AN INNOVATIVE AND EXPERIMENTAL GOVERNANCE MODEL FOR COMMUNITY PROTOCOL MANAGEMENT.

Blockchain technology and innovation are intertwined, we find that in itself, the advent of cryptocurrency was created to innovate around the existing financial banking systems. Over the years we have seen the constant evolution of blockchain networks, with regard to security, utility, and general operations. Each year, we find more innovative protocols which target specific needs of the crypto community. As part of our social experiment, with the Caishen governance model, we aim to fix several drawbacks and provide a fair and equitable governance model.

PROOF OF PRESALE NON-FUNGIBLE TOKEN:

Existing governance models are usually utilized using staked tokens, on which proposals are made, voted on and consensus reached. With the P.O.P NFT, we are experimenting with creating a protocol that levels the playing grounding between retail and whale investors. As such, each proposal, vote, and decision is geared toward what is best for the community as a whole, rather than cater to a disproportionate section.

The P.O.P NFT will be claimable 48 hours after the presale to all wallets which participated in the presale, regardless of amount contributed to the protocol. These NFTs will guarantee the holder, the right to raise a proposal, and vote on existing proposals regarding the protocol with regards to varying decisions such as the size of fees, fees distributions, token emissions rates, creation and addition of new NFT/TOKEN pools, and so on. Subsequent NFT claims will be decided by the community.

• The Proof of Presale NFT will be claimable on the website within 3 days of the token presale.

• It will be transferable from one wallet to another,

• Each NFT will carry a single (1) voting unit, regardless of wallet.

• Each NFT carries zero (0) token multiplier on claim,

• Holding wallets receive a percentage of protocol fees and generated revenue (see Governance participation incentives)

PROPOSAL, VOTING AND EXECUTION TIMELINES.

• Proposal creation and review - 48 HOURS.
  For a proposal to be passed for voting it will be reviewed for 48 hours and must have a minimum required number of upvotes. If the required number of upvotes is not met, the proposal will be expired.

• Governance vote - 72 HOURS:

  Voting will commence lasting for 72 hours after the proposal is upvoted, and has successfully passed the review phase. A proposal is successfully passed when it receives 10% of the total existing votes.

• Timelock - 48 HOURS

Governance and other administrative actions are required to sit in the Timelock for a minimum of 48 hours, after which they can be implemented into the protocol.The Timelock has a minimum delay of 48 hours, which is the least amount of notice possible for a governance action. The Timelock contract queues and executes proposals that have passed a Governance vote

In total, it takes 168 HOURS(one week) to pass a proposal. Multiple proposals can be voted on and implemented simultaneously, depending largely on the difficulty of the proposals.

GOVERNANCE PARTICIPATION INCENTIVES

The creation of this protocol is largely inclined towards community ownership and management and as such an incentive structure has been created to ensure that individuals that actively engage in protocol management are rewarded accordingly. As such the team intends to leave a lot of core decisions to the community with regards to how several decisions are made. 

As earlier stipulated, fees and revenue generated by the protocol will be disbursed to all P.O.P NFT holders in form of token emissions. A multiplier system will be enacted. Each NFT has a zero(0) multiplier which increases and incurs more multiplier with governance actions such as voting, raising proposals, and so on. See the table below.

NOTE: Each Multiplier is aggregated per P.O.P NFT on the governance page, when transferred, the multiplier remains with NFT.

Acknowledging that this is an experimental governance system, the aim is to create an inclusive governance protocol that rewards and incentivizes actions for the good of the protocol. Caishen’s Casino is building a truly inclusive, community-run protocol, which we hope will influence how governance is carried out in the Web 3 space.

Stay tuned for GOVERNANCE 2.0 which will be posted shortly after the presale.

ABOUT CAISHEN’s CASINO

Caishen’s Casino is a decentralized, deep liquidity hub for Arbitrum NFTs, addressing the majority of the liquidity issues that currently plague NFTs openly and transparently. The Caishen AMM protocol uses customizable bonding curves to facilitate NFT (ERC721s) to token (ETH or ERC20) swaps. Liquidity providers (LPs) can deposit into single-sided buy or sell pools or charge a spread to both sides to capture fees. Users on Caishen can trade NFT in liquidity pools. A community-governed protocol building the future of NFTs on Arbitrum.

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