A Guide to BancorDAO Due Process

This article was first published on Bancor - Medium

Obligations to the BancorDAO

Anyone can create a new proposal for consideration by the BancorDAO; there is no requirement to hold BNT or vBNT. The guidelines for proposal creation are obligatory and were written into DAO law with the passing of BIP3 on 24 October 2020. These guidelines have since been updated to reflect the DAO decision-making process on Snapshot and were accepted with the passing of the BIP12 addendum on 26 March 2021.

Creating a New Proposal

Whitelisting Proposals

  • It is highly recommended to use the generic template for new whitelisting proposals.
  • Collaboration is better than solitude; authors should reach out to experienced DAO members for advice during the drafting stages.
  • Remember, you will need community support during the vote. Consider starting a discussion with community members on the Telegram channel, and the Bancor Discord server, while you are preparing the draft proposal.
  • Be aware of the highly challenging quorum requirements (40%). Don’t be shy; actively seek support within the community, reach out to known influencers and/or whales during the preparation of the proposal. Start an actual conversation, rather than pleading for votes.
  • Increasing TVL, attracting new users, growing trade volume, and making Bancor more visible in new demographics are highly motivating.
  • Engaging the founders and/or dev teams behind a token is not required, but can be very helpful. The Bancor community developers will often want to audit the token contracts and discuss potential issues directly with the teams responsible for them.
  • The insurance contracts cannot be activated until the pool is bootstrapped with a minimum of 1,000 BNT and the corresponding dollar value of TKN. It is preferred that a pool has already been active on Bancor prior to whitelisting, and sufficiently deep that the insurance contracts can be implemented immediately following a successful vote.
  • If there is no pool, or ...

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