1INCH DAO
This research was carried out on 1Inch DAO. This task is about learning about the DAO tools this DAO uses and its onboarding process.
What is 1inch Network About?
1inch is a worldwide network that consists of different decentralized protocols tailored to provide the most rewarding, fast and safe operations in the DeFi space. 1inch Network uses the powerful characteristics of all popular chains such as Ethereum, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche for giving its users ultimate flexibility for swapping any digital asset they hold.
DAO Tools Used by 1inch Network
1inch DAO uses their forum and Snapshot for governance operation. 1inch network governance process welcomes everyone, anyone can creare a proposal (1IP), or vote on any existing proposal. These proposals will be funded by the 1inch Network Treasury while its implemented by a third party.
1inch DAO Governance Process
There are 5 phases of 1inch DAO governance.
Phase 1. Governance starts in the 1inch DAO forum. Anyone can create, and comment on current proposals. Navigate to the DAO category in the 1inch forum.
Phase 2. 1IP Formalization, to create an official 1inch governance proposal, you must follow this template. All official 1inch proposals (1IP) must follow the same structure.
Phase 3. 1IP Temperature Check, the creator/author of the proposal may finalize their proposals (phase 2) then initiating a community temperature which have a duration of 5 days. To start the Temperature Check, the author should navigate to the 1inch forum and change the tag of the forum to Phase-3 and make sure to add a forum poll gauging the community sentiment.
N.B: Each poll is open for 5 days, once phase-3 commences, it cannot be reversed.
Phase 4. The proposal are not taking to Snapshot to conduct an off-chain voting. If voted in, it will be implemented on-chain. The Snapshot proposal is open for a voting period of 7-days.
After a successful voting period has concluded on Snapshot, the results will be published on 1IPs session on the governance documentation website. Any passed proposal will move from Active to Passed category. If it does not Pass, it'll be moved to Not-Passed.
DAO Tools Used By 1inch Network
Snapshot
Snapshot is a decentralized DAO voting platform that allows users to create governance proposals and vote off-chain with spending any gas fees.
Resources:
Other Tools Used by 1inch DAO:
1inch DEX Aggregator protocol sources liquidity from various exchanges and ensuring the best rates.
The 1inch Wallet is a fast and secure iOS wallet for storing, receiving, sending and swapping crypto assets.
1inch DAO Onboarding process
Onboarding only takes a few second. Follow the 1inch Discord link. Read the channel rules, choose what channels you’ll like to explore, and verify your account.
The 1INCH utility token is at the moment available on Ethereum and BNB Chain. The 1INCH utility token is used by the DAO members to govern all of the 1inch Network protocols either present or in the future. It is also used in the governance modules of the 1inch Aggregation Protocol and the 1inch Liquidity Protocol.
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