As a platform dedicated to fostering community-driven governance, Commonwealth is proud to be the platform hosting 1inch DAO’s governance & community. Let's dive into what makes the 1inch DAO an exemplary governance model within the EVM space.
Understanding 1inch DAO
At its core, the 1inch DAO is designed to support and enhance the 1inch network, a leading decentralized exchange aggregator. Its main focuses include progressively decentralizing operations, formulating a constitution, and facilitating broader participation in the DAO.
Key Contributors to the 1inch DAO
A diverse set of contributors propels the 1inch DAO, from core contributors managing daily operations to recognized delegates like StableLab and DAOplomats. Notable entities like the Michigan Blockchain Club contribute governance expertise, while individual members bring unique insights and skills, steering the DAO's strategic course.
The DAO’s Governance Process on Commonwealth
The governance journey unfolds in stages on the Commonwealth platform, starting with initial discussions where community members share and debate ideas. These discussions evolve into formalized proposals, which are then put to a vote. This multi-stage process ensures comprehensive community involvement in every step of a decision. The formal governance stages are as follows:
- Phase 1: Ideas are vetted in the 1inch community with open participation to refine ideas and reach a rough consensus. Each idea has its own discussion thread, tagged with [1RC] to indicate initial discussion stages. Participation is open to all and occurs off-chain.
- Phase 2: Ideas are formalized into 1inch improvement proposals and posted on the 1inch governance forum for debate. 1IPs follow a specific template, and include sections like Summary, Abstract, and Motivation. These posts are tagged as Phase-2. The author can modify the 1IP based on feedback.
- Phase 3 (Temperature Check): The author finalizes the 1IP and initiates a community poll to gauge sentiment. Changes are limited to correcting errors, and the poll lasts three days with options to support or oppose the proposal. This phase is irreversible.
- Phase 4 (Snapshot): The decision is confirmed or rejected by the 1inch Network DAO through an off-chain Snapshot vote, linked to the Phase-2 poll results. The vote lasts five days, with options to support, oppose, or abstain. Voting weight is based on governance tokens held. A minimum quorum of 10 million votes and a majority in favor are required for a proposal to pass.
- Phase 5 (Implementation): Results are posted on the governance site, and successful proposals are implemented. SafeSnap allows for on-chain execution of off-chain votes. There's a 72-hour escalation period for challenges, followed by a 72-hour Timelock period where transactions can be vetoed. Implementation details may vary for more complex 1IPs.
A more detailed description of the 1inch DAO governance process can be found on Commonwealth here.
The DAO has also implemented a separate governance process for emergency circumstances called the Fast Track Proposal process.
Hosting 1inch DAO Governance: A Unified Experience
Commonwealth's platform plays a crucial role in streamlining the 1inch DAO's governance process. By consolidating all governance stages—from discussion to voting—on a single platform, Commonwealth enhances transparency and accessibility. This allows for a seamless governance experience, fostering higher engagement and more effective decision-making.
1inch uses Commonwealth’s most popular community setup being the crypto-native forum combined with our bi-directional integration with Snapshot. This enables the 1inch community to host a threaded discussion, turn that thread into a proposal, and then vote on that proposal all on the same platform. Snapshot proposals & discussion threads can be linked to each other to make it even easier to get informed before voting on a proposal.
Governance Initiative Spotlight: 1inch DAO Constitution
This key document, crafted with inputs from contributors like StableLab, outlines the governance framework, delineating roles and responsibilities within the DAO. It serves as a blueprint for operation, ensuring consistency and clarity in the DAO's management.
Other important 1inch governance initiatives that have been coordinated through Commonwealth include:
Participating in the 1inch DAO
Getting involved in the 1inch DAO is straightforward and open to all. Start by joining discussions on Commonwealth, contributing ideas, and engaging with ongoing proposals. As you become more involved, you can escalate your engagement by drafting proposals, voting on key decisions, or even applying to become a recognized delegate. The 1inch DAO's inclusive approach ensures that everyone's voice can be heard, making it a true community-led initiative.
The 1inch DAO, with its robust governance structure and deep commitment to decentralization, stands as a testament to the power of community-driven decision-making in the blockchain space. Through its partnership with Commonwealth, the 1inch DAO not only optimizes its governance processes but also raises the bar for other projects aspiring to embrace decentralized governance. The future of blockchain governance is here, and it's being shaped by organizations like the 1inch DAO.