ASKO DAO on BSC
ASKO DAO is a parameterized DAO that is built to govern rASKO Money Markets and also serve as products DAO to ensure innovation and development of innovative decentralized applications. The DAO vote is to designed to establish a community centric vehicle for governance and development of proposed applications that maximize profits for ASKO/rASKO token holders. ASKO DAO is built to operate on Binance Smart Chain, where transactions happen in seconds, which exceptionally low gas fees. The voting weight in ASKO DAO is proportional to the ASKO tokens that someone holds.
%_ASKO_DAO_voting weight = ASKO_owned / ASKO’s_total_supply
ASKO token holders’ votes in the ASKO DAO, are weighted proportionally to the ASKO tokens that they own.
DAO_member’s_weight_of_vote = ASKO_owned / ASKO’s_total_supply
ASKO DAO has a website UI, where members vote on rates that govern the DAO, limited to:
- 1.DAO Tax Rate determines what % of ASKO’s products fees go to the DAO Fund, and what % goes to ASKO token holders/stakers.
- 2.Development Tax Rate determines the % of the DAO Tax Rate that goes to the DAO Development Fund "DDF".
- 3.Yes Rate
- 4.Approval Rate
- 5.Product Proposal Continuation Rate.
Each of these rates will be defined in accordance with the DAO member’s weight of vote, formulated above.
DAO Tax Rate determines what % of ASKO’s products’ fees go to the DAO Fund, and what % goes to ASKO token holders/stakers. The DAO Fund is what is used to fund: building ASKO products, the development of live products, and the development of the DAO. The DAO Fund has two subset funds:
- 1.The DAO Development Fund
- 2.The ASKO Product Fund.
The DAO Development Fund (DDF) is used for development of the DAO, and development of existing DAO products.
Development Tax Rate determines the % of the DAO fund that goes to the DDF. The top 10 ASKO holders will make up the DDF. The top 10 of DDF will be reestablished at the end of each month. If any member is subsequently knocked out of the DDF, their votes and proposals will still stand. The new member of the DDF can’t vote on proposals from a date prior to their membership (even if they’ve been in the DDF before). These 10 will be obliged to submit development proposals to develop the DAO, and maintain existing products. An example of a development proposal would be something like proposing to commission a developer to maintain a live ASKO product. A development proposal must have a budget, a developer, and a description.
In order to pass, these proposals will have to meet an Approval Rate of 1-10. For example, if there’s a proposal with a single vote ‘yes’, then Approval Rate is 1, and if members' weighted average of Approval Rate is 8.4, then that proposal wouldn’t pass (since 1 isn’t greater than or equal to 8.4).
The ASKO Product Fund is spent to build ASKO products. Yes Rate determines which % of ASKO DAO must vote yes in order for a product proposal vote to pass. Recall that the DAO Tax Rate determines what % of ASKO products’ profits go to the DAO Fund, and what % go to ASKO token holders. Subsequently, the % of products’ profits that go to ASKO token holders is distributed to each ASKO holder, proportionally to the ASKO tokens that they own, i.e.:
DAO_member’s_profit_from_product = ((ASKO_owned/ASKO’s_total_supply) x product’s_profit) x (1-DAO_tax_rate)
Admins are responsible for posting product proposals on the ASKO DAO's UI, where members can vote yes or no on product proposals. The top 100 holders of ASKO have admin rights. Admins can veto another admin’s product approval with 66 admin votes, but otherwise, they can only add products to the list of product proposals on the UI.
Proposals aged longer than 30 days will fall off of the admin’s list of proposals to potentially approve for voting on the ASKO DAO UI. Product proposals on the UI are sorted by how close they are to passing, and their respective budget. Product proposals aged longer than 180 days will be knocked off of the product proposal list on the UI.
Admins may admit a product proposal to the UI, if product proposers adhere to certain conditions imposed by the DAO (in regards to their submission of product proposals), described below. In submitting product proposals, proposers will only be required to provide:
- 1.Product SummaryThis summary is a simple or complex description of a product. It’s preferable to submit the summary in a way so anyone could understand it, but not required.
- 2.BudgetIt must include all payment, as 100% of a product’s profit and ownership will go to the ASKO DAO.
- 3.# of development days, or dev daysThe number of days from development start date to finished product date.
- 4.Interval The interval is a divider over the dev days, that’s used to determine when the budget will be distributed. I.e., if the interval’s 3, and dev days equal 10, then one third of the budget is released when the proposal passes, one third at day 5, one third at day 10. In the case interval is 1, the entire budget will be released initially. In the case the interval is 2, the funds will be released initially and when a finished product is delivered.
- 5.BSC wallet addresses and % of budget split between them
- 6.Proposed developer (default to DDF decision if none is picked) A product proposal will pass if the Yes Rate is met. Additionally, in order to pass, these proposals will have to meet the Approval Rate per a vote by the DDF. If a product proposal vote is passed, then the budget will be released to the proposer’s wallet depending on the proposed dev days and interval, and the Product Proposal Continuation Rate (described below). The Product Proposal Continuation Rate is a threshold that determines whether or not a product will receive their budget in the next interval. Products still receiving their budget are in their budget stage. DAO members will be able to vote to discontinue development of individual products in their budget stage, based on whether or not they think it should continue. If the rate of discontinues for a product is higher than 1 - Product Proposal Continuation Rate, then it will not receive its budget for the next interval; otherwise, it will receive its budget.