The Cryptex DAO is an ever-evolving entity governed by its community members.
Governance of the protocol is done through the submission of Cryptex Improvement Proposals (CIPs) to modify the protocol’s parameters, propose new features and grow the ecosystem.
Below we explore the process of developing your ideas, creating proposals, and governance voting.
Governance Process
| Phase | Content | Duration | Passing requirements |
|---|---|---|---|
| Phase 1 Ideation | Post created in the Ideas category | Open-ended | There is no formal requirement for the idea to pass to Phase 2 (become a proposal), but the motion must garner notable community support. |
| Phase 2 Proposal | Cryptex Improvement Proposal (CIP) | 4 days | To move to Phase 3, the proposal must garner a relative majority of votes in the forum poll. |
| Phase 3 Governance Voting | Cryptex Improvement Proposal (CIP) Cryptex DAO Snapshot vote | 3 days | The proposal vote must obtain a relative majority of the Snapshot vote in order to be implemented. Proposals that fail to meet these criteria will be dismissed and closed. |
Phase 1: Ideation
This phase is necessary for the discussion of ideas that can turn into protocol improvement proposals. You can initiate a proposal in Phase 1 by posting your idea in the Ideas category. This will help to refine the idea by using input from community members.
Phase 2: Proposal
This phase requires the creation of the formal Cryptex Improvement Proposal (CIP). Cryptex Improvement Proposals (CIP) will then be posted in the Proposals category. At this stage an informal vote will happen on the proposal, allowing the DAO members to express their opinion on the matter through a poll. A clear majority of votes in favor will be required for the proposal to pass onto Phase 3.
Phase 3: Governance Voting
In this phase, a Snapshot Vote is created to source the CTX holders’ votes on the proposal. The Cryptex Improvement Proposal (CIP) is updated to include a link to the vote and action from DAO members is required.
Final Remarks
If you have any questions regarding the process then please ask them below. If you would like to suggest an improvement then it is best to create a post in the relevant category.