An entity with no central leadership formed by a group of DeFi enthusiasts, entering this smart contract with one another to reach a coordinated goal and get decisions made bottom-up!
Basics of XY DAO
A decentralized autonomous organization, or DAO for short, is sort of like a joint entity that is native to the internet and owned and managed by its like-minded community members. Talking of which, members of XY DAO will have a shared goal or mission, and there won't be any leaders to direct the group or convene a meeting. Instead, decisions are made collectively, informed later by the community rather than a single figurehead.
In response to users of XY Finance's needs, XY DAO is thus established to address some of the hottest proposals or issues, which will be cyclically reassessed by the DAO and the core team of XY for the better. All that being said, after taking feedback from the DAO, XY Finance will decide which proposals are most likely to benefit the mass of XY DAO members, and voting activities will be duly held as the means to improve this contract and our DAO members will witness these improvements in due course for certain.
There are multiple ways to engage in XY DAO, normally through the ownership of our specially made crypto-token, for more details to do with the voting power, please see the next section below. Those with a stake in XY DAO then get the voting power, which is proportionate to the quantity they lock and how long they lock their tokens, and may influence how this smart contract operates by determining or devising new governance proposals, which can only pass as the majority of the stakeholders approve them.
Note that even though XY DAO accentuates the flat hierarchies that we have, where each member has a say and can decide how this organization should be run along with its future direction, some have more say than others, for they own and stake more tokens. The more tokens a member owns and inputs, the more votes they can cast. Fair and Square!
The advent of DAO creates not merely a safe way to collaborate with internet strangers but also a secure place to commit assets to a particular cause. XY DAO is highly autonomous, verifiable and transparent. Built on open-source blockchains, XY DAO is open to anyone to view our code or audit our built-in treasuries, as the blockchain records all our financial transactions.
Basics of veXY
veXY can be considered as the voting power that grants you the right to participate in the governance of XY Finance, which in some cases is directly linked to one's financial power. In addition, as a liquidity provider, holding veXY can boost your APY on the Y Pool. Lock your XY Token to get veXY.