SQUID DAO

🗳️ Your ongoing guide to the new governance Snapshot powered by SQUID 🦑

Where some see a cloud of ink, squids see a passage to safer waters.

A positive consequence of last week’s lending market drama was a swift decentralization of governance. These events necessitated acceleration of our long-held but oft-delayed plans to push for official onchain governance. Welcome to the era of the SQUID DAO.

Below is our first draft of a living document explaining the principles and operation of our new Snapshot voting platform powered by the SQUID token. The intent is to evolve this document over time as it is shaped by feedback from the community.

SQUID DAO

Our governance portal is officially live at https://snapshot.box/#/s:leviathannews.eth tough to remember but easily accessible from the header of our homepage.

The SQUID DAO is among the more truly democratic of governance entities, with no single address holding over 25% of the voting power at present, and 6 addresses minimum required to gain a majority.

Voting power is calculated as a function of:

• SQUID LP’ed and earning rewards in Curve, Convex, et al

• Raw SQUID

To simplify the calculations, voting power is denominated by LP price, not SQUID price. So 25000 SQUID would represent ~20 SQUID-votes at current prices.

The SQUID DAO is charged with controlling monthly SQUID emissions at its rate of 1MM per month, along with any spend from its treasury. More on the SQUID token and emissions here:

Leviathan News SQUID Token: The Ultimate Explainer

PROPOSALS

Want to create your own proposal? We’ve deliberately created a low threshold of SQUID-vote required to author your own proposal, so that we may receive the maximum amount of input from the community.

Our default template to propose minting or spending funds from the DAO utilizes the following format:

# Vendor name
# Vendor website
# Project deliverables
# Deliverables timeline
# Spending ask
# Rationale 
**Which Leviathan metrics and goalposts are affected?**
**What happens if we don’t do the spend?**

At present, votes happen immediately and occur over a span of three days. To prevent potential governance attack, results of votes are executed by a multisig, presently 2/4.

COMMENTARY

Although we hoped to launch with a governance forum in place, this proved impossible given time and budget constraints.

Long-term, the intent is for discussion for all proposals to occur directly on

https://leviathannews.xyz/ — the commenting system is expected to be pushed in the next major build.

Until such time, we recommend to use the Telegram Squid Cave social channel as the best place to discuss active proposals.

Similarly, we may publish Substack articles with comments opened to allow for discussion, as this article can serve as a forum to discuss thoughts on our initial proposal to inaugurate the DAO and general comments on DAO structure.

MILLION SQUID SOCIETY

To further facilitate networking and governance discussion, we’ve also launched a token-gated Telegram group available to everybody who has over 1 million SQUID (or equivalent, based on spot LP value).

To check and receive access to the token-gated group, simply type the new /squid command into a private DM with the Telegram bot.

Inaugural Proposal

To inaugurate the DAO, we’ve put together an initial proposal where you may test voting and report back any questions or comments.

We appreciate your vote and feedback on our new democratic system