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Governor + Timelock
The Governor contract is responsible for running proposals and counting up the votes
The Governor and Timelock contracts for the heart of the decision-making smart contracts of the DAO. The Governor is the contract that is responsible for managing votes on proposals, while the Timelock is the actual treasury of the DAO and holds all the funds. Learn more about how Governor and Timelocks work here.
- Name - This is different from your NFT token name. So, for example, your NFT Token might be called Trees and your DAO could be called, "Forest DAO". Pick what you like.
- Proposal Threshold - The minimum number of NFT tokens a user has to hold before they can make a proposal to the DAO.
If you want community engagement, a low proposal threshold will make it easier for community members to put up ideas to vote. However, if you want to be sure proposals are high quality by thoughtful members of the DAO, you might want a higher proposal threshold to limit proposal power to just larger DAO holders.
- Voting Delay - The time between when a proposal is created and when it goes live for voting. This is delineated in block time and you will want to pick a number that is appropriate for the speed of your network.
Before voting, users may announce themselves as voters by delegating their votes to themselves or someone else. The voting delay allows for voters to change their delegations before the vote is live. This is useful in situations where a proposal comes up on a subject where a voter disagrees with their delegate. The Voting delay gives them time to change their delegation before the votes goes live.
- Voting Period - The length of time a vote lasts. This is also delineated in block time and will vary based on the speed of your selected network.
- Quorum Numerator - The minimum percentage of "YES" votes required for a proposal to pass.
Pick this number carefully. How active will your community be? How many people do you want to require to have a vote pass? Too low of a number might mean a small number of individuals are able to capture the DAO, too high- and it might be impossible to ever get enough people to vote yes to get something to pass.
- Timelock Delay - Once a vote passes, it enters into the timelock where it is 'delayed' to give users a chance to understand how the vote might affect them, and potentially allow them time to exit the DAO before a vote takes effect.
The length of time that is appropriate for the timelock mostly depends on how fast or slow you want changes to take effect. If you're building a large protocol DAO you might want a week, if you're a work DAO that mostly uses the treasury to pay invoices, you might want to pay out the same day.
Note: Timelock delay is delineated in seconds.