Cyber

Share

Cover

Introducing CYBER Voting and Governance

Announcements

2024-07-31

Today, we're thrilled to announce a huge milestone: the launch of CyberDAO! This marks a significant step towards giving the community full control over Cyber's future. đź’š

Say gm to CyberDAO! đź‘‹

With the ambitious goal of expanding web3 beyond finance, community empowerment is a key value within the Cyber ecosystem. On Cyber, developers, users, and other contributors are recognized, making it essential for these stakeholders to have the ability to shape its evolution through decentralized governance. As Cyber establishes itself as the leading ecosystem for social applications and new meaningful onchain experiences, it is crucial for the ecosystem and its governance to be dynamic and effective. 

CyberDAO decentralizes the decision-making for all ecosystem improvements, ensuring that passionate community members can actively contribute and drive change on Cyber. This fosters community-driven growth and makes governance more social and fun. 🤗

To guide the process of decentralizing governance, we've drafted two documents: 1) a Working Constitution and 2) the proposed Processes & Governance Procedures. Both require community discussion and votes for eventual ratification. 

Additionally, The Cyber Foundation (or The Foundation), a Cayman Islands foundation company, has been established to support CyberDAO administratively and act as the legal entity for CyberDAO. The Foundation will not provide these administrative services indefinitely; its ultimate aim is to decentralize its role over time. Decentralization proposals that gradually phase out The Foundation’s involvement will be raised within the first year after the constitution is put into effect.

Ratifying the Working Constitution will be the DAO’s first on-chain proposal. More details about this will be shared in the coming days. The Processes and Governance Procedures will be tweaked over time and codified by vote (approximately 1 year from the launch of the first voting cycle, or sooner if DAO participants and The Cyber Foundation have conviction that the voting processes are meeting the DAO’s needs). The procedures and mechanisms described in this article are based on the two aforementioned documents, which: 

  • initiate CyberDAO, 
  • outline the procedures for creating DAO proposals and voting, and
  • establish processes for amending the Constitution and creating new councils to represent the DAO. 

How Does CyberDAO Governance Work? 🤔

CYBER holders can participate in governance by staking their tokens. CYBER Stakers receive derivative tokens for their staked CYBER (as cCYBER or stCYBER) which allows them to submit, discuss, and vote on proposals. 

Introduction to CyberDAO Delegated Governance 🙋

To simplify governance, we’ve proposed a delegate system where members can authorize trusted community members, known as delegates, to vote on their behalf by allocating their voting power to them. This ensures active participation and that governance decisions reflect the community's interests, even for those with limited time. By implementing a delegated governance system, CyberDAO addresses issues like low voter turnout while still enabling all members to shape the ecosystem.

Cyber delegates are volunteers and members of the Cyber community who have been selected to represent other token holders and make governance decisions on their behalf. To increase accessibility, 20 reputable representatives from the ecosystem and the crypto community have been recruited as initial delegates. These include technical partners, ecosystem projects, artists, and developer leaders in the Cyber community. They have been selected to help the DAO be functional and more accessible from its foundation. These endorsed delegates are here to simplify the process initially, but anyone can become a delegate at any time, so the number of delegates will grow as CYBER stakers delegate to whoever they want. 

Token holders can already select their delegates on the Cyber Governance Portal before the first vote in mid-August to ratify the constitution. Head over to the Cyber Governance Portal on Agora to select a delegate to act as your representative today! 

Governance Tools & Procedures 🧰

All proposals must go through two stages: discussion and voting. Discussions start on the Cyber Forum and move to Cyber Governance Portal as official proposals for delegation and voting.

The Cyber Forum, powered by Discourse, is used for governance-related discussions, while the Cyber Governance Portal, powered by Agora, is used for delegating voting power, as well as creating and voting on proposals (proposals launching August 2024).

Proposal Process

Discussion (Feedback & Review) 🗣️

Anyone who stakes CYBER and holds either cCYBER or stCYBER is eligible to submit a topic for discussion and governance consideration. Proposers (stakers) initiate a discussion before a proposal by submitting a thread in the appropriate category on the forum.

Discussions go on for 12 days. In order to progress to the next stage, 2 of the top 30 delegates must explicitly approve the proposal. This approval moves the proposal forward to the voting stage using one of the standard proposal templates in the Cyber Proposal Section hosted on Agora.

* Delegates cannot approve their own proposals and approval by a delegate to advance a proposal to voting simply indicates readiness for a vote, not endorsement of the proposal content.

The 12-day feedback and review period is followed by a 2-day voting delay, when people can still delegate votes, and acquire new cCYBER tokens before the snapshot occurs.

If a proposal author does not get explicit approval or wants more time for feedback, they should continue to seek feedback from the community and submit an updated proposal in the next voting cycle. 

Voting 🗳️

Delegates vote on the proposal. Proposals must meet quorum and approval thresholds (dependent on the type of proposal), detailed in the Processes & Governance Procedures. 

Phased Decentralization 🔢

CyberDAO’s governance is rolling out in two phases. In the blog announcing Mainnet Staking, we introduced a novel two-token governance model. This significant innovation in decentralized governance is being implemented in two phases because dual-token governance mechanisms are not yet supported by governor contracts. This functionality is currently being developed in partnership with Agora to meet the unique needs of CyberDAO.

Phase I: One-Token Governance (Through cCYBER)

In Phase I, governance will be exclusively through cCYBER. Currently, most staked CYBER is in the Cyber Vault, so it has been prioritized to enable the most community members and token holders to contribute immediately. The processes described above remain the same, but only cCYBER (not stCYBER) enables participation in governance until Phase II.

Phase II: Dual-Token Governance (Adding stCYBER)

In Phase II, governance will expand to include stCYBER, allowing individuals who want to participate in direct staking to take part in CyberDAO governance as well. This is expected in Q4 of 2024.

Join CyberDAO! đź’š

Join this exciting journey as we decentralize Cyber’s governance! For more details, check out CyberDAO’s Working Constitution and Processes & Governance Procedures. You can start now by delegating to the initial endorsed delegates so that when CyberDAO is ready to vote on ratifying the two, you’re ready! ✅

Get involved today by:

  1. Going to the Cyber Governance Portal and exploring delegates,
  2. Selecting your delegate, or creating your own delegate profile.

If you haven’t staked CYBER yet, remember to head to cyber.co/stake to stake your CYBER to receive cCYBER so you can get started shaping the future of the Cyber Ecosystem. You can also acquire cCYBER on CyberSwap to begin participating today.

What are you waiting for? Delegate NOW!