Membership of WingRiders DAO
Each WRT holder is a member of the WingRiders DAO (and is called a Rider). All Riders can partake in the DAO governance process. To find out what this entails, go to the sections “Riders’ rights” and “Riders’ responsibilities” below. To check the eligibility criteria for becoming a member, see the Terms and Conditions of the platform.
The primary objective and responsibility of the Riders is to take part in the Governance process, to participate in keeping the DEX Platform and WingRiders DAO healthy, prosperous and well-renowned. For a more detailed description, take a look at “Riders’ responsibilities”.
There are certain restrictions on who can propose the new changes enforced by a collateral (see detailed description in the chapters below), but the right to vote is not limited in any way. However, WRTs that are held in a custodial wallet (such as Binance or other CEX) do not introduce membership - their ownership is impossible to ascertain - and produce no voting power, that means they cannot be used for voting in the Governance Portal. The same applies for any protocol that is not part of the DEX platform, such as tokens locked in Milkomeda or other DEX’ liquidity pool. In other words, voting is only possible when the WRTs are held in a non-custodial wallet, provided/locked somewhere on the WingRiders DEX Platform or in vesting. After connecting their wallet to the Governance Portal, it shows the Riders where all their WRTs are located and calculate their voting power. More details on the voting power are described in further chapters.
The WingRiders platform contains a document called the “Terms and Conditions” - this is a legally binding document for those who wish to use the sites, have to be agreed to before accessing them and constitutes the requirements of participation.
Each Rider should act and vote in compliance with applicable laws and regulations. Any proposed change that would contradict the laws and/or regulations will harm the DEX Platform and the DAO and goes against the primary purpose of the DAO. Whenever a change in laws and regulations, or any other external event occurs that shall affect the DAO in a major way, each Rider should make their best effort and participate in finding the best solution for the DAO and its existence, e.g. submitting a new proposal or voting for a proposal that was already submitted.
The primary responsibility of the Riders is to ensure the prosperity, good name and the overall health of the WingRiders DEX Platform and the DAO. It is also in the Riders’ best interest to focus on improving and growing the WingRiders DEX Platform by building out the governance processes and infrastructure that enable the effective management of the system (Stewardship obligation).
This includes, but is not limited to, establishing cooperation with other important projects in the Cardano and Crypto ecosystem, ratifying role mandates and electing appropriate parties, establishing standards around vote types, and much more.
Another important responsibility for the Riders is to communicate publicly about their views on the various issues that WingRiders governance is addressing at any given time (Soft obligation of feedback and participation in surveys).
Voicing opinions and the reasoning behind them, including serious participation in forum discussions, is important because of the public and decentralized nature of the DEX Platform and its governance.
The Riders are responsible for ensuring that governance decisions are made in compliance with applicable laws and regulations. Additionally, all Riders are required to obey the Code of Conduct of the Governance Portal.
Members of the WingRiders DAO, the Riders, have the right to enact any change to the DEX Platform operations and the DAO. Whether that be a change to the system parameters, fees, appointing an officer for handling a specific matter, or a decision to accept a new governing philosophy, the Riders can propose any change.
Examples of what proposals can be implemented:
- Add, increase, decrease or remove incentives for farming on a specific pool.
- Adjust the fees.
- Add or remove pieces of the UI.
- Appoint an officer to oversee a specific matter.
- Release treasury funds.
- Establish a cooperative partnership with another group.
The proposed change, or the new state of the DEX Platform or the DAO, are prohibited to cross the applicable laws and regulations - that means some changes or actions are not possible or desirable to implement.
Should the DAO come to a decision that an aspect of development or another complex topic would better be overseen and managed by a specific individual or a group, the DAO may appoint such an officer. Their responsibilities and authority, as well as a scope of work and other aspects of their role may as well be defined. Examples of such officers may be the project spokesperson or the compliance officer.
From the beginning, members of the WingRiders initial team, the incubation delivery vendor, take the roles of caretakers and stewards of the DEX Platform. The team will continue the development according to the project’s roadmap published at https://www.wingriders.com/ and will be servicing the DEX Platform and website until the DAO decides otherwise. The team will take binding directions from the community governance and follow the decisions and should there be a decision against the predetermined roadmap, the team will follow the governing community’s direction.
It is planned for the future to create a Veto board/committee and relevant mechanisms that would serve as a final safeguard against potentially threatening changes. This board will be composed of several Riders elected by the community and will be a key part of the transition to full DAO.