Metal DAO

Individuals who hold XMT tokens will be able to use them to vote for various decisions for the Metal Dollar platform. In this way, the users of Metal DAO can use their XMT tokens to steer the direction of the protocol, shape it to meet their needs, and exercise community control over the protocol.

Who can submit a proposal?

In the Metal DAO community, the cost to publish a proposal is 100 XMT.

The scope of proposals

The scope of proposals for Metal DAO include aspects related to protocol changes. Proposals that are in scope are listed below.

What is not in scope

Making substantial changes to the structural aspects of a smart contract typically necessitates the development of an entirely new version, requiring a fresh audit and related procedures. Therefore, it is important to note that smart contract changes are currently beyond the scope of our intended modifications.

Add stable coins to the basket

Proposals can be submitted to add stable coins to the basket.

Any stable coins being considered for inclusion will undergo a compliance review conducted by Metallicus.

Remove stable coins from the basket

Proposals can be submitted to remove stable coins from the basket.

Minimum supply per stable

Proposals can be made to set the minimum supply per stable. For example, for a new stable introduced to the basket, the minimum supply could be set to $10,000.

Fee to swap

Proposals can be made to set the fee to swap to/from Metal Dollar (XMD). There is currently no fee to swap.

If there would be fees, proposals could be submitted to vote on how to allocate funds from those fees, which could be used for a variety of purposes such as marketing, community initiatives, and grants to integrate the Metal Dollar protocol into other platforms.

Admission fee

The admission fee for the basket is currently set at 50,000 XMT, which is subject to modification by the DAO. The admission fee of 50,000 XMT must be paid directly to the xprtreasury account.

Proposals could be submitted to vote on how to allocate funds from the admission fees, which could be used for a variety of purposes such as marketing, community initiatives, and grants to integrate the Metal Dollar protocol into other platforms.

Voting strategy deployed for the Metal DAO community

To be eligible to vote, users must have a balance of XMT tokens. Each XMT token counts as one vote. For example: if you have 23.44 XMT, your total vote power would be 23.44 votes.

Quorum

Quorum voting sets a minimum threshold of voters required for a proposal to pass, such as a 60% quorum where 60% of voting power must vote. If the quorum is reached, the decision with the most votes wins. Proposals fail if the quorum threshold is not met.

In the Metal DAO community, the quorum is set to 40%.