The GM token just got a new Super Power! | GM:DAO Launch
If you have ever used Threads, you have probably noticed that the #gmfrens tag is number 1 trending, basically every single week. This means that most Threads users have at least heard of the project, and that's huge. If you haven't heard of the project, please take a moment to feast your eyes upon this masterpiece of an article that breaks it all down.
Now that you've gotten acquainted with the project, I'll skip all the normal stats and whatnot that I normally cover in update posts. We'll just get right into the meat and potatoes of this whole thing. Up until now, I was the sole decision maker for the project, as it is my baby and I had to nurture it. Today, my little baby starts walking on its own.
The GM:DAO is officially live, and the first proposal is already up for voting. What is this, you may be wondering? Well, it's the new Decentralized Autonomous Organization for the project, that gives the token holders the right to make decisions for the project.
The GM token that people are mining for free every single day by using the #gmfrens tags on Threads just leveled up. Prior to the DAO launch, the only use-case for GM token was blending with NFTs. Now, GM is a governance token as well as a token that is used to fuel the GM:FRENS project.
Let me also say this - not every single decision will come down to a DAO vote, just ones that I feel should be decided by the community. Normal operations and building will all continue as is. Everything else just gets a decentralized flavor.
How does it work?
So for the DAO itself, there are some blanket rules that apply to every single proposal. For example, the minimum Voting period is 7 days. This means every single proposal will be open for voting for 7 days. The minimum vote threshold is 69%, which means that there needs to be 69% of votes in favor of a proposal for it to pass, or it will be nullified. Proposals also need to receive a minimum number of votes to be considered, which is 11,111 GM.
1 GM = 1 Vote, simple as that. GM gives you voting rights in the DAO, and everyone is allowed to vote. In order to vote, you'll need to stake your GM for 3 days in order to cast your vote. This prevents things such as vote spamming and a number of other issues. It also discourages selling, which is a net positive.
Can I launch my own proposal? Well, of course you can. It's a DAO, after all. In order to create your own proposals, you'll need to stake a minimum of 69,420 GM tokens in the DAO. Again, this number might be hilarious, but it serves a purpose as well. This prevents DAO spamming, attacks, etc...
I've never created a DAO before now, so please understand that this is all very new to me as well. Just like with the launch of the first NFTs, it was all a very weird experiment. The GM:DAO is very smol, because we have a very smol community. This doesn't mean we can't have voting rights. This just means we're here earlier than everyone else.
How do I use my GM to vote?
As with all things crypto, it can be a bit of a learning curve. You're familiar with WAX tokens at this point, and hopefully you've played with transactions. So - you have some GM sitting in your wallet, and you want to cast your vote in the latest proposal on the GM:DAO.
The first thing you need to do is head to the GM:DAO page. Side note - website is going to get a refresh with all links and everything consolidated soon.
Once you're on the GM:DAO page, click Login in the top right hand corner. You can log in with WAX cloud wallet, Anchor, or even Wombat wallet now.
Click on Wallet, then you'll need to deposit RAM to the DAO. This is a one time thing, and you only need to deposit 1 WAX. You can even get it back. Just click Deposit RAM.
Next, click Stake GM and enter the amount you wish to use as voting power. This means this GM will be staked to the DAO contract for 3 days.
Now that your GM is staked, you're ready to vote. Click Proposals on the left, then click on the Proposal you want to vote on.
Once you're on the Proposal page, you can select which option you want to vote. Click the button next to the option, and click Submit Vote.
Once you confirm the Vote transaction in your respective wallet, your vote will be cast and shown immediately.
Congratulations, you have just made your first vote in the GM:DAO. Don't you feel powerful?
The first proposal is a test more than anything. I wanted to make sure that everything works and didn't really have a way to do that. Please go use your GM to vote on this proposal. This is a vote to kill the first ever farm we launched and launch a much better v2 Farm. There's literally no reason anyone should be against this, but you do you. Vote away, frens.
I've also funded the DAO with 69 WAX as part of the Treasury. The Treasury can only be accessed with a DAO vote, so these funds will build up as revenue comes in from blends, drops, etc... Anyone may deposit funds into the DAO Treasury if you so choose to, just be aware that once the funds are there, they will be used for funding of the project.
Thank you so much for your continued support. The frens are what keep me going every single day. We have a new dev helping build some really cool shit, and he wishes to remain anonymous. He's working hard and doing an awesome job helping create the tools we need to scale. Hive has allowed us to build a team of community-driven individuals that want to build the coolest social NFT ecosystem around.
This is exactly what we're going to do. GM:FRENS is here to stay.
Have a GM
LEO Power Up day is just around the corner. Don't forget - there's huge prizes and badges for participation. The day before, we have the launch of the new UI we've all been waiting for as well. LPUD is a great way to boost your LEO Power and potentially hit 2k LP so you can join in on the LeoFinance Crew3 quests!
Wanna learn about all kinds of things you can do with the crypto you earn blogging on Hive? Check out my index - Learn Crypto Stuff for some fun educational crypto stuff.
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