DAO stands for “Decentralized Autonomous Organization”. Establishing the development of Trava DAO ensures Trava’s team mission:
- A self-governed protocol, powered by the strength of the Trava community & secured smart contracts.
- The growth of Trava Ecosystem, a decentralized finance platform with stable and outstanding products.
With that mission in mind, Trava DAO will be implemented & takes over centralized processes gradually with the growth of the ecosystem.
For version 1 of Trava Governance, we present evolution in governance processes with on-chain features enabled.
The governance process consists of 2 continuous processes: off-chain & on-chain.
- Off-chain process:
In the off-chain process, anyone in the Trava community can raise their opinions and discuss ideas of how the protocol can improve by creating TRC - Trava Request for Comments on the Trava Forum.
After an idea is well-formed, a community member can follow our template for TIP - Trava Improvement Proposal and post on the forum for details feedback. We recommend off-chain voting (powered by snapshot.org) to gain exposure and rough consensus from the community to increase the chance of succeeding in the on-chain process.
When a TIP gets to its final version, the DAO Committee is in charge of the review process and officially proposes on-chain.
- On-chain process:
When a TIP is proposed on-chain, it becomes transparent on the public blockchain; anyone possessing voting power can directly vote for or against this proposal.
After the voting period, a TIP will be queued and executed by the public.
The Security Advisory Board acts as a guardian to prevent malicious actions and security exploits in this process.
In governance version 1, the DAO will have authority over the Trava lending protocol. The community will have to agree on any significant changes or updates through the on-chain process.
To gain governance power, holders need to lock their Trava or rTrava token in exchange for the veTRAVA token, which holds voting power. This vote locking mechanism encourages users who show a solid commitment to the protocol with more governance power and incentive.