The Impossible DAO
Impossible Finance is adopting a decentralized autonomous organization (“DAO”) structure in a progressive manner.
Hello ImPossible community,
Impossible Finance is adopting a decentralized autonomous organization (“DAO”) structure in a progressive manner. The goal of the Impossible DAO is to provide a governance structure that broadens participation, diffuses power from the few to the many, and reflects the collective will of Impossible buidlers and community members. In turn, this enables Impossible Finance to be a more transparent and accountable organization, better committed to serve its community securely and meaningfully.
The Impossible DAO refers to an emergent kind of organization that, unlike conventional companies, is based on open source code and is operated entirely by its community. Therefore, the underlying structure and working mechanisms of a DAO are based on a flattened management with no single entity, board, or point of dominant decision-making. The activities of the Impossible DAO are executed by computer-encoded rules (smart contracts), minimizing arbitrary decisions and the involvement of intermediaries. Ultimately, Impossible Finance is free from any dependency on any one individual person or team. The Impossible DAO is therefore an investment in governance for the long term.
To kickstart the building of the Impossible DAO structure, we are setting up the Impossible Finance community governance framework on Snapshot; setting up the development of the Impossible Town Hall, the Impossible Chamber, and the Council of the DAO. This will help decentralize governance by enabling the extension of the multi-sig to more community members. (Governance process: Council structure, elections and decision process) This document defines the functions of these governance bodies in Impossible Finance and defines their duties in the Impossible Finance ecosystem.
The Impossible DAO is decentralised and community members can freely submit their proposals and suggestions through this guideline (Governance process: How to submit your proposal?). Community members can suggest any ideas to the Impossible Finance ecosystem and buidl the blocks together. Governance proposal templates can be found here (IF DAO Proposal Template). The first two proposals submitted and can be voted on now are:
Community members can vote on proposals, with voting weights assigned to various holdings within the IF ecosystem, as explained below:
Each IF token held in a wallet has a voting weight of 1.0
Each LP token (IF/BUSD; IF/BNB) in our Impossible Swap has a voting weight of 1.2
- The logic for a higher weighing is compensation weight for potential impermanent loss, such that a user may have put in more IF tokens prior to liquidity provision.
IF tokens in other smart contracts (as collateral for loans, in other swaps etc) have no voting weight at the current time, but this can be accounted for in the future on a case-by-case basis.
You can check out the Impossible DAO here and start voting now!
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