As previously mentioned, Level governance is designed to be democratic and transparent. In order to run a truly decentralized project that is genuinely permissionless, it is essential that the Level protocol serves the interests of its community indefinitely. To accomplish this, the Level DAO must act as the centerpiece of the Level platform.
Our mission is to position LEVEL DAO as the platform’s Asset Manager and ultimate Decision-Maker on strategic matters.
While we have already launched the first version of the Level DAO, which currently only allows users to stake LVL tokens and farm LGO, the governance token, there are major updates and functionalities on the horizon, including managing protocol assets (from revenue generation), and a dedicated voting and proposal module coming up next.
Team’s Involvement in LEVEL DAO
As a team, we are committed to ensuring a smooth transition of project governance and decision-making from the team’s hands to the DAO and community. To make this transition secure and gradual, we propose retaining control over governance for a period of several months, at which point we believe the Level community will be sufficiently engaged and mature.
Currently, the team has staked its allocation of LVL tokens in the DAO. After getting feedback from our community and discussing this topic with the team, we propose the following steps to achieve a smooth transition of protocol control from team to DAO:
1) The team will initiate the process of unstaking the 10 million LVL tokens currently staked in the DAO. Because of the design of the DAO, it takes 10 days to unstake these tokens. Therefore, we will initiate the unstake transaction immediately.
2) Over the course of the first two months, we would add a small amount of the team’s LVL tokens to the DAO on a weekly basis, and thereafter on a monthly basis:
▪️ 180k LVL per week for the first 2 months (~50% of total weekly LVL emission)
▪️ 500,000 LVL per month or less thereafter (this amount may be adjusted based on overall LVL emission and tokenomics)
Note: The Level team token allocation has a four-year lockup. The first unlock occurs on December 26 in 2023, and the team can not sell any LVL tokens until then.
We Want to Hear Your Feedback
We look forward to receiving community feedback (join our Governance channel) as we’re looking to make the DAO fair and accessible to everyone. We are open to improving the above-proposed plan based on your feedback and suggestions. Follow us on social media to stay up to date as we’re about to release the Level Q1 2023 roadmap!
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