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DAO Governance framework
The X-Metaverse DAO was established with the mission to gather more intelligence and resources to make the x-metaverse more sustainable. We decided to decentralize the authority to achieve open, fair and autonomous operation through smart contracts so that every DAO member of the community can provide real value contribution to the X-Metaverse ecosystem, making them the actual owners of the X-Metaverse in a meaningful way and gaining benefits from it.
I. DAO Governance flow
In the official Discod server dao-guidelines channel dao-governance-forum room to establish a preliminary proposal discussion, when the number of participants in the discussion reached 50 + people, the official will draft the relevant discussion for the preparation of the proposal document.
Audit and Review
Waiting for the preparation proposal to go through the official technical evaluation and review, the evaluation result will be published in dao-voting-results channel. If you want to initiate a proposal without the community discussion and pre-proposal, you need to hold 4M XMETA at least.
Submit a formal proposal
After the evaluation of the pre-proposal is approved, the formal proposal will be launched in snapshot, and the formal proposal will be officially announced to all X-Metaverse communities.
All XMETA holders in the community (with at least 5,000 XMETA holdings) vote on it during the voting period (voting time must be kept at 5 days or more). Vote results will be published on dao-voting-results channel.
When the proposal is approved, after a buffer period of 4 days, contributors will be responsible for implementing the proposals, each implementation will be done according to the highest security standards, please wait patiently for the development of new proposals.
DAO work collaboration
The team will work together with all DAO members who are willing to contribute and join the organization through the DAO reward distribution tool at the appropriate time, posting bounty jobs and evaluating your work under the supervision of everyone. The Malicious evaluators will be forced out of the organization.
II. DAO Community Vault
This is a vault built by all will be a strong support for the X-Metaverse ecosystem in the future, when someone needs to use it, who have to provide the DAO proposal, the vault will use a multi-signature mechanism by 2 community representatives, founding team, development contributors, and 4 party members to sign at the same time in order to approve contract transactions.
DAO vault use is divided into two parts.
60% for veXMETA staking pool dividends.
40% is used mainly for community task bounty (job salary) token liquidity, marketing cooperation, volunteer salary, repurchase and other purposes.
The DAO vault components are the following 6 parts.
1. Community Funds
The Community Fund ensures that the DAO pool meets at least 1,000,000 XMETA per month (with reasonable adjustments as necessary) as a minimum DAO pool fund.The Community replenishes the DAO pool to 1,000,000 XMETA when fees/revenue from all sales in the marketplace fall below 1,000,000 XMETA.
For example, if all fees/revenue for the month is only 600,000 XMETA, the community fund will allocate 400,000 XMETA to ensure that the DAO pool fund is at least 1,000,000 XMETA. 60% of the DAO fund pool is used for pledge pool distributions and 40% for community mission bounties.
2. NFT market transaction fee
NFT market transactions will be charged 5% as commission, of which 30% of the 5% transactions fee will be transferred to the DAO vault.
3. Racing fee
Players will be charged a competition fee for participating in a competition (space jump) in the game. 50% of the 5% fee is withdrawn to the DAO vault.
4. Star Guard fee
Players participating in the boss challenge in the game will take out 30% of the revenue from the ticket and gem store revenue to be transferred to the vault.
5. Revenue from planet land sales
In the future, 30% of the proceeds from the sale of the planet’s land will be taken out and transferred to the vault.
6. Retrofitting fee
NFT retrofit upgrade, 50% of which will be transferred to DAO vault.
III. DAO governance token veXMETA
1. DAO game governance token
- Total amount of 90,000 pieces
- The output form is incremental inflation form, 90,000 for the upper limit
- 50% of veXMETA output by stake veXMETA mining
- 50% of veXMETA output by the token XMETA burning
2. Trading properties.
Non-tradable, exchangeable (transfer) only
3. Rights and interests.
veXMETA has voting options and income dividends. Dividends are paid every 30 days and are based on the percentage of veXMETA dividend pool holdings.
4. How to obtain.
- According to the exchange ratio $XMETA 10000:1 veXMETA two-way transfer, when you need to use the governance token veXMETA exchange back to XMETA token need to burn a certain amount of XMETA token for exchange, while the exchange before the need to bind the invitation relationship.
- Burn rate: (burn $XMETA)
- $XMETA exchange into veXMETA: 8% for new user invitation bonus pool (official same percentage buyback destruction).
- veXMETA exchange into $XMETA: 12% for burning directly. Staking in mining Pool: Locked stake veXMETA mining to obtain veXMETA, the longer you locking stake period to obtain more veXMETA, during the locking period can not be withdrawn, first come, first served, mining both end. veXMETA governance token will be sent to users linearly every month. Reguar fixed output as follows. Locked for 1 month, output 10% veXMETA; Locked for 12 month, output 150% veXMETA; Locked for 24 month, output 320% veXMETA; Locked for 36 month, output 500% veXMETA.(Subject to the actual page)
- Staking in dividend pool: All the veXMETA that want to get the platform earnings must join the veXMETA dividend pool to get the platform earnings dividend, which can be withdrawn after one month after staking.
- Members in the staking in the Dividend Pool will receive a 60% share of the X-Metaverse eco-income, and you will receive a share of the platform’s income as long as you are in the staking pool.
- When $XMETA burning quantity remaining 50% of the total will be stopped
IV. DAO Invitation Mechanism
The 8% rewards in the burn rate will be automatically converted into veXMETA to reward users who actively invite their friends to join DAO, and the bonus will be released once a month. At the same time, this 8% rewards will be 100% repurchased and burned by the official.
The 8% of the rewards are distributed as follows (refreshed monthly).
- 15% is used for basic rewards: become a DAO user to get rewards, holding 1 veXMETA is to become a DAO user, all rewards of this part are divided equally by new users.
- 60% is used to reward for inviting others to hold veXMETA; the user who invites the ranking will directly divide all the rewards according to the proportion of invitation.
- 25% is used to reward users who are invited to participate in the staking mining pool or participate in the staking bonus pool; the more the amount of veXMETA formed by the invitee participating in the staking, the higher the reward for the invitee; we will share all rewards according to the new staking percentage of the month, and the new percentage will be counted again after the new month opens (the additional staking part will be included in the new percentage of the month).