Title: The DePIN DAO
Authors: Qevan Guo, Andrew Law
Forum discussion: https://community.iotex.io/t/iip-33-the-depin-dao/12323
Status: Draft
Type: Standards Track
Category: Core
Created: 7/25/2024
This proposal highlights the organizational structural update of the Marshall DAO to a two-level DAO, a master DAO and its sub DAOs. The master DAO will be a veIOTX governed DAO while each subDAO will have its own focus to boost ecosystem growth.
This IIP proposes the formation of the DePIN DAO as the first subDAO. The proposal includes renaming the Marshall DAO, outlining the structure and guidelines for subDAO formation, reward distribution, and related project listing, and establishing a new DePIN DAO to handle reward emissions for DePIN ecosystem growth. This initiative aims to enhance ecosystem growth and streamline the management and incentivization of ecosystem projects in emerging sectors like DePIN, DeFi, etc.
The formation of the DePIN DAO as a subDAO is intended to provide a specialized focus on the DePIN sector, streamline baseline reward distribution for bootstrapping the supply side of DePIN networks, and thus enhance master ecosystem growth. By establishing clear guidelines and integrating with existing IoTeX's modular platform, this proposal aims to foster technical integration, support emerging DePIN projects, and drive the overall advancement of the DePIN ecosystem.
This proposal will positively impact the IoTeX community by:
- Encouraging Participation: Providing a structured and transparent mechanism for funding DePIN projects and receiving rewards from these DePIN projects.
- Driving Innovation: Supporting the development of cutting-edge DePIN technologies and initiatives.
- Improving Governance: Enhancing the governance framework with dedicated oversight for DePIN-specific activities.
Proposal: Renaming Marshall DAO and introducing its first subDAO called DePIN DAO to manage reward emissions specifically for DePIN ecosystem growth.
- The Current Marshall DAO: The overarching master DAO responsible for broad ecosystem management and oversight.
- DePIN DAO: A specialized subDAO under this master DAO tasked with handling reward emissions for DePIN projects.
- The Current Marshall DAO: The central governance body overseeing the entire ecosystem.
- SubDAO (i.e. DePIN DAO): The specific subDAO dedicated to the DePIN sector, responsible for managing and distributing rewards.
- Ecosystem Project Listing: The process through which ecosystem projects can be listed and considered for funding within each approved subDAO.
- Formation: The subDAO will be established as a formal organization under master DAO. It will inherit governance and operational frameworks from master DAO while focusing on sector-specific objectives.
- Governance: The subDAO will operate with its own governance structure, including a dedicated council or steering committee for decision-making on reward distributions and project evaluations.
- Integration: The subDAO will integrate with master DAO’s existing infrastructure, utilizing the IoTeX’s tools, products, and protocols for seamless operation.
- Reward Emission: Rewards will be distributed based on subDAO’s evaluation of project performance, contribution to the ecosystem, and adherence to pre-defined criteria.
- Evaluation Criteria: Criteria will include project impact, technological integration, and long-term alignment with IoTeX's ecosystem growth goals.
- Distribution Frequency: Rewards will be allocated periodically, with clear schedules and thresholds defined by the subDAO’s governance.
Here are some potential subDAOs that could focus on areas such as:
- DeFi Innovation: A subDAO dedicated to driving advancements in decentralized finance, providing funding and support for DeFi projects, enhancing financial components, and fostering on-chain activities within the IoTeX's DePIN ecosystem.
- Community Engagement: A subDAO aimed at increasing community participation and engagement, managing initiatives to reward active community members, organizing events, and fostering a vibrant ecosystem culture.
By establishing clear guidelines and integrating with IoTeX's modular platform, this proposal aims to foster technical integration, support emerging projects in various sectors, and drive the overall advancement of the IoTeX ecosystem.
The primary goal of forming the DePIN DAO is to create a dedicated governance and reward mechanism that focuses on the growth and development of DePIN projects within the IoTeX ecosystem. This structure aims to:
- Streamline Funding: Provide a focused approach to funding and supporting DePIN projects.
- Enhance Ecosystem Growth: Accelerate the adoption and advancement of DePIN sector and initiatives globally.
- Promote Transparency: Ensure transparent and merit-based reward distribution to attract new builders, capitals and users onto the IoTeX ecosystem.
- Proposal of a Project Joining DePIN DAO: Projects seeking to join the DePIN DAO must submit a detailed proposal outlining their objectives, potential impact, and alignment with the DePIN ecosystem's goals.
- Adding a Project to the Emission: Approved projects will be added to the emission schedule, allowing them to receive reward distributions based on their performance and contributions.
- veIOTX Vote for Emissions: Emission allocations will be determined through weekly votes by veIOTX holders, ensuring a democratic and decentralized decision-making process.
- Staking of Device NFT: Projects must stake a Device NFT to qualify for receiving emission rewards, providing a verifiable commitment to the ecosystem.
- veIOTX Vote to Boost Rewards: veIOTX holders will have the opportunity to vote on boosting rewards for projects that demonstrate exceptional performance and significant contributions to the ecosystem.
- ioID Integration: The DePIN DAO will utilize ioID for device verification, tracking, and performance metrics. This integration will provide enhanced data accuracy, streamlined project management, and improved tracking of reward impacts.
- MSP Integration: Restaked IOTX will be used with additional boosting power to mine IOTX rewards, enhancing the reward mechanism and incentivizing active participation.
- Additional Features: The DePIN DAO will also incorporate project incentive tokens, specifically XRC20 tokens, which can be used to gauge and boost the rewards for participating projects, further encouraging innovation and contribution to the ecosystem.
- Initial Source: Rewards will be sourced from a combination of:
- Emission Allocations: DePIN DAO will have 8 IOTX emissions per block and total at 1% total supply of IOTX.
- Donations and Contributions: Additional rewards from participated DePIN project donations and contributions aimed at supporting DePIN projects.
- Criteria-Based Allocation: Rewards will be distributed based on the evaluation of project proposals, performance metrics, and adherence to DePIN DAO’s guidelines.
- Periodic Review: The DePIN DAO will conduct periodic reviews of projects and reward distributions to ensure alignment with ecosystem growth objectives.
- Transparency: Detailed reports on reward allocations and project performance will be made available to the community to ensure transparency.
Rewards will be allocated periodically to the reward pool, following clear schedules established by the subDAO’s governance. The allocated IOTX will then be distributed to eligible ioID device stakers.
The introduction of the DePIN DAO will be compatible with existing master DAO structures and protocols, ensuring smooth integration and operational continuity.
Security measures will be implemented to protect the integrity of the DePIN DAO and ensure safe handling of reward distributions and project evaluations.
Copyright and related rights waived via CC0.