Like Moloch V2, Moloch on Starknet operates through proposals accordingly to the following workflow:
- DAO members can submit a proposal against a fee in the DAO's Payment Token. A non-member can also submit a proposal to apply for membership. To be submitted, this proposal has to be sponsored by an existing DAO member
- DAO members can vote for or against a submitted proposal during its voting period
- Once its voting period is over, if approved by a majority of voters, the proposal enters its grace period
- During its grace period, members who haven't approved the proposal can exit the DAO (aka Ragequit)
- Once its grace period is over, any DAO member can process the proposal (aka execute it). Members are incentivized to do so by a reward in the DAO's Payment Token
Anyone can apply for membership by submitting a proposal with:
- The desired number of Shares of the DAO
- The Tribute offered in exchange of the Shares (aka an amount of whitelisted Tokens)
To enter its voting period, the proposal has to be sponsored by an existing DAO member against a fee in the DAO's Payment Token. If the proposal is approved and processed, the Tribute is added to the Bank while the Shares are minted and allocated to the new member.
DAO members can also submit a membership proposal on behalf an external applicant.
Our MVP will restrict voting rights on Membership proposals (Admin only) in order to ensure that access to the DAO can be granted to any Employee.
At DAO's setup, an ERC20 is defined as the DAO's Primary Token ; this Token is the Payment Token and any Tribute offered has to be paid with this ERC20. To allow the Tribute to be paid with another Token, and more generally to allow the Bank to manage other kinds of Tokens, a whitelisting proposal has to be accepted and processed.
Our MVP will grant Admins with vetoing rights on Whitelisting proposals, for example in case of negative findings during the due diligence process.
Any member can propose to transfer a quantity of Tokens held by the Bank to an external address.
Any member can propose to swap an amount of X Tokens held by the Bank with Y whitelisted Tokens.
Any member can propose to evict another member from the DAO through a Guildkick proposal. If a Guildkick proposal is approved, the evicted member's Shares are converted into Loots, aka Shares without any voting right. Once all the proposals approved by this member are processed, the member can redeem his Loots through a Ragequit (this operation can also be triggered by any member through a Ragekick).
The Guildkick functionality will be developped in our MVP but won't be activated.
Any member can leave the DAO with the Ragequit functionnality:
- A member is allowed to withdraw his/her part of the Tokens held by the Bank based on his/her shareholding
- His/her Shares are burned
The Ragequit functionality is not only a way to exit the DAO and redeem your assets. It is also a security feature to protect DAO members from 51% attacks: during the grace period, members who voted NO or did not vote can Ragequit, claiming their Shares before the proposal is processed; Members who voted YES cannot Ragequit until the grace period is over and the proposal is processed.