The past several weeks have been extremely eventful for the Dogira community — culminating in a massive DAO Vote which saw over 130 Million Dogira Tokens have their say in our collective future.
In this thread, we’re going to take a look at each individual vote, and outline what the results mean for our community — along with introducing some additional votes, following on from the proposals now accepted.
All proposals, and their corresponding votes can be found at https://snapshot.org/#/dogiracommunity.eth.
Renovations — The Big Restructure
With 100% of the vote in favour, the proposal to restructure Dogira into a more formal DAO fitting has been passed.
Currently, the lines between where Dogira Studios starts, and Dogira as a Token ends are blurred — and in a period of increased regulatory scrutiny, this blurring of the lines could present a danger to both our Studios, and our Token.
Coupled with this, Dogira as a Token has no income or revenue streams — and while that’s kept things very simple up until now, it would become a lot more complicated in the event that our community DAO held assets which may appreciate in value, or any other such income streams.
While we welcome the introduction of safe, sane, and carefully thought-out regulation to assist individuals and institutions alike in navigating the crypto ecosystem safely, it’s also extremely important that we exercise due caution, and ensure that our decentralized token is clearly defined as such; and does not find itself bound to territorial laws which it does not operate in, due solely to what could be dubbed an unclear divide between both entities.
As such, with these new structures in place, Dogira Studios and the Dogira Decentralized Token will operate with clear guidelines in place, ensuring that clear boundaries are in place from an operational standpoint.
The short version of this means more autonomy for both parties — with an official DAO Structure in place, our DAO community can begin building a standalone treasury, and use it’s respective token to grow both that treasury, and the liquidity underpinning it.
Our Studios entity will additionally operate as any other development studio would towards a DAO; we will continue developing on our products, and offer an unlimited license to use them to the DAO entity, with a clear outline on any protocol fees or otherwise. If the DAO entity votes in favour of adopting the product into the Dogira Ecosystem, it is then deployed on behalf of the DAO.
This means that the DAO Community would remain in full ownership of the deployed product, rather than it sitting under the Studios banner/sole ownership — ensuring that if any shock regulations were introduced within the territories of our Studios, we could not be compelled to retract any licensing agreement or otherwise from our DAO Community and their product stack.
And of course, this also opens the doors to everyone else seeking to contribute to Dogira’s Ecosystem; with the DAO being capable of negotiating any token rewards, or direct payments to any other individuals or studios who wanted to contribute to our collective ecosystem.
With this motion being passed with a 100% approval rate, the remainder of the proposals outlined the initial structures that will be implemented across both our Studios, and DAO Token Community.
First, start with a lick of paint..
With 99.95% of the vote in favour, while we opt to continue embracing the memes, we’ve more importantly opted towards rebranding towards the development-centric project that we’ve established ourselves as.
Moving forward, both our DAO Token and Studios will be renamed. As our revamped structure is set to require a new Token Contract, this is thankfully an ideal time to implement any new branding.
As a note — to quell any community worries, no — we will not be abandoning our art/design style due to this change. This isn’t us “going clean and corporate” — we’re proud of everything we’ve built and created as a community to date, and fully intend to carry forward that legacy under a banner that continues to show off the innovation and style that our community has embraced.
Our new naming/branding will be unveiled as our new token, and website is launched. We expect our updated Whitepaper to follow shortly after.
Tokenomics : Removal of Banlist
With our new token contract, comes updated tokenomics and contract features. Below, we’ll outline all of the changes made.
In a more tightly-cornered affair, our community has reached consensus on removing the potentially centralized functionality that token banlists can allow for.
Our Studios team greatly approves of this move — the reality is that even with a trusted/audited contract and team, banlists can be dangerous tools. While intended for use against MEV bots, a mis-fire (or in the event of a catastrophic security breach) can cause a user’s entire token balance to essentially become frozen.
Coupled with this, banlists could additionally become weaponized under any shock regulations that may be introduced in the future; which in our own opinion, simply adds to the danger of having this functionality available in the first place.
The removal of this feature is a step forward in the right direction for true decentralization.
Tokenomics : Auto-LP/Tax
With a 98.07% approval rate, the proposal to include Auto-LP/Tax functions within our new DAO Token contract has passed.
Growing liquidity has always been a massive priority for our community, with initiatives such as staking and TBills/Bonds through our partners at QuickSwap and ApeSwap proving to be mainstays throughout our Polygon tenure.
Auto-LP will allow the DAO to continue steadily growing our available liquidity, while the Tax functions will provide an immediate source of revenue for our community-controlled DAO Treasury.
The most contentious vote on our poll, which swung both ways throughout voting; the ability to mint new tokens via DAO consensus has been approved by 58.41% of the submitted votes.
It’s once again important to note that the ability to mint tokens does not mean that it is a decision that would be taken lightly; and judging by both the debate, and swing-votes centered on this topic, we’re confident in the belief that the community will always think carefully before allowing for any token mint.
The ability to mint tokens allows for the DAO to ensure that they can provide liquidity if required to any potential CEX/DEX partners, Bridges, or ensure rewards for any community initiatives such as onboarding new studio/development partners, or rewarding contributions.
It’s doubly important to remember that with the DAO being in possession of revenue streams and constantly growing LP, the requirement or desire to mint any tokens will likely fade to obscurity as time goes on — and as such, coupled with the understandable hesitation about such a function being available, we have elected to also develop a kill-switch into the contract’s mint functionality.
This kill-switch will allow the community to vote in the future on permanently disabling the ability for any tokens to be minted.
Lastly on minting, we will be equipping a TimeLock on this mint function, ensuring that the community is given a full 24hrs notice before any mint event is carried out. All mint events will need to be accompanied by a snapshot link to the approving DAO Vote, ensuring ease of on-chain lookup for any new or arriving community members with concerns on this functionality.
On the “burn” aspect of the vote: while this functionality never needs to be “unlocked” (anyone can burn to the dead address), this is instead to ensure the new contract follows the OpenZeppelin standard of reducing the value emitted by TotalSupply() when tokens are burned.
In short: instead of the dead address piling up tokens, tokens which are burned are instead fully removed from supply; allowing for more accurate DEX Charts, and easier to comprehend supply numbers on pages such as etherscan, polygonscan etc.
Tokenomics: Token Conversion
With 100% of the vote in favour of this proposal, a webpage will be made available for a set period of time to allow for the conversion of Dogira tokens to our new DAO Token at a 1:1 rate. (don’t worry — there’ll be months given, your bonds have more than enough time to mature!)
While saving on the DAO Treasury cost of airdropping, this also assists with removing dust accounts — and prevents users from dumping on late LP exiters with spare tokens, given their Dogira will be burned in exchange for our new token counterpart.
Lastly, this also gives users the option to remain holding the Dogira token and fund a community LP if for any reason they do not wish to convert to our new DAO Token.
The community will shortly vote to confirm the length of the approved time limit on conversions. Once this conversion period has expired, the Dogira contract will be renounced.
Tokenomics : Additional Chains
In order to allow for our DAO Token to expand to additional chains, the above proposal ensured a set amount of liquidity is set aside to support our Polygon and Dogechain networks.
This vote passed with 100% approval ratings, while allowing for 50% of our existing Polygon liquidity, and 25% of our Dogechain liquidity to be moved to alternate chains if approved by future DAO vote.
Tokenomics : Token Staking / Vesting
The veStaking model allows for users to hold vested tokens in their own wallet, rather than having no record of their balance/ownership while committed to a staking farm.
This allows for veStaked token holders to additionally benefit from other initiatives proposed by the community — such as increased voting power when committing to long-term staking.
This proposal was approved with 100% approval rates, paving the way forward for veStaking models for our new DAO Token.
DAO Procedures: Round-Table / Quorum
The above proposal outlines the main structures to be put in place to allow for DAO Participation, alongside requisite procedures and timelines surrounding all proposals submitted.
These proposals ensure that a fair and clear process is made available to all members of the community, alongside making available public forums to openly discuss all proposals which reach a given quorum.
This quorum will be decided via a follow-on DAO Vote, and will be based off our most recent participation rates.
DAO Procedures: Administrator / Overseer Role
The above proposals both create an Administrator / Overseer role, and ratify appointing the current Dogira Studios team to fill this position.
This role exists primarily to keep a level of human interaction required in the event of any DAO Votes passing.
Outside of being in attendance to discuss or moderate discussions on round-table governance sessions, the adminstrator/overseer position is tasked with carrying out the will of any DAO Votes in the event of any on-chain activities being required; such as mixing or moving LP, or utilising the DAO Treasury balance for any requested swaps/purchase etc.
Entity Separation: Wallet Balances
As noted, in order to clearly draw the divide between our Token and our Studios, individual wallets will be maintained for our Community DAO & Treasury — kept separate from our Studios’ balances.
All $Dogira Tokens (and later, their converted equivalent), and associated liquidity pairs will be retained by the Community DAO.
In addition to this, the $ImgnAI Token balance (worth approx. $120,000 at the time of voting) will remain held by the Community DAO, but will be limited to a maximum of 1 ETH worth of sales every 24 hours.
Lastly, 1 ETH and 50 MATIC will be retained by the Community DAO in order to cover any initial gas costs for the DAO entity.
Entity Separation: IP/Rights
The above proposal ratifies and adds clarity to the DAO / Studios ownership over IP rights, and ensures that the DAO Community is in continual receipt of an unlimited license for use of any mascots/imagery developed for the DAO Community by the Studios team.
Formalization: Developer Proposals / Supports
Lastly, the above ratifies a formalization of processes for any individuals or studios wishing to contribute to our DAO Community’s ecosystem via development channels.
As noted prior, our Studios will also be tied to follow these processes in order to add to, or expand any official products within our shared ecosystem.
Follow-on DAO Votes
With no rest for the weary, we’ve now created all appropriate follow-on votes from the above proposals where necessary, and have made them available for community vote:
We would urge all community members to take part in these follow-on DAO votes; while not as sweeping as our first round of votes, these all continue to outline and clarify the processes which will form our first DAO Constitution.
Development on our new token & conversion contracts have begun — and will soon be passed to one of our audit partners for review. We’ll continue to keep you all updated as this progresses — and once again would urge any users to exit from any LP Pairs if they intend on converting to our new DAO Token.
Remember to keep a close eye on our Twitter and Telegram channels — and please do join us on our upcoming Round-Table governance discussion, where we’ll be examining all of the above proposals, and answering any community queries on them.