Solana-Built DEX Serum Considers DAO Governance Changes

On the Solana network, the decentralized exchange known as Serum runs its operations. At the moment, the developer of Solana and Serum (TDM Blockchain) has proposed a new governance structure for the Serum project in the form of a change in the way that the project is governed.

On Thursday, it was suggested that this modification be made to the forum for the Serum DAO. If this request is taken into consideration and accepted, the Serum DAO will develop a whole new community token. At the moment, Serum already has its own own native token known as SRM.

The generation of the new token for the community will also serve as an alternate implementation of the locked version of the SRM, which is referred to as the gSRM. Every time an SRM token is locked, the exact identical number of gSRM tokens will be distributed between these two tokens.

In addition, if the proposal is authorized for implementation, holders of the new locked Serum tokens will be granted the power to vote. The community participants will always be required to lock their SRM in order to obtain a gSRM and cast their vote on various proposals pertaining to governance in the DAO.

In addition, the users would have the ability to unlock the token whenever it best suits their needs. According to the idea, the process of locking and unlocking tokens will take around seven days. TDM, on the other hand, has noted that the DAO has the ability to change this period to anything they see fit.

This procedure differs from others in that rather than granting the right to contribute to the voting procedure to all holders of tokens, this right will only be granted to holders of tokens whose tokens have been locked for the purpose of supporting this cause. This is the primary distinction.

Combining Activities With Those of Other DAOs

Every locked token has the potential to be useful in some other context in addition to the privilege that it grants its holders in the voting operations. For example, the Serum DAO can use the funds in its treasury to distribute grants to individual users or to other DAOs.

Additionally, those who are awarded these donations have the opportunity to take part in the governance of the DAO. Therefore, TDM suggested that there ought to be a provision for protocols on how concerns that involve the grants from DAO's treasury will be handled. This was another one of TDM's proposals.

A quorum of 50,000 votes in support of the proposal is necessary in order for the voting to proceed over the administration of Serum's treasury. These votes also need to account for more than half of the total number of votes that were cast throughout the course of the election.

It's possible that the community for Serum DAO will host communities for other DAOs in the near future. TDM suggests that there should be some kind of interaction between DAOs that exist inside the same realm, and that this interaction should take place on a platform that is built on Solana.

In most cases, these realms provide their users with space in which to create and govern their own DAOs. Because of this component of the idea, the Serum DAO will be open to participation from any and all DAOs that have registered on the platform for realms.

Orizu Chisimdi

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