Governance and Voting
Last updated
Last updated
In order to decentralize Canary Reborn on Flare, NFT holders will make use of a DAO voting contract that allows them to directly call smart contract functions such as:
Change harvest frequency, harvest yield, NFT boost
Transfer FRB held by the DAO contract to fund new farms or projects
Transfer Liquidity Pool tokens (LP)
Transfer ownership of contracts to new smart contract
And more...
Full overview of functions can be found under the published contract on coston2:
A vote can be proposed by any NFT holder and will last for a minimum of 7 days. If a majority of votes are in favor, the vote is accepted and the subsequent smart contract function is executed.
In order to protect the community from malicious proposals, multiple safeguards have been proposed:
The DAO contract has no owner and there are no privileged functions.
Every vote proposal will require FRB to be paid to the DAO contract. The community can choose if this will be refunded after every voting round. This is mainly meant to prevent spam attacks.
A multi-signature wallet of multiple community members will be able to veto incorrect or malicious proposals (e.g. transfer all funds to unknown wallet).
The multi-signature wallet is not able to pass any proposals on its own and always requires a majority in favor of any proposal.