Project Galaxy DAO and GAL is NOT live. The following governance process will start to take effect right after the GAL token generation event.
Project Galaxy DAO is controlled by GAL holders. GAL holders have the ability to control the amount of the Platform Fee collected by the protocol, and control funds held by the Project Galaxy Community Treasury. All proposals need to go through a three-step process described below. In order for a proposal to pass, it must have over 50% passing votes with endorsement from wallet addresses holding at least 2,000,000 GAL, with delegation allowed. When a proposal is passed, the changes will be implemented by Project Galaxy’s operation team and signed by the multi-sig, if necessary.
All proposals need to go through the following process:
The purpose of the Temperature Check is to determine if there is sufficient will to make changes to the status quo. To create a Temperature Check, ask a general, non-biased question to the community on the forum about a potential change (example: “Should Project Galaxy DAO launch a new achievement mining campaign?”). Temperature checks are informal. It is for you to use the feedback to decide if you want to proceed further with your proposal.
The purpose of the Draft Proposal is to establish formal discussion around a potential proposal. To create a Draft Proposal, follow the instructions here:
Once your GP is assigned with a proposal number, you can work with the operation team to schedule a snapshot vote. The snapshot vote will last for 5 days. In order for a proposal to pass, the GP must have:
- Over 50% passing votes
- Endorsement from wallet addresses holding at least 2,000,000 GAL
Delegation is allowed through this link.
When a proposal is passed, the changes will be implemented by Project Galaxy’s operation team and signed by the multi-sig, if necessary.
The multi-signature wallet signers will be voted in by GAL holders after token generation event. They are also subject to change from future governance votes.