Making proposals on PhoenixDAO and how to be part of the governance

A DAO or a decentralized autonomous organization is a crucial part of the DeFi and blockchain ecosystem as it ensures that the platform remains decentralized. A DAO ensures that the governing rights of the platform are fairly distributed among the community members and token holders.

A popular model of DAO is to use token staking for distributing the governing rights, which PhoenixDAO uses to create a revolutionary DAO. The DAO by Phoenix ecosystem was recently launched and helped the platform to become self-sustainable.

The DAO acts as the umbrella under which all dApps and products of PhoenixDAO operate to ensure active participation from the token holders. The DAO allows the token holders to vote for existing proposals and submit their own. The DAO operates under these rules.

• Every token holder can participate in grant spending decisions of $PHNX, and the details about the spending are posted on the budget page to ensure transparency.
• The DAO will utilize the revenue generated by dApps and the marketplace to become a self-reliant ecosystem.
• All the token holders participating in the DAO will become eligible for PHNX rewards.
• To participate in the DAO, token holders must stake their tokens which vary for submitting and voting on a proposal.

Submitting a Proposal

To become eligible for submitting a proposal, the user must hold PHNX tokens in their MetaMask Wallet. To submit a proposal, the token holder can visit DAO’s platform page, where they must first connect their MetaMask wallet, then login using their Numio app.

Once connected users can submit the proposal with detailed information. After submitting all the details, the proposal will go live and require thirty votes to become active for community participation. If the proposal does not receive thirty votes, the proposal will be deleted.

After the thirty votes are approved, the submitter must stake PHNX tokens on PhoenixDAO’s staking dApp. After staking the tokens, the proposal will be given a voting date depending upon the following criteria.

• Voting on proposals is only done on the 2nd, 3rd, and 4th of every month.
• If the proposal is submitted on or before the 15th, the voting date will be given for the next month. For example, if the proposal is submitted on 14th August, the voting date will be assigned for the 2nd, 3rd, or 4th of September.
• If the proposal is submitted after the 15th, the voting date will be extended to next to next month. For example, if the proposal is submitted on 16th August, the voting date will be assigned for the 2nd, 3rd, or 4th of October.

On the voting date, the token holders can vote on the proposals.

Voting on Proposals

The voting on proposals is done on the same DAO’s platform page, and the token holder must stake their PHNX tokens to become eligible. All the submitted proposals will be available on the dashboard for voting on the voting date. Token holders can upvote the proposal if they want it to move forward.

After voting, the token holders will become eligible for rewards in PHNX tokens that will also be visible on the dashboard.

The DAO is an integral part of the PhoenixDAO ecosystem and will give the token holders the ability to decide the platform’s future. To learn more about the DAO, visit https://phoenixdao.io/.