What is a DAO, anyways? Below is a list of the most common community questions.
A Decentralized Autonomous Organization (DAO) is a self-managing structure that operates independent distributed workforce based on a set of rules encoded in a computer program. In a tokenized DAO, like JetDAO, the decisions on defining and managing those rules are taken based on a vote by the governance token holders.
Protocol DAOs like JetDAO use DAO infrastructure and develop frameworks to make key decisions on protocol offerings and mechanics like asset onboarding, fee structures, etc. in a community-oriented and decentralized manner. Using a DAO as organizational structure decentralizes decision making and ensures “stake in the game” of decision-makers, promotes inflow of ideas from a wide community of users and other stakeholders, and creates resilience against external censorship and control.
JetDAO is permissionless and anyone can be part of it. There are three ways you can join JetDAO:
$JET is Jet Protocol's native Solana-based SPL token.
$JET is a utility token that confers governance voting rights to change and upgrade Jet Protocol. It also gives holders tiered usage benefits of Jet Protocol earned by locking up $JET on the governance app, JetGovern.
Details about the JET airdrop can be found here.
The $JET token can be staked on the JetGovern app.
$JET token holders play a vital role in governing the future direction of Jet Protocol’s development. $JET token holders are responsible for participating in forum discussions and voting on proposals approved by the Governance Committee.
The asset onboarding guide is a standardized governance framework used to add new asset types to the protocol. For $JET to be added as a collateral type, a $JET asset onboarding proposal must go through all the steps defined in the asset onboarding guide. If you’d like $JET to be added as a collateral type, you can fill in the asset onboarding application and post it on Jet forum for JetDAO community and token holders to vote on.
One $JET token is equal to two (2) votes. “Votes per $JET” is a metric used to track the amount of voting power every account has and each proposal on JetGovern has a downloadable CSV to view this metric.
The governance process happens in four phases: Pre-screening, discussion and review, voting, and implementation. These phases are stewarded by the stakeholders involved in the Jet Governance Process.
Interested Parties, The Governance Committee, The Jet Protocol Community, Jet Core Team, and $JET token holders are all the stakeholders involved in the governance process. A breakdown of the responsibilities of each stakeholder at every stage of the governance process can be found here.
Forum discussions take place on forum.jetprotocol.io.
Jet core team is currently participating in the governance process two fold - by evaluating incoming proposals as part of the Governance Committee (initial membership is composed of both Jet core and non-core contributors) and by supporting the applicants and facilitating the process of new asset onboarding.
Anyone can create and submit a new proposal through Jet forum in compliance with the J-DAP template corresponding to the proposal’s topic. Following the governance process this proposal will then go through community discussion and evaluation by the Governance Committee. Only if both community sentiment (expressed through off-chain forum poll) and Governance Committee’s assessment are positive the proposal will be created on the JetGovern app for the on-chain voting with $JET tokens. At this time, the creation of the proposal on JetGovern can only be done by members of the Governance Committee.
CODEC stands for Collateral Onboarding Domain Evaluation Criteria and refers to the detailed list of criteria that the Governance Committee needs to analyze when assessing a proposal for new asset to be listed as a collateral in Jet. The CODEC can be found here.
To start the process of listing a new asset in Jet, you need to fill out the application form, which you can find here. Once complete, your proposal will go through the asset onboarding process which is detailed in the asset onboarding guide.
Governance proposals are termed Jet DAO Advancement Proposals (J-DAPs).
Quorum refers to the minimum number of votes required for a proposal to pass.
At this time, there has been no implementation of a voting quorum, so proposals on JetGovern are passed or rejected by a simple majority of votes cast. In the future, JetDAO may implement a required quorum for votes to pass as defined in the SPL governance program.
At the moment there is a 5% voting threshold in place.
The Jet Association is a Swiss-based association and legal wrapper for JetDAO.
The JetDAO requires a legal wrapper to relieve members from bearing significant liability for funds and actions. This legal wrapper allows the DAO to partake in activities that it may be otherwise unable to like: interacting with third parties external to the DAO, entering into contracts with digital asset exchanges, holding assets, protecting the valuable IP of DAO members, etc. As we progress towards total decentralization we must also take measures to protect the protocol, the DAO, and its members from regulatory risk.
The JetGovern codebase is open-sourced and can be found on the Jet Protocol Github repo.
The JetGovern app has gone under audit by OtterSec and the full audit report can be found here.
Future audits may be held by different security firms, which will be selected through a governance $JET vote and funded from the JetDAO treasury.