The MCDEX community has issued its governance token MCB and has done a series of governance work. While launching the Mai3 protocol, we will establish MCDEX DAO based on MCB. MCDEX DAO will be the core of the MCDEX community. The mission of MCDAO is to continuously develop the MCDEX ecosystem.
MCDEX DAO has treasury. The asset in this treasury comes from:
- Share from the fee captured by MCDEX ecosystem
- Newly issued MCB in the MCB tokenomics
- Other payments made to MCDEX DAO
The asset in the treasury is used to assist the MCDEX DAO mission. Its specific usage includes but not limited to:
- Liquidity incentive: Incentives for LP of AMM
- Governance incentive: Incentives for MCB holders who participate in community governance
- Development incentive: Incentives for community starters and community managers
- Audit fee and other required fee
- Add liquidity to products in the MCDEX ecosystem
- Buyback MCB from the secondary market. The MCB will be part of the treasury asset
- Provide liquidity for MCB (in the MCB liquidity pool on Uniswap)
MCB holders have the governance right of MCDEX DAO. MCDEX DAO applies the “Off-chain discussion, On-chain governance” method. Since the governance is on the chain, every proposal is essentially an executable smart contract. MCDEX DAO should provide a smart contract factory for the ease of initiating proposals.
The MCDEX DAO governance includes:
- Managing the specific usage of the treasury asset;
- Running numerous perpetual swaps as operator;
- Electing a multi-signature address when necessary. This multi-signature address will complete the routine work representing MCDEX DAO as an operator;
- Upgrading MCDEX DAO smart contract
The MCDEX governance proposal needs to be initiated by MCB holders, and the initiator’s MCB voting power has to be no less than 1% of the issued total. The voting quorum has to be no less than 5% of the issued total. The proposal initiator is set to vote yes.
A MCB holder can delegate the voting power to another holder.
The voting period lasts 72 hours, and there is a time lock of 48 hours.