Today we reach an important milestone in our path to decentralised governance of Ethfinex. We have collaborated with decentralisation protocol experts DAOstack to create an experimental funding Decentralised Autonomous Organisation (DAO), efxDAO.
Using the Alchemy interface and governance protocol, the efxDAO has been allocated a trial budget of $5,000 and initially tasked with making meritocratic funding decisions for Ethfinex Trustless and Nectar initiatives.
The 21 founding members of efxDAO are made up of three equally sized groups that reflect the existing Ethfinex ecosystem: the largest nectar holders, active community volunteers, and existing Ethfinex personnel. The members of efxDAO can submit and vote for proposals on how the allocated Ethfinex funds should be spent, earning reputation in the process and boosting subsequent voting power.
Whilst the initial cohort is members only, anyone can submit a proposal to efxDAO, and if accepted, earn reputation and a place in the DAO.
efxDAO is an ideal, real-world, testing ground for bigger plans in our decentralised journey, and we’re excited to watch it unfold. Head to efxDAO to be a part of our experiment and evolution in the near future.
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