Vote with GORJS tokens to fund your favorite creators
Holders can allocate up to their claimed to-date token amounts to projects of their choice during the voting period. For instance, a holder could vote on one project by allocating all of their tokens to that proposal or vote on all projects submitted by the multiple artists in the Season by dividing their tokens evenly across the number of projects. One token represents one vote on one proposal. Based on the amount of artist funding available during each, there will be a limited number of projects that can be approved by the community. Correspondingly, the leading projects with the most votes will be those approved, funded, and available for mint within the DAO. The Founding Team and Advisory parties will play a role in facilitating mints hosted on the GORJS marketplace - these two parties will execute the vote on the suggested proposals.
GORJS plans to propose a voting period of 2 week(s), which represents a sufficient amount of time for token holders to cast their desired votes and artists to execute on their approved projects throughout the end of the Season. To reduce gas fees for an individual member, GORJS voting mechanisms will reflect batch voting; this will allow users to cast their votes and pay the associated gas fees once per voting period.
Using a blend of quorum and conviction voting processes, the threshold for an acceptable proposal will be a minimum of 1% of wallets participating. This threshold signifies that at least 1% of people would need to vote to deploy new projects from the DAO and have it be deemed a fundable project. For instance, out of the 1,000 FKWME Pass holders, there needs to be at least 10 wallets who have voted on the proposal for it to be selected. Both the threshold for approval (e.g. minimum number of DAO members needed per proposal) and duration of voting period for project approval can be revised by the community. When artist proposals are accepted, each voters’ committed tokens (e.g., number of tokens used to vote on a particular artist’s collection) are then automatically casted in a staking process for allowlist bidding with a voted token multiplier. Multipliers are based on how early a participant votes on the proposal that has been accepted. This multiplier will be determined by the following time scale:
How early users vote in proposal selection
All votes casted after 7 days
Within 4-7 days of Season starting
Within 1-3 days of Season starting
Within 24 hours of Season starting
These incremental tokens based on the multiplier will not be transferred to a holder / voter; instead, the automatic casting will be pulled from the treasury, limiting the need for additional token transfers to individual wallets. For instance, if a holder used 100 tokens to vote for a project within 24 hours that is eventually approved, the holder will have 500 tokens automatically staked in the allowlist process and can choose to further allocate other owned tokens, increasing the likelihood of receiving a certain number of allowlist spots (determined by the creator upfront). This additional allocation of tokens beyond the multiplied quantity placed in the staking process will be returned to holders if they do not win an allowlist spot. The creator is responsible for determining whether only a certain number of those who staked will receive allowlist spots. Regardless, users remain incentivized to allocate as many tokens possible towards projects they want a guaranteed allowlist in in a timely fashion. The allowlist staking process also gates token trading and transferring as only those who vote on projects will be eligible.
If holders receive allowlist spots for an approved proposal, they will get early access to the drop when it goes live to the public. As one allowlist spot is redeemable for the early access purchase of one NFT, they are still able to mint NFTs in the general mint process (open to everyone, including those not on the allowlist). The largest token staker, excluding Founding Team and Advisory holders, can also receive a free giveaway from the collection, if the creator permits. The winner of the free giveaway will be chosen prior to both the allowlist and public mint, and the winner still has the option to mint an additional NFT with his or her allowlist spot. This allowlist period and free art giveaway are intended to incentivize early voting on proposals, ensure equitable distribution, and create a community of quality backers and true patrons of the art created. Once a token is staked, it would re-circulate within the total supply.