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A technical implementation of governance is currently underway. Unlike conventional and readily-available voting systems that support ERC-20 tokens, such as Snapshot, SaucerSwap integrates with the Hedera Token Service (HTS). As a result, a unique, in-house voting system is being developed to ensure compatibility with Token Service, where SAUCE tokens represent voting power in governance decisions. It is, therefore, important to clarify that the following overview presents the planned approach to governance and may not reflect the current status in all aspects.
The SaucerSwap decentralized autonomous organization (DAO) plays a vital role in governing certain aspects of the SaucerSwap protocol, particularly those related to the allocation of governance tokens (SAUCE), protocol upgrades, and decisions regarding the protocol's development and ecosystem.
The SaucerSwap protocol operates autonomously as a set of persistent, non-upgradable smart contracts that form an automated market maker (AMM), without a central governing authority. Nonetheless, the SaucerSwap DAO, through the collective decision-making of its community members who hold SAUCE tokens, influences and guides the protocol's development and governance.
Key governance functions of the SaucerSwap DAO include voting on proposals related to protocol upgrades, changes to protocol parameters, alignment of incentives, and other significant decisions that impact the SaucerSwap ecosystem. Community members can submit and vote on proposals, which, if approved, are executed in accordance with the DAO's governance rules.
A form of proto-governance is utilized to vote on proposals while the token-weighted voting system is under development.
Community members who wish to participate in proto-governance can acquire one of four Planck Epoch Collectible (PEC) NFTs, available on marketplaces like Sentx. These PEC NFTs serve as a key to unlock the governance forum and voting channels within the SaucerSwap public Discord server. Each PEC NFT represents a single vote, and each user is capped at one vote. The available PEC NFTs are as follows:
- Electromagnetic PEC: 0.0.732556
- Strong Nuclear PEC: 0.0.732555
- Weak Nuclear PEC: 0.0.732554
- Gravity PEC: 0.0.732553
To participate in the PEC voting process, you must obtain a PEC role within the SaucerSwap server on Discord. Here is how you can do that:
- 1.Open Discord and navigate to the SaucerSwap server.
- 2.Follow the Wickbot prompts to verify your Discord account.
- 3.Type the command
/set-walletfollowed by your Hedera account ID in this format: 0.0.123456. You must ensure this account holds a PEC NFT.
- 4.You will be prompted to send 0.01 HBAR to Hedera account 0.0.887548. Make sure to include the unique transaction memo that the bot provides, as this will confirm that you are the account owner.
- 5.If your account has previously been verified but needs refreshing, use the
- 6.To link additional Hedera accounts to your Discord account, repeat step 2 for each new Hedera account ID.
- 7.To check which accounts are currently linked, use the
Note: The bot may take a few minutes to process these commands. Please be patient during this brief waiting period.
The terms and details of each proposal will be outlined in the #pec-vote channel, where the actual voting takes place. Additionally, governance discussions surrounding proposals occur in #pec-gen. The PEC voting system in Discord offers an accessible and transparent way for community members to actively engage in the SaucerSwap DAO’s proto-governance. Community participation and contributions to these channels are essential to the continued development of the SaucerSwap ecosystem.