The decentralised aspect of DeFi is critically important in that it spreads voting rights across as many users as possible, thereby ensuring that one, or a group of individuals, don’t have too much control. The DAO (decentralised autonomous organisation) is what makes this happen and fairly distributes governing rights across all users.
The Phoenix DAO is one such system, and it uses its revolutionary DAO to distribute governing rights to all users who are staking tokens on the platform. The model was recently launched and is helping the Phoenix ecosystem to become self-sustainable.
Using the Phoenix DAO
The Phoenix DAO platform is very easy to connect to and use for those familiar with DeFi platforms. For these users, as well as for those unfamiliar with Metamask and wallets etc. Here is a quick guide:
1. Ensure you have Metamask installed and that it is set to the Ethereum mainnet.
2. You will be required to transfer in and hold both $ETH and $PHNX cryptocurrency tokens.
3. Install Numio on your mobile device
4. Visit https://app-phoenixdao.web.app/auth/log_in to start the DAO process.
5. On the landing page the user should connect their Metamask wallet to the DAO.
6. Click on the “Connect with Numio” button, and the user will then be prompted to scan a QR code with their Numio app. This will then log the user into the DAO.
Submitting a Proposal
Eligibility for submitting a proposal to the Phoenix DAO by a user is gained simply by holding $PHNX in their MetaMask wallet. To then submit the proposal, the user needs to visit the DAO’s platform page where they need to connect their Numio wallet to the API.
Once the user has linked their wallet with the API they can then submit all the information for their proposal. Upon submission, the proposal will go live, and will be decided by DAO. This can vary from time to time for every proposal. Right now, on the main app, it is 30 votes in 10 days.
If the votes are received then the submitter has to stake PHNX tokens, and will then be given a date for when the community vote takes place.
How to be more successful with your proposal
It is recommended that users concentrate on getting their proposals in front of as many eyes as possible. This could be by pushing them on social media and on as many other channels as they can think of.
Users who have submitted proposals will also be asked to discuss their proposal with the community on a discord channel, specifically opened for this purpose. Here they can engage with the community and clarify any points.
Other things to consider
It needs to be remembered when submitting a proposal that it has to be of benefit to the platform as a whole. It should be along the lines of improving the functioning of the platform and suggestions as to additional features. In order to secure those votes and the grant that comes with them, make sure that your proposal idea will benefit the ecosystem.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.