Golden Observation｜0x Officially Launched 0x DAO A Quick Look at the Key Points of 0x DAO

On April 13, the 0x protocol officially launched 0x DAO, a decentralized autonomous organization composed of ZRX holders.

0x DAO contract address

(https://etherscan.io/address/0xf1ec7d0ba42f15fb5c9e3adbe86431973e44764c)

Deployed to the mainnet, the initial treasury contains 2 million ZRX (approximately $4.1 million).

Jinse Finance takes you a quick overview of the main points of 0x DAO.

1. Initially, DAO will only control community funds without upgrading to the core protocol.

2. The treasury will not be mandatory, ZRX holders will control how the treasury funds are used, but it is recommended to provide funds for projects that benefit the 0x ecosystem and have a positive impact on ZRX holders. Past activities of 0x Labs include: introducing incentives (such as the Market Maker Program and ZRX Staking), funding development activities (such as 0x Tracker and Gitcoin Bounties), and raising awareness of the 0x protocol through events and marketing campaigns.

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3. A group of launch representatives from 0x and community projects will help guide the DAO.

4. While anyone can share their ideas for using the DAO treasury on the 0x forum, at launch there will be a requirement of 100,000 ZRX in order to submit a proposal to a public vote.

5. Holders of any amount of ZRX can participate in voting.

A DAO proposal always starts with an open discussion on the 0x governance forum or other public venue, but bringing a proposal to life can take different forms.

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A concrete example is that Bootstrap representatives have made a proposal to introduce a grant program pilot.

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Anyone can submit proposals on-chain by calling the smart contract propose, but you should really rely on Bootstrap delegates to do this.

Initially, to successfully pass a public vote on a proposal, the minimum voting right requirement is 100,000 ZRX (0.01% of the total ZRX supply). This parameter is consistent with other governance systems such as those from Compound and Uniswap.

Bootstrap delegates are granted enough voting power to autonomously submit proposals.

The proposal will take effect after 1 full cycle waiting period. This will allow ZRX holders to react to proposals and potentially change their delegation based on the expected votes of their representatives. Each vote will last for 72 hours and can be voted directly on ZRX Portal.

The ZRX Portal was recently updated to sync with the 0x DAO contract. On-chain vault recommendations are automatically pulled from the governance page. Every ZRX holder can register to vote on upcoming proposals, or delegate 50% of their voting power to a third-party entity.

When voting, your voting power is automatically calculated based on your delegates. On the account page you can see the distribution of your voting power.

A breakdown of voting rights delegates that can be seen

In order for the proposal to meet the minimum passing requirements, 0x Labs temporarily delegated each representative 1.5 million ZRX additional voting rights.

Here is the list of initial delegates:

nikita (0x community ambassador)

sonofpegasus (0x community ambassador)

sha-2048 (BUILD and Metric)

joaocampos89 (DexKit)

nenadp, nikola_j (DeFi Saver)

volleyfire (KeeperDAO and 0x market maker VolleyFire)

gabririgo (Rigo Block)

evgeth (Zerion)

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