Governance

Zoracles Decentralized Autonomous Organization (DAO)

Introduction

Click on the link below to access the Zoracles Governance Contract

The Zoracles governance system is a Decentralized Autonomous Organization (DAO) modeled from Compound's GovernorAlpha contract.

Click here for a comparison of the two contracts

Comparing ZORA's GovernanceAlpha (left) and Compound's GvoernanceAlpha (right)

The governance system is very simple. Proposals are made by and voted on by the ZORA token holders. A passed proposal is then implemented. The Zoracles development team does not exercise any special control over the DAO.

This image shows that the owner of the Zoracles proxy contract is the governance contract.

Governance proposals can modify any function that is under the Zoracles proxy contract. These include mint, delegate, approve, transfer, etc.

As with most crypto on-chain governance systems (Compound, AAVE, etc), enforcement is limited to the functionality expressed in the contracts under governance. Therefore, our platform will initially be limited to proposals regarding ZORA smart contracts currently under governance which will generally be: upgradeability, token supply, timelocks, and general features of Zoracles governance.

Zoracles voting is directly proportional. 1 ZORA = 1 vote. 0.1 ZORA = 0.1 votes. 200 ZORA = 200 votes.

Currently, you need 100 ZORA to create a proposal. This ensures the system is not overrun with useless or malicious proposals.

/// @notice The number of votes required in order for a voter to become a proposer
function proposalThreshold() public view returns (uint256) {
return zora.totalSupply() / 100;
} // 1% of Total Supply

The voting period is approximately five (5) days.

/ @notice The duration of voting on a proposal, in blocks
function votingPeriod() public pure returns (uint256) {
return 28800;
} // ~5 days in blocks (assuming 15s blocks)

You can monitor any proposals to the Zoracles DAO here:

Who Can and Cannot Vote

Time-locked Team Wallets (3 x 1,000 ZORA) The time-locked wallets represent the founding developers. These wallets can vote. This was accomplished by using a token snapshot. We understand that these wallets account for a significant amount of the vote. The core developers should be on board with most changes. Token voting was accomplished by using a snapshot.

Strategic Fund (1,300 ZORA) This account cannot vote. Only if the funds are dispersed to a legally voting party can these tokens be voted with.

Developer Fund (~170 ZORA) These accounts cannot vote. Only if the funds are dispersed to a legally voting party can these tokens be voted with.

Uniswap Liquidity Fund (200 ZORA) These accounts cannot vote. Only if the funds are dispersed to a legally voting party can these tokens be voted with.

Considering the votes from the governance and development accounts are restricted, the total amount of votes on any given proposal is approximately 8,000 votes. With the core developers holding approximately 37.5% of the votes (at this time).

Governance Portal (ZORA 3.0)

The governance portal can be found at gov.zoracles.com. The Zoracles governance portal UI/UX is in beta and is currently being tested and updated. It will be available with ZORA 3.0 or before when the team can finish it. Currently, users can only interact with the contract directly. If you’d like to create a proposal, please see the ZORA 2.5 guide below.

Instructions for Creating a Proposal (ZORA 2.5)

Under Construction (Video)

Instructions for Voting (ZORA 2.5)

Under Construction (Video)

Detailed Breakdown of Contract Functions

Under Construction (Video)