On April 13th, the community forum was launched allowing the community to discuss and make proposals. The creation and objective of the Project Galaxy DAO is to give the community the tools and resources to develop the Project Galaxy ecosystem in the long term. The community holds the power to propose ideas and initiatives and vote to make them come to life.
That’s where The Project Galaxy DAO treasury comes in, which holds 20% of the GAL Token supply and allocate funds to approved community proposals.
Proposals such as:
- Allocating GAL to other projects and protocols or liquidity pools
- Marketing and Community engagement initiatives
-Support projects that promote the long-term growth of the GAL ecosystem
- Giving back to initiatives and causes that the community cares for (EX: Ukraine DAO)
Whatever the idea or project may be, GAL holders will need to go through the Governance Process as indicated below:
- Write a proposal
- Submit the proposal to the Governance Forum
- Obtain a positive outcome of over 50% passing votes with endorsement from wallet addresses combined holding at least 2,000,000 GAL, with delegation allowed.
Read more about the full Governance Process and Project Galaxy’s DAO Governance Process and how to submit proposals here.
When a proposal is passed, the changes will be implemented by Project Galaxy’s operation team and signed by the multi-sig, if necessary.
On May 5th, The $GAL Token was launched on Binance Launchpad, with the arrival of the token comes the first Governance Proposal: Community Treasury and Multisig Signers.
What are the Treasury Multisigs?
The Treasury Multisigs is a group of 9 members voted by the community to act in the best interest of the Project Galaxy DAO. Their role is to review community proposals that have successfully reached a 50% passing vote and an endorsement from Wallet addresses holding at least 2,000,000 GAL. Their role is then to approve any uses of Project Galaxy funds and allocate them to the proper team for execution. Any transaction requires at least 6 signatures out of 9.
Who can apply and how?
Project Galaxy DAO is opening 9 spots for the muti-signature wallet signers. In order to best represent the community and the best interest of the Project Galaxy DAO the multisig team should represent diverse stakeholders within the community:
- Long term community advocates
- Core team members
- Long term Project Galaxy Partners
- Project Galaxy early stage investors
GAL holders will have one week, from May 23rd to May 30th, to nominate themselves as candidates for the role in the comments below. Interested members will need to write a short summary of their involvement with Project Galaxy as well as why they believe they would be a good fit for the role. GAL holders will then be invited to vote on who they would like to see in the treasury community and the highest votes will be chosen for the role.
To apply :
- Provide the name and Twitter handle of the person you would like to nominate. You may also nominate yourself.
- Write a summary of their involvement or future planned involvement in the Project Galaxy ecosystem.
- Post it as a comment below.
- Community members can cast their votes via the “like” button on each individual comment. ( like a test poll)
- On June 3rd, we will post candidates on Snapshot for GAL token holders to vote.
Read more about the Project Galaxy DAO Governance Process and how to submit proposals here.