4.2 Voting model

VEME’s DAO will be governed through NFTs. It uses an innovative model designed by The Development DAO which uses on-chain metadata to keep track of several metrics tied to these NFTs. These metrics will determine payout per NFT, the NFT vote’s heaviness and in future releases auto access to conference calls and other sorts of tiered access tied to the NFT based on its participation.

Initially, the DAO will kick off with 1 to 1 voting on NFTs. Later on, weighted voting per NFT can be implemented with each NFT becoming a stronger voter based on levels of participation in the previous month(s). A stake-weighted voting model based on participation in the previous month allows for creating a lighter vote for when an unused NFT is sold to another party; to give an onboarding experience, they being incentivized to learn about the ecosystem and actively vote to increase their vote’s weight and $VEME stake payout. Upon NFT transfer the vote’s ``heaviness” built up in the previous month(s) would reset to zero.

The heaviness of a vote can move from 1 to 3 upon fully participating over the course of 2 months. From here a vote’s heaviness moves in a trailing fashion, meaning the first month’s performance gets removed and the last month’s performance gets added.

As it has turned out, simplicity is key in DAOs. Serious UI/UX issues in voting models have surfaced over the past years, making complexity (difficult UI, too many choices, etc.) the main killer for DAOs.

Quorums for participation with voting deadlines can be set initially by the DAO. If the agreed-upon parameters, based on previous experience, don’t fit the DAO’s needs, voting parameters can be re-proposed.