Governance on Solana is a feature that all Decentralized Autonomous Organizations (DAOs) should be focusing on as the forefront of their community. Allowing members to not only have a voice, but to actively participate in decision making is a powerful tool that all communities should implement into their protocols.
There’s a misunderstanding with DAOs and autonomy. The definition of autonomy is “having the freedom to govern itself or control its own affairs” or “being self-governing”. As of now, there is nothing autonomous about DAO’s as we know them.
Decentralized Organizations or “DOs” is an effective way to conceptualize governance. All DO Members are able to directly influence the organization they are participating in by actively participating on governance proposals. Participation is completed through discussions and on-chain voting utilizing governance tokens or NFTs through SPL governance Realms. Realms is an important progression in the Solana ecosystem allowing members to create proposals, vote, and unite under a single entity in an open and transparent manner. The PsyDO is contributing to the continued progression of governance by streamlining the ability for members to manage protocol treasury accounts!
Designed by a PsyOptions core contributor, Serum Remote allows community members to participate in asset management of Decentralized Organization’s treasury accounts through governance proposals! Members are able to propose swaps for any treasury account that the DO controls directly through the Realms UI and Serum Remote will execute the swap on-chain upon the approval of the proposal.
What does this mean for PSY Holders?
The Serum Remote programs allows community members to influence the treasury by allowing $PSY tokens to be staked and used for voting. With the PsyDO, governance members are able to manage all assets any treasury controlled by the DO owns.
Check out our community guide for a full walkthrough of Realms and how to participate in your first governance vote!
With the recent proposal of performance fees being directed into the treasury accounts, $PSY token holders are now able to manage how platform fees are being utilized!
Examples of proposals that members could create are:
1.) Propose treasury use USDC to buy back and burn $PSY tokens at a target price.
2.) Trade 100 scnSOL for USDC then swap the USDC for $PSY.
3.) Deposit $100k into PSY/USDC liquidity pool on Atrix.
The possibilities are endless with how treasury funds can be utilized. We encourage all community members to become active and help drive the success of the PsyDO!
How to Use Serum Remote
1.) Visit the treasury accounts of the DO. Here is the link to all of the PsyDO owned treasury accounts: https://realms.today/dao/PSY/treasury
2.) Next, select the treasury account which you want to manage.
3.) Click the “Investments” button located in “Current/Available Investments” section. You will now able to see any available investment integrations here including the ability to trade tokens directly through Serum’s Order book via Serum Remote! Click “Propose” to open Serum Remote.
4.) Here you will input the required parameters into the fields:
Serum Market: The address of the Serum market that will be traded on. Which token pair do you want to trade? What is the market address for that pair?
Deposit Address: The DO address that will receive the token you are swapping for when trades successfully execute and settle.
Amount of “Token A” to be Swapped: The amount of token A to be transferred to the Serum Remote protocol for the total buying/selling power or collateral.
Order Side: If you are looking to sell “Token A”, the program must put sell orders on the Serum order book. If you are looking to buy “Token B”, the program must put buy orders on the Serum order book.
Bound: If Order Side is “Bid” then the bound must be set to Upper. The protocol takes into account the BoundPrice, so an upper bounded bid would translate to “Execute a bid for token B as long as the lowest ask is below the bound price”. When the Order Side is Ask then the bound must be set to Lower. This would translate to “Execute an ask or sell A for token B as long as the highest bid is above the bound price”. Bids cannot be lower bound and asks cannot be upper bound.
Bounded Price: For example, if you are looking to sell “Token A” for “Token B” as long as the price is above $10.25, the Bounded Price is $10.25. “Token A” will only be sold if the highest bid on the order book is above the Bounded Price.
Reclaim Date: This is the date in which the strategy will stop, and all unused funds will be returned to the Treasury Account address in which they originated.
5.) To finish click “Propose”!
Note: You will need to hold a certain amount of PSY tokens in order to make proposals which you can check in the Params section of Realms. Parameters for each treasury account are displayed here and varies from each account.
Follow PsyOptions to stay up to date on all of the latest developments coming out of the PsyDO. Want to learn more about Serum Remote? Check out the github repo: https://github.com/mithraiclabs/serum-remote