5 months ago 2 min read

DEX Serum, Situated in Solana, is Considering on Altering Its DAO Governance


A proposal to alter the project's governance structure is now being considered by Serum, a decentralized exchange on the Solana network.

The proposal was created by Solana and TDM Blockchain, the developers of Serum, and it was submitted to the Serum DAO forum on Thursday. The Serum DAO already has a native token called SRM, but if this is approved, a new community token will be made for it. This brand-new community token will be a gSRM-locked variation of SRM. Since there will be a 1-to-1 link between the two tokens, users will receive an equal number of gSRM for each SRM token locked.

Serum's new locked tokens will grant holders voting rights if the plan is approved. To be able to vote on suggestions for governance in the DAO, community members will need to lock their SRM in order to receive gSRM. Additionally, users have the option to unlock their tokens at any moment. According to the proposal, locking or unlocking tokens will take seven days, but TDM said the DAO may decide to change this timescale if it so chooses.

The primary distinction is that only individuals who have locked up their tokens for this purpose will participate in voting, as opposed to all token holders.

Actively Engaging With Other DAOs

These locked tokens will serve a purpose in addition to allowing for voting. Serum DAO will have the ability to distribute vested grants from the Treasury to people or other DAOs. Then, these funds' recipients will be able to take part in the DAO governance process.

The TDM proposal also specifies how to deal with issues with grants from the DAO treasury. A quorum of 50,000 votes in favor of such resolutions will be needed in order to vote on Serum treasury governance measures. Additionally, more than half of all votes cast during the election must be represented by these votes.

Other DAOs could soon join the Serum DAO community. The proposal by TDM proposed for DAO-to-DAO communication within Realms, a DAO tooling platform built on Solana. Users can construct and manage DAOs using realms. DAOs registered on the Realms platform will be allowed to join the Serum DAO thanks to this portion of TDM's proposal.

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