OpenLeverage Community Council
Last updated
Last updated
As OpenLeverage embarks on its progression to becoming a fully decentralized DAO, a five-seat representative council will be created to encourage active participation within the community. This group will be known as the "OpenLeverage Community Council."
As OpenLeverage transitions to a DAO model, it will be necessary to create a transitional council that will provide much-needed support and advice to make a seamless transition for the hand-off. Having launched the OLE token, it is now possible for token holders to be elected to and represented by the new council.
Governance is crucial to get right, yet, it is very complex to implement. We intend to build from this model and progressively move forward to become even more decentralized. By enabling OLE token holders to elect the Community Council, the OpenLeverage community can express their views and facilitate discussion quickly and directly while streamlining the proposal process and making decision-making more transparent.
The OpenLeverage team believes in creating a solid foundation before progressing towards a more decentralized model and DAO. This will allow the core team to fulfill community proposals while transitioning complete control to the community.
A five-seat representative council will advise OpenLeverage that OpenLeverage token holders elect. Five representatives will come from different backgrounds in product and tokenomics design, decentralized technology development, marketing, business development, and crypto trading.
The council will make decisions for ambassador selection, the small-size token allocation for global localization events, join townhall and moderate daily discussions, and create proposals for product and technical enhancements, tokenomics, and governance model changes. The OpenLeverage Community Council sits for four epochs, after which a new Council is elected.
The council has an advisory role on the product roadmap, and Core Team maintains its decisive view on the roadmap for the next 12 months.
Community vote over the direction of tokenomics and governance model of the OpenLeverage Protocol, which strives for well-governed and transparent changes to the protocol.
The OpenLeverage team will administer the allocation and emission of OLE and technical upgrades until DAO is fully launched at a later date.
Candidate eligibility is limited to xOLE holders, OLE holders, OLE LP holders, and OLE lenders. There will be a four-day nomination period followed by a three-day voting period. There will be election debates for nominees to introduce themselves to the broader community and to answer questions to show their abilities and competencies to develop improvements for OpenLeverage further.
Elected council members will serve for four epochs and #Council role added to their Discord. New elections will occur two weeks before council members conclude their terms.
To ensure a fair outcome, vote power weighting per OLE has been applied to specific OLE holders as below:
An anti-whale strategy will be used to lower the voting power of big stakers and lift voting power for small holders.
Once proposals are determined to go for a community-wide vote, Snapshot will be used to conduct official voting for proposals with the stated community member voting power.
A bi-weekly goal setting, and Community Council call (text-based) on Discord will be held every two weeks. Each counselor will present their contributions during the period, raise questions, and answer any questions from the community, with goal-setting for the next council call.
Holding a 4% of xOLE grants community members the privilege of making new proposals to the Community Council.
Proposal types include new product and technical features, OLE allocation for the localized event (under 100k OLE), and changes to tokenomics and this council governance model.
Given the responsibilities, these roles will be incentivized. The rewards pool for the council members and ambassadors will be $5,000 worth of OLE, using the open price on CoinGecko on the first of each month with payment within three days.
The members of the five-seat representative council will each be provided with $1,000 worth of OLE.
The OpenLeverage team or any sitting council member reserves the right to submit a proposal to revoke the position of a current council member due to dereliction of duties, and the community can vote. Guidelines will be provided in detail, e.g., not attending council meetings and not participating in voting.
The OpenLeverage team and current council members reserve the right to revoke the position of a current ambassador through a formal petition during the Committee Council Call. Simple majority voting by sitting council members is required to revoke the ambassador. In cases of abstention or absences, the OpenLeverage team can elevate the proposal to the community to vote.
Replacement will be done via a nomination and normal voting process for OLE holders in cases of council members. Revised: 2 March 2023 https://snapshot.org/#/xole.eth/
