As announced on the Hummingbot blog, Harmony and Hummingbot are excited to announce the launch of an experimental, first-of-a-kind Liquidity DAO! The ONE Liquidity DAO is an open, independent collective that will promote liquidity on the Harmony blockchain and for its tokens, primarily by building open source Hummingbot infrastructure.
How Liquidity DAO works
Here is the official proposal that outlines Liquidity DAO’s principal mandates, metrics, activities, and budget.
As an independent organization, Liquidity DAO’s first action will be an open election of 9 governors to lead the DAO and allocate its funding towards various initiatives. Similar to other Harmony DAOs, the governors will have complete independence once the DAO is funded, while governor oversight is provided via transparent compensation, objective deliverables, and frequent elections. From Harmony’s DAO Guidelines:
Governors of each DAO have delegated autonomy over its assets and initiatives. Harmony helps define 3 broad mandates, recruit 9 governors, define the deliverables and metrics for the first 3 months, and fund at maximum $1M. We recommend $75 to $350 per hour as the self-assessed salary, 3-month election terms, retroactive peer bonus and performance feedback, 80% passing votes, and openly tracking timesheets and deliverables for each member.
While applications are open to everyone, Hummingbot and Harmony expect that the elected governors will be existing members of our respective communities. Since governorships are part-time, compensated roles with frequent re-election cycles, a number of strong, experienced candidates have already expressed interest. After the election, Harmony will fund a multi-sig wallet containing the initial budget and hand over control to the governors.
Liquidity DAO will have independent authority to decide what work to perform and what initiatives to fund. Given the DAO’s mandates, we expect that a majority of the work will be Hummingbot connectors and trading strategies that result in pull requests to the Hummingbot codebase. In order to be merged and included in an official release, these pull requests need to pass through Hummingbot Foundation governance. This bifurcation enables both organizations to collaborate while retaining independence of decision making.
Timeline
Today: Elections announced
- Today, this post will be published on the Hummingbot/Harmony blogs, as well as on the Harmony governance forum.
- Governor candidates have 3 weeks to submit applications to introduce themselves and present their qualifications
- Since a diverse mix of governors with expertise in trading, engineering, community and project management is ideal, candidates may want to highlight in their applications:
- Experience as web3 developers (e.g., LinkedIn, Github)
- Experience as traders and liquidity providers
- Familiarity with Harmony and its development ecosystem
- Familiarity using or developing on Hummingbot
- Links to their open-source contributions or other past work (links, demos, videos)
- Experience writing technical documentation
- Experience managing projects and organizing events
November 29: Community AMA on Reddit
On November 29, we will host an AMA on the Harmony subreddit during which both the Harmony and Hummingbot communities will have a chance to ask questions about Liquidity DAO and the governor candidates.
December 1: Voting begins
- On December 1, a proposal on Harmony’s Snapshot will be created and announced across all channels
- Elections will be held for a period of 1 week
- Candidates are encouraged to promote themselves and share their Forum post across different channels
December 9: DAO commencement
- On December 9, voting ends and 9 governors will be elected for a 3-month term
- Multi-sig wallet creation and funding