yAxis DAO — The Future

Introduction

As the project has advanced, the team has not only identified but has actively begun working on potential protocol additions and upgrades. Sitting right at the top of this “wish / to do” list is a revamp of the yAxis DAO.

DAO’s? A brief recap

DAO’s — decentralised autonomous organizations — are a fundamental part of the exciting wave of innovation found today in crypto and Defi. Industry expectations for DAO’s are high and their potential is truly phenomenal.

  • Bank accounts called “treasuries” that no “one person” has the authority to access without the approval of the group.
  • Formal governance. Decisions are governed by proposals and voting to ensure everyone in the organization has a voice.
  • Stakeholders who participate in that governance

Dreams versus reality

The goal of creating a truly trustless DAO is laudable and is the ultimate objective for many projects. However, reaching the promised land of the trustless system is fraught with significant challenges.

Points to Avoid

The worlds of DeFi and Crypto move at a breakneck pace. The challenges that a DAO faces today will likely be very different in only a few months. There is a very real possibility that “true” community governance is just too slow for the pace at which this space evolves and will result in competitive disadvantage.

The yAxis DAO

Like many DAO’s, yAxis has its own governance token, and it is the ownership of these tokens (YAXIS) that lets community members have their say in the running of the project.

Ways Forward

The aim of this document is not to propose a definitive path forward. It is written with the intent of igniting community discussion and discourse.

Hybrid Governance

For a DAO to be successful it must embrace and promote community input whilst also retaining the ability to act in an expedited manner when necessary. With that in mind a Hybrid DAO model might have the following features and “participants”.

1: Voters — stakeholders.

This category encompasses the entire YAXIS token holding community, who, through YAXIS ownership participate in protocol votes and in doing so, decentralize the decision-making process of the DAO.

2: Champions — Governors — Council — Policy Committees (Terms to be defined)

A potential hybrid governance model could center around a democratic structure with multiple semi-independent governing bodies (Councils — Policy committees).

  • Treasury
  • Engineering — Development and Innovation
  • Product — Vault/strategy proposals and management
  • Community
  • Marketing -PR
  • Business development — partnership outreach

3: Growth / Development fund

As mentioned earlier, there needs to be some level of expediated and coordinated decision making so that the running and execution of the yAxis project remains efficient, responsive and competitive within the market.

  • Engaging contractors and new team members / service providers, to perform certain services on behalf of the yAxis DAO. For example, developers and auditors;
  • Engaging professional services to support the operational and strategic decision-making of the DAO. For examples, lawyers, accountants marketing professionals, etc;
  • Engaging advisors to support operational and strategic decision making of the DAO.

Conclusions

The characteristics and functionality of DAO’s within the blockchain space are changing rapidly. When thinking about the future of the yAxis DAO we need to consider many different factors. And we also need to be realistic about what is best for the future of yAxis and for all the stakeholders.

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