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Alchemix DAO
The Alchemix DAO will begin as a developer multisig with signaling through the Snapshot app. ALCX Tokens give holders governance rights over the direction of the protocol and use of the treasury. It will transition into a feature complete DAO.
Purpose of the DAO
The Alchemix DAO will receive income from the Alchemix protocol, with a portion of the yield earned going into the treasury. The treasury will pay out developers and permanent staff to maintain and expand the protocol. In addition, treasury funds will pay for audits of the protocol and any of its future products.
The Alchemix DAO will fund projects that build on Alchemix or use the alchemical synthetic tokens in their applications. Reach out to the developers and mods on the community discord if you have an idea for something to build. If the community likes your idea and approves it via a token vote, then you will receive funding.
Alchemix believes in supporting the greater Ethereum community and plans to donate a portion of treasury income to gitcoin grants and other charitable programs.
Token holders can signal a desire to make changes to the protocol via governance voting.
Bug Bounty Program
While the Alchemix team is confident in the security of the smart contracts and will undergo an audit after launch, it cannot be assumed that there is not an exploitable attack vector or a hidden bug in the protocol. If you have found a vulnerability, please discretely contact the development team or discord mods. A significant amount of the ALCX supply is reserved to paying bug bounties, and we will pay handsomely to protect the protocol. The Alchemix team have observed many teams being stingy with bug bounty rewards. We will not shortchange those who disclose vulnerabilities to us because we put protecting users' funds above all else.
Governance Process
In the community Discord, there will be a governance channel where people can discuss matters of the protocol and suggestions for how to modify it. Once a coherent action plan has been established, a community member will draft a formal proposal on the Alchemix forums. Each proposal requires a poll for a yes/no vote, and/or a selection of parameters it wants to change. If that poll receives majority support, then it will be put on Snapshot for an official community vote. From there, developers will do their due diligence and implement it if it is determined safe to do so.
The Future
After the Alchemix DAO has matured, the development team will propose their vision for full on-chain governance, giving complete control to the community for a number of protocol parameters. The development of the DAO will be an open process. There are multitudes of brilliant and savvy people in the crypto space, and the Alchemix development team takes community feedback seriously. Thus, the community's input may heavily influence the direction and design of the DAO.
Last modified 1yr ago
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