Overview
Last updated
Last updated
The WingRiders is 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 Contracts - 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 are the means to vote for your favorite proposal. This also means that the token holders, the Riders, make all the important decisions (such as treasury management, fee structure, distribution of funds collected in treasury, and 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 are 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. An equally important matter, also subject to voting by the DAO, is releasing funds from the Treasury.
The voting is done continuously on proposals the WRT holders themselves propose using the Governance Portal made and operated by WingRiders for this purpose. Each proposal has its voting period.
A basic overview further elaborated on in the chapters below, of community engagement and governance can be split into two major parts:
First, our Community improvements portal and Discord are 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 implemented into the platform or DAO.
Second, a system for binding proposals is used in the Governance Portal. There, the binding proposals are submitted and voted on by the Riders, and whichever proposal (as long as it complies with legal requirements and is feasible to create) wins is then implemented into the DEX Platform or the DAO. Collateral for submitting proposals is in place, to prevent spam, bad, malicious, or troll proposals and incentivize high-quality proposals.
On each proposal, there is a minimum threshold of “attention” - the total number of votes on the proposal. The Riders can 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 wins if the total sum of votes cast is bigger than the attention threshold. This threshold is in place 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 and ensure its continuity, prosperity, growth, good name, and compliance with the applicable laws and regulations. Concerning this, the DAO may conduct any lawful activity that helps ensure the fulfillment of these objectives and enact changes to the platform and the DAO to optimize its functioning according to the interests of the Riders.
