The rise of DeFi (decentralized finance) in recent years has opened the door for more sophisticated open-finance systems and tools that don’t rely on banks and other legacy systems. We planned to evolve CR2 into a complete Open Stack Decentralised Autonomous Organisation.
So how does CR2 governance works:
- 1.Members of DAOTo be a member of DAO one needs to lock their CR2 tokens for minimum period of 6 months, in turn they will receive gCR2 tokens which have the power create proposals and even vote on proposals on the DAO. In Addition, Member of DAO will receive additional staking rewards for locking their tokens for longer period of time.
- 2.ProposalsAny Member of the DAO can create a permissionless proposal over our DAO Protocol if he/she has more than 10,000 gCR2. Proposals can be made on the following:
- 1.Approval of Lending Rates
- 2.Approval of Validators and Master Validators
- 3.Approval of Partner Project Native Tokens as Collateral
- 4.Approval of Non-Collateral Lending Proposals
- 5.Approval on Community and Incentivization Rewards
- 6.Updates to the Roadmap
- 3.VotingAny proposal made on DAO would be live for 7 days and would be communicated through all the available channels to the DAO members. A Proposal would be accepted if it receives more than 51% of favourable participation votes after completion of the 7 days.
- 4.Governance CharterA Detailed Governance Charter would be proposed and published as per the roadmap and would be put to vote among the members of DAO for approval, which will contain the detailed rules govern the DAO, including management, and dispute resolution mechanism.
- 5.DAO Treasury20% of the fees earned by the CR Square Finance Ecosystem would be accumulated to the DAO treasury, which would be utilised to buy and permanently lock CR2/USDC Liquidity tokens, there by providing a permanent liquidity to the CR2 token including reducing the CR2 supply from the market.