A Wave of Populism: Vires Gives Power to People as DAO Voting Starts
Vires Finance has just begun DAO voting, and the first proposal is live! Holders of gVires can already vote and have their say on the future of the protocol. The proposal is a tongue-in-cheek, demonstration-only proposal that shows how members of the community can make edits to Vires smart contracts. In this case, whether to add the text string ‘Hello DAO!’ to the contract.
How Waves Makes Changes Matter
One of the properties of the way parent blockchain Waves is coded means that Vires voters can change much more than just the parameters of smart contracts, but rather the contract can be redeployed wholesale, without interruption, to include new proposal decisions. Unlike DeFi protocols within the Ethereum network, doing this does not lead to liquidity migration and fragmentation issues as new pool versions are created. Everything is kept whole even as major changes are implemented.
This gives Vires voters more power to effect change than standard governance token holders, and should incentivise more active participation within the community. To be involved, users must lock Vires, whereupon they will receive gVires. Once this too is locked, then holders can vote. As an incentive for doing this, gVires holders will receive a portion of the revenue from every liquidity pool on Vires. You can get an up-to-date readout of those rewards on the Vires website,
gVires Voting Mechanism and Rewards
gVires holders will be able to propose and vote on a broad range of protocol initiatives. This includes the onboarding of new assets, the reward structures in place for holders, the market parameters the protocol sets its pool rates around, overall system upgrades, the use of DAO grants, and much more besides. If a user has 1000 gVires, they are able to create proposals.
Once a proposal is created, it’s automatically sent to the Vires forums for discussion. After 48 hours, voting starts. If a proposal receives 50%+ of votes, the change is enacted, and the proposal can be applied by anyone simply by broadcasting the relevant transaction.
Vires DAO, due to the particular nature of the Waves blockchain, gifts more power to its community than is usually possible – a fact that the DeFi protocol is keen to take advantage of to really burnish its DAO credentials. If you’re interested in voting on the first Vires proposal and becoming an active member of this ever-evolving protocol, then head over to the first vote page and get your vote heard.
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