Fine-Tuning Token Listings: The Creation of The Perpetual Protocol Token Listing Sub-DAO
One of Perpetual Protocol’s most promising propositions is the ability to create markets for virtually any token. While this is an exciting feature, it does require some level of governance to prevent outright scams from being listed. It’s a delicate balance between providing maximum freedom and flexibility for the protocol’s users while also preserving their safety and security.
Up until now, the token listing process has been handled by governance vote from the Perpetual DAO, but this mechanism was not without its own flaws. Chiefly, the slow speed by which the DAO was able to approve new token listings, and also a lack of participation and overall apathy related to votes not necessarily crucial to the protocol.
In order to remove these bottlenecks and create a smoother token listing process we proposed creating a sub-DAO whose main purpose is to approve or reject new markets as well as approve co-marketing spends for token listing campaigns. The proposal was put to the community and passed by unanimous decision. As such, we’re excited to continue to experiment with new models of community governance by announcing the creation of the Token Listing DAO.
DAO Structure
The Token Listing DAO will be composed of six committee members who will receive 40 $PERP a month for the fulfillment of their duties. Of these six, one member will act as chair and lead. This lead will be responsible for chairing the committee and providing overall administration. They will receive additional commensurate compensation in the amount of 70 $PERP per month.
The reasoning behind the committee structure and incentives is based on our own and other protocols’ observations of similar governance experiments. From observing similar initiatives, it appears it’s best to have a lead with a higher degree of responsibility to ensure the smooth functioning of the committee. Furthermore, incentivizing all committee members with a monthly stipend is one way to ensure we attract the most competent and passionate community members to these important positions.
In order to accept or deny a new market proposal the six member committee on the multisig must reach a quorum of four. The same quorum of four will be required in order to remove one of the signers–if, for instance, the sub-DAO decides a member is inactive enough to warrant expulsion.
Token DAO’s Powers
The Token DAO will have two primary purposes:
1. Approve or reject markets that can be listed.
The foundation’s partnership team will continue to secure co-marketing campaigns with different projects and submitting them to the Token Listing DAO. The DAO will then have the power to either accept or reject these new market proposals.
In addition, anyone can submit a proposal for a new market to the DAO and present the case for its inclusion. Any and all markets approved by the Listing DAO will be listed on perp.exchange by the foundation team.
Furthermore, the sub-DAO will have the ability to pre-approve a list of markets that can be listed, allowing the sub-DAO to further expedite new market creation.
2. Approve co-marketing spends
In addition to deciding which markets get added to the protocol, the Token Listing DAO will also be in charge of a marketing budget for bootstrapping new token listings.
The Token Listing DAO will be allocated ~$150k USD in $PERP which will allow for the launch of ~15 co-marketing campaigns over the next two months. This is in addition to committee member compensation, community incentives, and a small buffer, bringing the total amount allotted to the launch of this initiative to 11k $PERP.
For a more detailed break-down of the proposal’s budget, you can read the Token Listing DAO proposal here.
Election Process and How to Get Involved
The six Token Listing DAO committee members will be voted into office by election from the Perpetual DAO.
Anyone can run for office except members of other sub-DAOs. To do so they need only announce their candidacy on the Discord channel #tokenlisting-dao-nominations and be ready to field questions from voters on a dedicated Discord channel.
When making your pitch please include the following information:
- Name
- Pitch
- Ethereum wallet address
- Twitter handle
Some more things to keep in mind for the nomination process:
- Anyone can self-nominate.
- Anyone can tag anyone else to self-nominate.
- Being tagged does not obligate an individual to self-nominate.
The nomination period will take place from 11/22 to 12/2. This is the window in which you can announce your candidacy and make your pitch to the community.
Voting will take place 12/3 to 12/6 by weighted snapshot.
Re-elections will take place once every 3 months.
Conclusion
We’re incredibly excited to launch a better and more seamless process for adding new markets to Perpetual Protocol through this community-driven initiative.
Don’t forget to follow us on Twitter for more updates, and if you have any questions about the Token Listing DAO or how to get involved don’t hesitate to reach out on Discord.