This is a very early-stage draft. All numerical values (e.g. that OGD is to consist of 100 members) are chosen without much thought, and are likely to be changed.
- OGD is an on-chain committee of 100 members.
- The DAO operates in terms, each lasting a quarter (3 months).
- Prior to the beginning of each term, Osmosis L1 governance approves a budget for the DAO and deposits the funds to the DAO's smart contract. The budget includes funds to be dispensed as grants, compensations to the DAO members, legal costs, etc.
- For each term, the DAO members are selected via an election by OSMO stakers.
- Funding requests are voted on by DAO members, whose voting powers are proportional to the votes they received in the general election.
- At the end of each term, unspent funds are returned to the community pool.
- DAO membership is subject to term limits; specifically, a person may serve up to 2 terms in every 4 consecutive terms. This term limit is enforced by smart contracts on-chain.
- Osmosis L1 governance may impeach individual DAO members. (E.g. a member who has significant conflict of interest with a funding request but fails to recuse themself.)
Consider a term that starts on June 1 and ends on August 31, 2023.
- May 1: Osmosis governance passes a budget proposal and deposits 1M OSMO to the DAO contract
- May 1 – 14 (2 weeks): People who wish to join the DAO register their candidancy by executing the DAO contract
- May 15 – 28 (2 weeks): OSMO stakers vote on the candidates. The votes can be quadratic, e.g. a staker may pledge 50% of their staked OSMO balance to Alice, 30% to Bob, and 20% to Charlie
- June 1 - August 31: The 100 elected DAO members do their job
- Prior to August 31: The DAO submits a budget proposal for the next term