Onomy DAO (Governance)

DAO (Decentralized Autonomous Organization) is an organization represented by rules encoded as a transparent computer program, controlled by the organization members, and not influenced by a central governing entity. As the rules are embedded into the code, no managers are needed, thus removing any bureaucracy or hierarchy hurdles.
Onomy will be governed by the Onomy DAO, providing NOM holders with the opportunity to guide the decision-making process through NOM-weighed votes. Examples of items the Onomy DAO vote on include:
  • Network upgrades / parameter changes
  • Exchange and other product features
  • Choosing stablecoin collateral types, currencies, and collateralization ratios
  • Liquidity deployment to the Onomy Exchange from the treasury
  • Treasury management (Funds inside of the treasury are placed in an on-chain wallet governed by the DAO. No central entity, contributor, or founding team member have access to the treasury. Funds inside of the treasury may only be accessed through scucessfull funding proposals passed by the Onomy DAO)
Features of governance include:
  • Submit Proposals: Any holder of $NOM can submit a proposal as long as they put up the minimum deposit of 500 $NOM. Once submitted, it automatically enters the voting period.
  • Voting: Delegators and validators who stake the governance coin $NOM are welcome to vote on any and all proposals that are currently running (has reached MinDeposit) with ‘yes’, ‘no’, and ‘no with veto’.
  • Voting Override: Delegators override their validator's vote by placing a vote themselves, otherwise they will inherit their validator's vote.
  • Claiming deposit: Users that deposited on proposals can recover their deposits if the proposal was accepted OR if the proposal never entered voting period.