Understanding Gas-Free Meta-Governance
This week community members have been getting to work telling us why they love PieDAO in our latest Twitter competition.
One of the recurring themes has been our governance token DOUGH.
DOUGH is the backbone of the DAO, with all community decisions going through a governance holder vote. It’s also how our community will be incentivised for their hard work, receiving a steady stream of revenue from the fees the protocol generates.
But DOUGH isn’t just about governing PieDAO, it’s much more.
Thanks to meta-governance DOUGH is your voice across DeFi.
Meet your DeFi governance passport:
We know that DOUGH unlocks meta-governance, but what do we mean by that exactly?
It’s really quite simple.
PieDAO holds all the underlying assets in pies, including DeFi blue chips like UNI, AAVE, MKR, and YFI.
When any of these protocols has a governance vote the DAO is able to participate using the relevant tokens in our pies.
How does the DAO vote? That’s where DOUGH comes in.
PieDAO members are able to signal their support or opposition to any DeFi governance vote where the DAO holds funds. Discussions take place both informally on our Discord, and formally on our forum. A proposal is submitted, DAO members use their DOUGH to vote, and the DAO will then use the underlying funds held to vote in whichever outcome the DAO reached consensus on.
The best part?
Thanks to Snapshot this can happen completely gas-free using a signalling vote.
Let’s take a look at the process:
Meta-governance is made possible thanks to the technology underpinning PieVaults, our brand new product line that can use the underlying assets productively to generate yield.
That means that it will shortly be possible to participate in the governance of all the assets in both YPIE and DeFi+L.
This includes YFI, SUSHI, CREAM, COVER, PICKLE, BADGER, KP3R, AKRO, COMP, MKR, UNI, SNX, AAVE.
We hope to be able to roll out even more PieVaults in the future and look forward to seeing proposals for these upgrades from the community!
Thanks for reading and get your DOUGH ready for the first meta-governance vote in the very near future!
Join our Discord community today and see how you can make a difference.
The PieDAO is a decentralized organization dedicated to bringing market accessibility and economic empowerment to anyone with an internet connection through Pie Protocol. Anybody in the public community may support these efforts by completing bounties, making feature requests, or proposing new Pies. DOUGH token holders are the DAO’s decision-makers, governing which proposals are accepted. If you want to know more about PieDAO:
👉 PieDAO website
👉 PieDAO on Aragon
👉 PieDAO Forum