GM:DAO v2 | GM:FRENS NFT Voting is Live

GM:DAO v2

If you have ever used Threads, you have probably noticed that the #gmfrens tag is always trending. 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.

The GM:DAO v2 is officially live, and the first proposal is already up for voting. What is this, you may be wondering? Well, it's the latest Decentralized Autonomous Organization (DAO) for the project, that gives the NFT holders the right to make decisions for the project. GM token holders still have the ability to vote in the v1 DAO, but it will be deprecated soon. Funds from the v1 DAO will be transferred to the new GM:DAO v2 once it is closed. This does not mean you won't be able to vote with GM in the future, but for now, we will be using NFTs as governance assets instead.

Almost every single NFT from the GM:FRENS collection (on the WAX blockchain) can be staked to mine GM, or blended to make a new NFT. Now, you can use your NFTs to vote on decisions for the project. Along with this bad-ass new governance mechanism, we are launching 2 proposals of our own, which will be detailed below.

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 do?

Very simple, actually. Even more simple than the v1 DAO also. All you need is GM:FRENS NFTs in your wallet. You don't have to stake them to the DAO or anything like that. 1 NFT = 1 Vote. The NFT must be in your wallet, not staked in one of the GM mining farms. This means that if you would like to use your NFTs to vote on a proposal, you will need to unstake your NFTs from the mining farms and restake them afterward.

NFTs that have already been used to vote in the DAO cannot be used to vote again. If you sell the NFT on the secondary market, the user that purchases that NFT cannot use it to vote in the DAO. This prevents any kind of vote gaming by transferring the NFT to a different wallet, since you don't have to stake them.

Anyone can create a proposal, but they must hold 69 GM:FRENS NFTs in their wallet. They will also pay a fee, just like I did, of 69 WAX to the DAO to have their proposal added for voting. In order for a proposal to pass, there must be a minimum of 96 NFTs used to vote on the proposal. There must be 60% votes in favor to pass, as well. All proposals are 72 hours.

Anyone can add funds to the DAO Treasury if they wish to support the project. All WAX tokens and even NFTs are supported to be held in the DAO treasury. We could seriously build a strong treasury of NFTs and tokens, with the right support. DAO treasury funds will only be used in the event of a passed proposal, so they cannot be accessed without community votes.

How do I vote in GM:DAO proposals with my NFTs?

1. Head to the GM:DAO v2 page.

2. Click Log In at the top right, and select your Wallet.

3. Click on Proposals, and select the Proposal you wish to vote on.

1. Select your option, and click Submit Vote.

That's it. Of course you'll have to sign the transaction with whichever wallet you're using, but now you have successfully voted! This shows support for the project, and also makes sure the stuff we are working on actually works.

New Proposals

1 - GM Bonfire

A very simple proposal to burn more GM from the max supply. Keep in mind that the amount of GM in circulation is very low, at 772,078. The total supply is constantly coming down as well, and the issuance is very, very slow. We wanna keep that going. So let's burn some GM.

2 - NFT Farms Refill

Decide which farm or farms get refilled with 69,696 GM for mining with NFTs. This is a ranked vote, so the highest ranked option will be what happens with farms refill. This is important to make sure that there is still incentive to keep staking NFTs.

Make your choices, frens.

Have a GM

Are you posting on LeoFinance Threads every day? Check out @gmfrens, the cross-blockchain social NFT project that was born and raised on Threads. You can use the #gmfrens tag and mine 6.9 GM every single day. All you need is a WAX wallet.

Posted Using LeoFinance Alpha