📂 Dashboard

# Working with Proposals

Table of Contents

Staking tokens in the DAO pool gives you governance rights to create and vote on proposals.

To create a proposal, you must not have created a proposal in the last seven days and you must hold at least 0.1% of the total staked tokens in the pool. This required percentage, as well as other DAO parameters, can be adjusted by the DAO as described in Dashboard Attributes. To view the percentage of staked tokens in the pool for an address, visit the DAO Tracker wallets page (opens new window).

You can vote on all proposals regardless of the percentage of staked tokens in the pool you own. See How to Vote for instructions. Alternatively, you can delegate your voting power to someone else. See the delegation pitch section (opens new window) of the API3 forum for posts by community members offering to act as delegates or to post your own delegate pitch.

# Getting Started

  1. Access the DAO Dashboard (opens new window)
  2. Click the Connect Wallet button in the upper right hand corner and connect to your wallet using the Ethereum Mainnet.

# Proposals and History

The Governance page displays a list of active proposals and the History page displays proposals that have been executed or rejected.

# Proposal Creation

Proposals are an important part of DAO governance and can be used to fund DAO projects or ratify DAO level decisions like updating the stake target.

Creating a proposal is a process:

  1. (Recommended) Promote your idea and gather feedback on the API3 forum using a sentiment check post (opens new window). Generally, ideas receiving community engagement on the forum are more likely to pass once crafted as official proposals.
  2. Create an official proposal post (opens new window) on the API3 forum. This should contain a link to the proposal description on IPFS.
  3. After receiving feedback from the above steps, create a formal proposal using the DAO dashboard as described below.
  4. Provide a link to this proposal in the official proposal forum thread to direct community members on where to vote.

# Important Tips

Public Address and ENS Names

For public addresses use the checksum version of the address where some alphabetical characters are capitalized. Copy your address to etherscan to get its checksum value. ENS names are allowed. See the Using ENS Names section below.

USDC Precision

USDC uses 6 decimal places of precision as opposed to 18 that many other ERC20 tokens use. Add 6 zeros after the amount you are asking for.

To create a new proposal using the DAO dashboard:

# Proposal Execution

A proposal is ready for execution if:

  1. The proposal hasn't already been executed, and
  2. the proposal's voting period has ended, and
  3. the total "yes" vote exceeds the "no" vote, and
  4. (for Secondary type proposals) at least 15% of all voting power has voted "yes" on the proposal.

Primary type proposals require 50% of all voting power to have voted "yes" on the proposal. Both primary and secondary type proposals execute immediately once 50% of all voting power has voted "yes" on them.

# Using ENS Names

You are encouraged to use the ENS app (opens new window) to register a name and associate it with an Ethereum account. Then, while entering your proposal parameters, you can use this ENS name instead of the account address. Before making the transaction that will create the proposal, the DAO dashboard will look up the address that the ENS name is pointing to and use the raw address in the proposal. Therefore, changing the address that the ENS name is pointing to after this look up operation WILL NOT have an affect on the proposal.

For voters to see your ENS name instead of the raw address on the proposal details page, you will have to use the ENS app (opens new window) to set a reverse record pointing to your ENS name (i.e., you need to have your raw address point to the ENS name). If your proposal will make a transfer(address,uint256) call to an ERC20 token contract where address is the address of a multisig wallet, you can set a reverse record with the multisig (opens new window) to your ENS name. See Parameters in this proposal (opens new window) for an example.

# Using IPFS for Proposals

Consider this use case: You posted on the API3 forum (opens new window) about a potential proposal. You received positive feedback and decide to formally create a proposal using the DAO dashboard. In the proposal's description field you provide a link back to the forum so people can again see the proposal details. How does the voter know that it's the exact same proposal they had read earlier in the forum? IPFS addressing content by its hash is convenient here, because any change you'll make to your proposal will change its hash.

To host a proposal description on IPFS:

  1. Create a PDF version of the proposal.
  2. Upload the PDF to Fleek (opens new window) or your preferred IPFS hosting provider. To do so using Fleek, create a free Basic account and use the Upload tool on the Storage page. Fleek will provide an IPFS hash of the PDF, for example: bafybeifl4prxv75fgumtjh4ovklfkp7zzt7dwkl4xmndv37gtcalwpam2u.
  3. If using Fleek, append the hash to https://ipfs.fleek.co/ipfs/. The URL for the above hash would then be:

    https://ipfs.fleek.co/ipfs/bafybeifl4prxv75fgumtjh4ovklfkp7zzt7dwkl4xmndv37gtcalwpam2u

  4. Add the URL to your forum posting and later to the description field of your DAO dashboard proposal.

Remember that the URL the voter sees in the DAO dashboard proposal description field is final and should match the URL on the forum.

Updating a PDF

You can update your PDF if needed before creating a formal proposal using the DAO dashboard. First, upload the new version to your IPFS provider; since the content has changed, it will get a new hash. Next, update the link in your forum posting. Lastly, create the proposal using the DAO dashboard. Since the proposal contains the IPFS hashed link in the description field, the PDF should be considered final and changing the hashed link in the forum at this point would caution the voter.

Last Updated: 5/15/2022, 11:04:51 AM