📪Why a DAO?
About our community
Last updated
About our community
Last updated
The Lara DAO is a Decentralised Autonomous Organisation that manages the liquid staking protocol and all possible future sub-protocols by deciding on key parameters (e.g., setting fees, staking epoch lengths, maintaining parity with the underlying chain's building block and oracles, etc.) through the voting power of governance token (LARA) holders. Also, the DAO will accumulate service fees and spend them primarily on research, development, incentives, and protocol upgrades.
The DAO is the logical compromise between a team or a community-driven protocol, which allows the deployment of competitive products without full centralization and custody of the exchanges. While we have full trust in the Taraxa ecosystem, the chain is in its infancy and we strongly believe that running Lara still needs to be mainly done by an underlying team. However, setting up a DAO is a statement to the future, where we, the Lara team would step back and let Lara thrive fully in the community's hands. For now, this is what the DAO will be tasked with:
Enabling a focus on community might offer a more socially conscious structure and consequent decision-making;
Covering the costs of developing and upgrading the protocol from the DAO token treasury, including the reimbursement of personnel or individual contractors;
Takes care of other management activities as well if there is a technical ability or direct necessity;
The DAO will be the deciding body on changes in the protocol. Whether there's a quicker snapshot necessary or a better APY calculation, the DAO will decide.
