The Merit Circle DAO is the process of governing Merit Circle. Core decisions are made by the community who use a purchasable utility token ($MC) to fairly vote on potential outcomes.
Proposals are made through our governance forums. Take a look at the forums to see recent threads and discussions.
Governance forums.Go to governance forums
Votes are held through our Snapshot voting platform. Anyone who holds the Merit Circle token ($MC) can vote.
Snapshot voting platform.Go to voting platform
When a vote is held the majority decides the outcome, whether that proposal will be acted upon or not.
Which LP asset(s) should $MC be paired to for the main LP staking pool that receives part of the DAOs staking rewards? **Relevant information follows below** This is the fourth official poll for the staking v2 discussion. See more info on the staking v2 discussions and the first three poll results here: Staking v2 discussions: https://gov.meritcircle.io/t/discussion-staking-v2/401 MP-1: https://vote.meritcircle.io/#/proposal/0xbd4b35e7ef4fa6aa3d354084a6c6cde2db9f4f029554169357faf3690c3bdef4 MP-2: https://vote.meritcircle.io/#/proposal/0x64a669acccf77471e8aee82ecbfdda431d4b487ca01e66b2cc4c1764b5ef97d0 MP-3: https://vote.meritcircle.io/#/proposal/QmYVB6JAudqLR8sMZWiRZENWxY3Jm3ewJjWhPkyhAjoTHg In MP-1 the poll concerned the same question as in this MP-4, i.e. which LP asset(s) should $MC be paired to for the main LP staking pool under staking v2. At the time of voting on MP-1, the majority voted in favor of a MC/USDC pairing. Since that vote took place, a lot has occurred in the crypto space and the various DAO members have been discussing whether the DAO should conduct a new poll on the same matter. As a result, the MC DAO is now holding a new poll on the LP pairing through this MP-4. The result under MP-4 will replace the result in MP-1 and form input to the MIP draft that will follow. Currently, the DAO’s staking scheme has a MC/ETH 50/50 Uniswap v2 pool, alongside single sided $MC staking. The old pool will be phased out as previously described in the staking v2 discussions - more elaborative information on the details regarding this will be provided in the MIP concerning adoption of a staking v2 model. Subject to the final MIP vote, the new LP pool should accrue the majority of the rewards the protocol will attribute to stakers (currently 80% v. 20% on the single sided staking under staking v1). We would also like to remind everyone that the majority under MP-2 voted in favor of stakers being able to lock their assets for up to 48 months. Under MP-3 the majority voted in favor of having LP staking in the Uniswap v2 platform. We encourage everyone to review the discussions on staking v2 and the outcome of the previous polls. Note that the outcome of a MP vote will not have direct or permanent implications; they will only form input to the MIP drafts (see the more detailed explanation on the difference between MIPs and MPs above).View proposal
Authors Dao Core contributors Summary This proposal seeks to propose a restructuring of the DAO and formalise the relationships between the corporate entities that currently form part of the DAO. It also proposes that the DAO forms several new entities that will carry out different functions to ensure the smooth operation of the DAO. Lastly, the proposal seeks to give a development company a mandate to carry out day to day operations for the DAO’s benefit. The existing DAO operations are intended to continue through this new structure and will not be adversely affected by the restructuring. ![image](ipfs://bafkreidwimxhquvffwkudnub4lhil4kyaohtjh33edxr2oblfe6qdy4glu) Budget - On-going budget DAO operational costs and R&D spending - There is no additional budget required for the development entity, as the funds are transferred back from Merit Circle Limited to the DAO, before being granted to OPL via the newly formed MCDAO Ltd. Should the DAO proceed with this restructuring and housekeeping proposal?View proposal
Merit Circle Ltd has been developing, in collaboration with Dept Agency, an NFT Marketplace. The NFT Marketplace will be a sophisticated platform which focuses on gaming assets. Merit Circle Limited will transfer the NFT Marketplace software and IP that has been created to the DAO. It is proposed that the ongoing development of the NFT marketplace be undertaken and completed by the Merit Circle DAO. The Merit Circle DAO is focused on the gaming industry, and the blockchain industry specifically. The DAO is therefore in a unique position to launch an NFT and in-game asset Marketplace given the wide range of portfolio projects it has supported. The revenue generated by the NFT Marketplace will further contribute to the long-term viability of the Merit Circle DAO. The full proposal and discussion thread can be found here: https://gov.meritcircle.io/t/development-of-nft-marketplace/609 Should the DAO invest in the R&D and development of an NFT marketplace for the Merit Circle DAO?View proposal
Authors Douwe – Electric Dick Dev Summary Merit Circle is soon entering the NFT trading space with the release of the Sphere NFT Marketplace. Aggregators are a new tool for NFT trading. NFT aggregation is currently dominated by Gem, but there is plenty of opportunity for a new aggregator to enter the market. Together with Merit Circle, I want to develop an NFT aggregator that is user-friendly, and cheaper to use than any competitor. Having a well-developed NFT aggregator that natively integrates Sphere drives more volume to the marketplace, thereby generating more fees and revenue for the DAO. Budget The proposed budget is $50,000, which will be used to finance the startup phase. The Merit Circle DAO will receive 50% of the aggregator’s common shares. The $50,000 will be used for branding, design, and closing a pre-seed equity round to fund the complete development of the aggregator. Should the DAO develop a NFT aggregator with Douwe and take a 50% equity stake for a $50,000 budget? 1. The acceptance of this proposal grants the Merit Circle DAO 50% ownership in the to-be created equity of the proposed project. The remaining 50% will be owned by Douwe. 2. In the event that a token is created, it should give Merit Circle DAO a pro-rata amount of tokens. Proportional to the amount of team tokens the team equity would get in such an event. 3. Merit Circle will help with bootstrapping. This includes legals, branding, planning and fundraising. This is what the 50K budget is used for. 4. After the bootstrap phase, Merit Circle DAO will remain a founding partner, but the aggregator team will be led by an independent team. The seed raise funds can be used by Douwe to comprise a team. 5. Equity for additional valuable team members will be created during the fundraise. The size and allocation will be negotiated with the existing equity holders (MC DAO and Douwe) and investors. Full discussion can be found here; https://gov.meritcircle.io/t/mip-15-nft-aggregator-development/595View proposal
In light of the recently passed proposal (MIP-13), the Merit Circle DAO is obliged to renegotiate the terms of the financial agreements made between the DAO and Yield Guild Games. This proposal votes on the following; - The Merit Circle DAO buys out the YGG and Nifty Fund allocation, a total of 5,468,750 $MC tokens at 0.32$. For a total of $1,750,000 USDC. - A legal agreement will be signed, enforcing the buy-out offer legally and protecting both sides against future litigation. Do you agree with the above proposal, yes or no? Full discussion can be found here; https://gov.meritcircle.io/t/mip-14-counterproposal-to-mip-13/ Reminder In MIP-13 - a three-month cooling off period for proposals that involve a change of token economics or current agreements. This will give us time to come up with improvements to the governance framework.View proposal
This proposal aims to demonstrate the lack of value YGG has provided the DAO since becoming a seed investor. It also aims to cancel YGG’s SAFT, refund their initial investment, and remove their MC seed tokens. The author of this proposal, proposes to find a solution to terminate the financial obligations the Merit Circle DAO has with YGG, through removing YGG’s seed tokens and refunding their initial 175K USDC contribution. Merit Circle ltd has argued for a clause, that will give time for Merit Circle ltd and YGG to propose a solution that would be more beneficial for the DAO and all parties involved in case of a YES vote. Author deemed this a fair ask and accepted the clause. Vote: - Yes, with clause* - No Clause as described here *; Clause that, in the case of acceptance of this proposal (YES, with clause), delays the proposed actions by 2 weeks and gives a 1 week time period for a counter proposal. For reference, YGG and YGG co-founder Gabby Dizon invested $175k at a price of $0.032 which gives them 5,468,750 MC tokens in total. This was split between $100,000 directly invested through YGG, and $75,000 invested through Gabby’s personal fund Nifty. The full proposal and discussion can be found here: https://gov.meritcircle.io/t/merit-circle-a-new-era/469 Should the Merit Circle DAO refund YGG’s seed investment yes* or no? *Yes would include the clause as described above.View proposal
What should be the platform for LP staking in the staking V2 platform? Previous polls [MP-1] https://vote.meritcircle.io/#/proposal/0xbd4b35e7ef4fa6aa3d354084a6c6cde2db9f4f029554169357faf3690c3bdef4 [MP-2] https://vote.meritcircle.io/#/proposal/0x64a669acccf77471e8aee82ecbfdda431d4b487ca01e66b2cc4c1764b5ef97d0 Relevant information Poll 1 decided the main LP pairing asset should be USDC. Meaning the LP pool will be MC/USDC in the second version of the staking platform. The current pool is a MC/ETH 50/50 Uniswap v2 pool. The old pool will be phased out, current v1 stakers do not have to worry. They will receive similar relative proportional rewards, until the last staker is unlocked (1Y from new pool launch). The new pool will accrue the majority of the dividends and subsidies the protocol will attribute to stakers (currently 80%). The pool will exist next to a single staking $MC pool, that also receives part of these staking rewards (currently 20%). In the previous poll, the DAO decided that the LP stake can be locked for 0-48 months. The longer the lock, the higher the rewards for the staker. The bonus multiplier will be either linearly or exponentially. LP tokens will retain a similar voting weight as they have currently in the V1 system. Locked stakers could also get secondary benefits, such as airdrops from (partner) games or platform fee discounts.View proposal
How long should stakers be able to lock their assets ( $MC/USDC and $MC) in the staking v2 module?View proposal
Which LP asset should $MC be paired to for the main LP staking pool that receives part of the DAOs staking dividends and subsidies? First official poll for the staking v2 discussion https://gov.meritcircle.io/t/discussion-staking-v2/401/34 A discussion that should ultimately lead to a MIP that outlines the design and execution the new staking v2 module. Relevant information: The pool will be an Uniswap v2 or v3 pool on Ethereum. The pool will have a ratio of minimally 50% MC and maximally 90% MC (vs 50% to 90% of the pairing asset). The current pool is a MC/ETH 50/50 Uniswap v2 pool. The old pool is phased out, current v1 stakers do not have to worry. They will receive the same proportional rewards, until the last staker is unlocked (1Y from new pool launch). The new pool will accrue the majority of the dividends and subsidies the protocol will attribute to stakers (currently 80%). The pool will exist next to a single staking $MC pool, that also receives part of these staking rewards (currently 20%). The LP stake can be locked for 0-48 months. The longer the lock, the higher the rewards for the staker. The bonus multiplier will be either linearly or exponentially. LP tokens will retain a similar voting weight as they have currently in the V1 system. Locked stakers could also get secondary benefits, such as airdrops from (partner) games or platform fee discounts.View proposal
As an overview, I and other MC token holders, believe the current use of ‘free cash flow’ or ‘net income’ (which we are defining as funds received from the DAO over and above what is needed for reinvestment or to cover maintenance expense) does not provide maximum value for long term token holders or the DAO itself . Similar to high quality equities (also cash flow producing entities) there is substantial evidence/research that the most economically beneficial use of free cash flow or net income (outside of reinvestment back in the business) fall into three categories . These include 1- S hare buybacks (if management feels market price is undervalued), 2- Dividend Payments to shareholders, and 3- in select cases accumulation of some amount of liquid high-quality assets to keep in Treasury for future operations, defense, investment, acquisitions, etc. I am proposing the following to align MC free cash flow/net income allocation away from the current framework and towards what is historically recognized as the best economic use of free cash flow with some flexibility given to the DAO, see link: (and for subsequent discussion) https://gov.meritcircle.io/t/improved-dao-free-cash-flow-net-income-allocation-proposal/356 Should the Merit Circle DAO adopt this improved FCF/NI proposal?View proposal
Summary This proposal aims to deploy part (up to 10,000,000 $) of the idle stablecoin balance of the Merit Circle DAO treasury into Anchor Protocol, a Dapp on Terra blockchain. The treasury still has 53 Million USD sitting idle on the balance sheet. Anchor protocol offers an outlet to make USD stablecoins, in the form of UST, productive. Anchor Protocol currently offers a 19,5% yield fixed rate on deposits, while maintaining a lot of withdrawing and depositing flexibility. Deploying will diversify the stablecoin balance of the DAO and will increase the yield that the treasury assets will generate. Read full proposal and discussion here: https://gov.meritcircle.io/t/mip-11-deploy-idle-stablecoin-balance-into-anchor-protocol/361 Should the Merit Circle DAO deploy 10M USD from the treasury assets into Anchor protocol?View proposal
To take a step towards bringing the Merit Circle DAO to the vertically integrated gaming DAO we envisioned, we would like to share some negotiations that have been going on. Furthermore, we would like to use this proposal to create a framework for future projects that will live under the Merit Circle DAO. Edenhorde is one example, but in this same proposal we share the negotiations with two senior developers who have created a game that we’re aiming to launch under the Merit Circle DAO. In this proposal we share the financial breakdown of these projects and thereby indicate the way we envision sufficient in the near future. Read the full proposal and discussion here: https://gov.meritcircle.io/t/framework-around-financial-terms-for-games-developed-by-merit-circle-dao/294/9 Should the Merit Circle DAO move ahead with a framework targeted at game development?View proposal
As the DAO gains momentum and the community becomes more active, the DAO requires a consistent and well-run governance process in order to remain stable and secure as it grows. The DAO needs someone to write governance reports, moderate and improve the governance forum, network with other DAOs, hold governance meetups and various other activities. These tasks are essential for developing and maintaining a healthy DAO and ensuring constant communication between the DAO and the community. The Core Contributors of the DAO have found a suitable candidate. Find the complete proposal and discussion here: https://gov.meritcircle.io/t/hire-shashwat-ashiya-as-the-head-of-governance/237 Should the DAO hire Shashwat Ashiya as Head of Governane?View proposal
This proposal is for an equity investment into Hotwire Studios and a token investment into Game 1, Nitro League. Given the current market cap of Nitro League of 120M fully diluted and the equity investment terms, the equity investment is nearly covered just by the proposed Nitro token holdings. This proposal will cover the Hotwire Studios game and infrastructure opportunity as well as the Nitro League game and how the Hotwire infrastructure drives in-game value. Read the full proposal and discussion here: https://gov.meritcircle.io/t/hotwire-x-merit-circle-proposal/213 Should Merit Circle DAO invest in Hotwire?View proposal
This proposal has the purpose of creating a sustainable ground for the future of Merit Circle and the MC token. We propose to use the proceeds from realized gains on investments across various investments done by the DAO to be deployed in a structured manner. This consists of using one part to re-fill the treasury in USDC, one part buying back MC tokens for the treasury and the remaining part burning a part of the MC tokens bought back. The full proposal and discussion can be found here: https://gov.meritcircle.io/t/sustainable-future-vision/192 Should the Merit Circle DAO adopt the token economics improvements as proposed in MIP-7?View proposal
This proposal gives the DAO a venue to de-risk early-stage token and NFT investments at the time they become liquid. By mandate the DAO would be able to do so quickly and flexibly, giving it more opportunities to benefit from short-term market conditions. It will also reduce the amount of governance overhead for something that is, in our opinion, a clear win for the DAO. Find full proposal and discussion here: https://gov.meritcircle.io/t/early-stage-investment-de-risking-mandate/172 Should the DAO get a early-stage de-risking mandate?View proposal
Gro protocol propose to help Merit Cicle DAO manage $2.5MM of the treasury fiat position through their risk tranched stablecoin PWRD, which offers deposit protection while generating yield. They propose, after discussion with the community, to allocate to the following positions: - 1.25MM in PWRD - 1.25MM in PWRD-3CRV (staked on Gro) Read the full proposal and discussion here: https://gov.meritcircle.io/t/proposal-partner-with-gro-protocol-for-treasury-management/141/15 Should Merit Circle DAO allocate 2.5MM to PWRD and PWRD-3CRV?View proposal
There are currently a lot of opportunities in the operational side of Merit Circle. Scaling, educating and maintenance of our current scholarship program is labor-intensive and sensitive to errors. Therefore we propose to develop an overarching platform that will house all the functionalities required to scale and sustain all the current gaming activities for Merit Circle. Find full proposal and discussion here: https://gov.meritcircle.io/t/development-of-gaming-platform-with-dept-agency/127 Should the DAO enter a collaboration with DEPT Agency to develop the gaming platform? (Dashboard)View proposal
The proposal outlined here is to be put through the Merit Circle governance process in order for the community to be able to review the proposal and provide feedback where necessary. If the proposal is approved by the DAOs governance process, the implementation of the proposal should follow these steps: - On Maple Finance, approve USDC to spend. - Deposit 10,000,000 USDC to the Maven 11 liquidity pool and receive Maple Pool Tokens (MPT), to be eligible for receiving USDC rewards - Approve MPT to spend. - Stake MPT in Maple Finance, to be eligible for receiving MPL governance token rewards (do not confuse with staking for the pool cover, staking MPT is purely to receive MPL rewards and it is a technical requirement). Find the full proposal and discussion here: https://gov.meritcircle.io/t/mip-3-yield-generation-on-maple-finance/92 Are you in favor (Yes) or against (No) MIP-3?View proposal
Co-Authors: CitizenX Maven11 Flow Ventures LP Summary Merit Circle DAO raised $105,576,956 million in the Balancer Liquidity Bootstrapping Pool on Copperlaunch. The sale concluded on November 5th at 2 pm UTC after a 3 day raises period. After the conclusion of the sale, these funds were sent to the MainDAO in a 4 out of 7 multisig. We are proposing that the DAO have a broad investment mandate so as to enable our sizable cash position to be as productive as possible for the DAOs benefit. This mandate will be developed and may, at a later stage, narrow the investment mandate and may also create sub-mandates. All these future proposals will be voted on by the Merit DAO community, the $MC token holders, before they are enacted. Abstract After concluding a record-breaking Balancer Liquidity Bootstrapping Pool on Copperlaunch there’s now a large cash position in the MainDAO’s wallet. This cash is currently sitting idle, and we are of the view that it should be being utilized to further the DAO and the Merit Circle’s objectives as soon as possible. The complete proposal and discussion can be found here: https://gov.meritcircle.io/t/broad-investment-mandate/27/5 Are you in favor of MIP-2 (Broad investment mandate)?View proposal