and compliance with the applicable laws and regulations. With regards to this, the DAO may conduct any lawful activity that helps ensure fulfilling these objectives and enact changes to the platform and the DAO in order to optimize its functioning according to the interests of the Riders.
We have already started a pre-DAO phase - inputs and decisions are already being collected from the growing community. One of the WingRiders’ ongoing goals is to listen to the community’s needs and that’s why feedback, opinions and inputs are being collected from the community from day one. The community can vote in opinion-polls during the pre-DAO phase in Discord and community portal. However, that is not the final form we’re aiming for.
Getting all the necessary pieces prepared and ready takes time. At the same time, it takes some time for the Riders to get a grasp on what WingRiders is all about and if they believe in it. That’s why the DAO doesn’t start immediately with the Token Generation Event (TGE). We would like to get everybody adjusted and well informed before throwing them into the water and we want to give the community enough time to help us perfect the governance system so that when it’s released, it’s a high-quality fully functional model. Until then, the governance and development will remain in the hands of the WingRiders initial team as the servicing officer and the development will continue according to the roadmap. This will gradually grow to become a full DAO governance where the Riders will be given the ultimate power; however, building a resilient governance system of this magnitude takes time and will be iteratively refined initially.