👪3. DAO
Manage DAO parameters and EGLD redestribution directly in the City Wallet DApp
The City wallet allows users to change parameters which controls the DAO but also to decide wheter or not $ECITY staker should receive EGLD from the City Wallet profits.
1. DAO parameters
Max wallet percent: represent the maximum percentage of the wallets fund that can be involved in a NFT purchase proposition or a SWAP
Proposal countdown: time needed for a user to wait before starting a new proposal
Quorum: minimal number of $ECITY involved in a proposition to be accepted
Pass rate: percentage needed for a proposition to be accepted
Voting period: duration of a proposal
You can find all of the DAO parameters and their values by clicking on the DAO button in the navigation bar 👇
2. EGLD redistribution
Positive NFT and token trades can help grow the EGLD balance of the City Wallet. By generating profits, users can propose redistributing a portion of the funds in EGLD through the platform's voting mechanism.
If the balance of the wallet exceeds 1515 EGLD, users can propose redistributing a portion of the funds. The user selects the amount to be redistributed and signs the transaction. If the proposal is accepted, the amount will be divided among all users based on the amount of $ECITY staked on the platform.
The minimum threshold for starting a redistribution proposal is set to 1500 EGLD, which is the amount of EGLD initially provided by the team for the wallet. Redistribution cannot happen below this amount as it would instantly drain the wallet. Additionally, a minimum profit of 15 EGLD is required to avoid small $ECITY stakers from receiving negligible amounts of $ECITY, although this threshold may change over time.
Examples
The City wallet holds 1700 EGLD: a redistribution proposal can be initiated for a redistribution between 15 and 200 EGLD
The City wallet holds 1515 EGLD: a redistribution proposal can be initiated for a redistribution of 15 EGLD
The City wallet holds 1450 EGLD: a redistribution proposal cannot be initiated because the wallet EGLD balance MUST BE superior to 1515
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