As OpenLeverage embarks on its progression to become a fully decentralized DAO, a 9-seat representative council will be created to encourage active participation within the community. This group will be known as the “OpenLeverage Community Council” and will have advisory power over the direction of the OpenLeverage Protocol, which strives for well-governed and transparent changes to the protocol. The OpenLeverage Community Council sits for four epochs, after which a new Council is elected.
As OpenLeverage transitions to a DAO model, it will be necessary to create a transitional council that will provide much-needed support and advice to create a seamless transition for the hand-off. Having launched the OLE token, it is now possible for token holders to be elected to and represented by the new council.
Governance is crucial to get right; yet, it is very complex to implement. We intend to build from this model and progressively move forward to become even more decentralized. By enabling OLE token holders the opportunity to elect the Community Council, the OpenLeverage community will be able to express their views and facilitate discussion quickly and directly, while streamlining the proposal process and making the decision-making process more transparent.
The OpenLeverage team believes in creating a solid foundation before we progress towards a more decentralized model and DAO. This will allow the core team to fulfill community proposals while transitioning full control to the community.
Structure and Responsibility
OpenLeverage will be advised by a nine-seat representative council that is elected by OpenLeverage token holders, while the OpenLeverage team will administer the allocation and emission of OLE and technical upgrades until DAO is fully launched at a later date.
- Technical and Product, 2 members: representation from the community to express their view on product and tech roadmap recommendation, along with implementation details discussion. Council members will spread the word to other technical communities and can become beta testers for new features.
- Global Localization, 4 members: hold series of events and participate in a “spread the word” campaign to regional communities in local languages, product and material translation, and are responsible for channels in different languages
- Trading and Lending, 3 members: share trading and lending ideas, strategies, education, and opportunities, while spreading OpenLeverage in other crypto communities.
Candidate eligibility is limited to xOLE holders, OLE holders, OLE LP holders, and OLE lenders. There will be a four-day nomination period followed by a three-day voting period. Each member can be nominated to one committee. There will be election debates for nominees to introduce themselves to the wider community and to answer questions to show their abilities and competencies to further develop improvements for OpenLeverage.
Elected council members will serve for four epochs and will have an NFT and #Council role added to their Discord. New elections will occur two weeks before council members conclude their terms.
Voting Power For Election
To ensure a fair outcome, vote weighting has been applied to specific OLE holders which can be defined below:
Community Council Call
A bi-weekly goal setting and Community Council call (text-based) on Discord will be held every two weeks. Each committee will present their contributions during the period, raise questions, and answer any questions from the community, with goal-setting for the next council call.
Holding a certain amount of xOLE grants community members the privilege of making new proposals to the Community Council. Proposal types include new product and technical features, OLE allocation for the localized event (under a certain limit), and changes to this council governance model.
Rewards and Remuneration
Given the responsibilities of each committee, these roles will be incentivized. The rewards pool for the council members will be $9,000 worth of OLE, using the open price on coingecko on the first of each month with payment within three days.
Recalling Council Member
The OpenLeverage team or any sitting council member reserves the right to submit a proposal to revoke the position of a current council member due to dereliction of duties and the community can vote. Guidelines will be provided in detail, e.g. not attending council meetings and not participating in voting.
Replacement will be done via a nomination and normal voting process for OLE holders.