Lithium DAO: AMA Recap
It was wonderful to chat with all of you in Telegram last week! Hope we have solved most of your questions towards Lithium DAO and here comes the recap if you have missed it!
Lithium DAO council nomination has started, nominate here now!
Text AMA Recap
Date: 4th May 2023
Time: 2pm UTC
Moderator: Michal
Guest: Kelvin from Lithium Finance core team
Moderator:
Hello everyone, and welcome to our Lithium finance AMA session. Today, we are glad to have Kelvin, our project lead, and core team membersjoining us to share some insight about our upcoming DAO governance and answer your questions.
Before we begin, please allow me to reintroduce the project again for the new community members.
Lithium Finance is the first decentralized valuation protocol to harness the power of AI and crowd wisdom. It offers unparalleled asset valuation to revolutionize investment management. For more information on Lithium finance, you can visit our website at https://lith.finance.
Now, I know you guys have a lot of questions about Lithium DAO, let’s get started! Our guest today is @Kelvin 👏👏, who will be answering your questions.
Kelvin:
Hello everyone, it’s been a while since our last AMA on telegram. It’s great to be here with you all again. Really excited to hear all the questions from the community!
Moderator:
Great, thank you for joining us today. I’m certain everyone is pretty excited to hear from you💯
Kelvin:
Thanks Michal. Can’t wait to see what the community has for me. Let’s do it! 🚀
Session 1: Questions from Moderator
Moderator:
Great! Great!🚀
To begin, I know that the team has been working hard on updates since the mainnet beta launched in December. So moving forward, can you share with us a bit more on what is planned in the roadmap and why would Lithium Finance want to become a DAO?
Kelvin:
Indeed! The team has been working hard on improving the platform since the launch of the mainnet beta in December.
We started with a pure collective intelligence model, where human experts were solely responsible for asset valuations. However, we have since moved to a hybrid model that combines artificial intelligence and crowd wisdom to improve the accuracy and reliability of valuations.
Moving forward, our roadmap includes several key objectives.
- First, we are implementing a DAO governance structure to ensure that our community has a say in the platform’s development and operation. This will enable us to create a more transparent and inclusive platform that is driven by the needs and interests of our users.
- Second, we are focusing on further improving our AI algorithms to enhance the accuracy and reliability of valuations. We believe that this will make Lithium Finance even more attractive to investors and traders interested in rare and unique assets.
- Finally, we are excited to share that we will be launching a number of new tools in collaboration with partners. These tools will provide our users with even more ways to engage with the platform and make informed investment decisions.
Overall, our goal is to continue improving the protocol, onboard partners and users, and expanding our offerings to meet the needs of our growing community of users. We are committed to providing a reliable and transparent platform that leverages the power of both AI and human expertise to deliver accurate and reliable asset valuations.
Moderator:
I totally agree with you, community members are here for a web3 project and it’s wonderful to see the team moving in this direction💯. Becoming more decentralized is what set us and centralized corporations apart.
So how can the community members get involved?
Kelvin:
Lithium is implementing a DAO governance structure. That means community members have the opportunity to get involved in the governance and decision-making process of the platform.
To get involved, anyone can become part of the Lithium DAO by holding LITH tokens. These tokens give you the right to vote on proposals related to the platform’s development and operation.
First, you will elect a Council to oversee the platform’s governance, and review and approval proposals submitted by the community. Through the DAO, the ultimate control and power will be in the hands of the community collectively.
In addition, you can soon submit proposals to the Council for consideration. These proposals can be related to any aspect of the platform’s development, from new features and tools to changes in the governance structure.
We believe that community involvement is essential to the success of Lithium Finance. By giving our users a say in the decision-making process, we can create a more inclusive and transparent platform that prioritizes the needs of its users.
If you are interested in getting involved in the Lithium Finance DAO, I encourage you to visit our website and familiarize yourself with our governance process and structure. By holding the LITH tokens and participating in the decision-making process, you can help shape the future of Lithium Finance.
Moderator:
This is a great governance model, I know many projects also run with this model and it is smooth for them. This also means the more $LITH token you hold, the more influence you have in the future of Lithium Finance. What does the Lithium DAO have control over?
Kelvin:
The Lithium Finance DAO has control over all aspects of the platform’s development and operation. These include:
- Governance: The DAO has the ultimate power to make decisions related to the platform’s governance, including changes to the governance structure, voting rules, and proposal review processes.
- Funding: The DAO controls the platform’s treasury, which is used to fund development and operation costs. The council has the power to allocate funds to different proposals and initiatives based on the community’s needs and interests.
- Development: The DAO council is responsible for overseeing the platform’s development and ensuring that new features and tools are introduced in a timely and efficient manner. They have the power to approve or reject proposals related to the platform’s development. The Council can also engage or replace any external service provider.
- Partnership: The DAO can enter into partnerships with other projects or organizations to collaborate on initiatives that benefit the Lithium Finance community.
Moderator:
Wow this is really amazing, I’m certain OG community members will love this 💯
Now, the team has announced that council nomination period will end on May 21st. How should the community nominate a candidate?
Kelvin:
Yes, we are now accepting nomination! We encourage all community members to participate in the nomination process. You can nominate yourself or someone else for the DAO Council.
The nomination process takes place on the Lithium DAO Forum, which is a venue for community members to discuss proposals, ask questions, and share ideas.
To nominate someone for the Council, please follow the instructions outlined on the forum here. You will need to create a new post in the specified format and include all the required content, including the candidate’s short bio, a campaign statement on his/her background and contribution.
You can find more information about the nomination process and the DAO governance structure on our gitbook and forum
Moderator:
So what happens after the nomination period? I’m sure a lot of people will like to know this
Kelvin:
After the nomination period, we enter a two-week Campaign Period. Candidates will have the opportunity to participate in community events and engage with users on social media and the Forum. This is an important period for community members to learn more about the candidates, ask questions, and share their views on the platform’s governance.
Once the campaign period ends, the voting period will begin. The community will be given another two weeks to cast their votes.
The voting process will be conducted on Snapshot. You will be invited to rank candidates in order of preference. Ranked voting ensures that the winning candidates have a broader base of support, and that the most popular candidates are elected. In our first council epoch, the 5 most popular candidates will be elected as founding council members, provided sufficient quorum is met.
Moderator:
Wow! Thank you so much for sharing, Kelvin!🙏Now, let’s move on to the questions from the community.
Kelvin:
Awesome! I have been looking forward to the questions from community!
Session 2: Questions Gathered from Discord prior AMA
Moderator:
😃Glad to hear that. So the first question is from @0xYSB on Discord: I’ve got an idea. How do I pitch it?
Kelvin:
Thank you for the really good question @0xYSB.
The Lithium DAO is managed by the community for the community. It’s all about ideas and proposals from you guys!
If you have any new ideas or proposals for Lithium Finance, we encourage you to discuss them with the community on the forum. Again, the forum is an open venue for sharing ideas, asking questions, and engaging in discussions related to the protocol.
Once you have developed your idea into something more concrete, you can create a proposal in the specified format. The proposal should include details about the problem you are trying to solve, your proposed solution, and any other relevant information.
Eligible proposals will be gathered by the Council for further discussion and voting. If a proposal is approved by the Council / token holders, it will be executed by the Council, who is responsible for overseeing the platform’s development and operation, and they will work to ensure that the proposal is implemented in a timely and efficient manner.
Moderator:
@DeVagito on Discord: Need more explanation on the quorum required to pass a proposal. Who are “eligible voters”?
Kelvin:
All token holders are eligible to vote, with each token representing one vote.
Any proposal with sufficient quorum having received a simple majority of votes in favor will be deemed approved, and the council will begin implementing the proposed changes.
Regarding quorum, a minimum threshold of votes must be met to move forward any proposal. The quorum is the total number of tokens held by proposal supporters as a percentage of the total number of tokens in circulation, currently set at 1%. This parameter may be amended by way of a new proposal.
Moderator:
Alright! This very thoughtful 💯
@piper on Discord: Will a hierarchy be held amongst the council members?, also does each council member have a specified role?
Kelvin:
In the Lithium DAO Council, there is no specified hierarchy among council members, and each council member has equal power and authority.
When decisions are made by the council, they are approved by a simple majority among council members, and the decision is binding and final. This means that each council member has an equal say in the decision-making process, and no single member has more power than the others.
However, council members may coordinate among themselves on roles, forming sub-committees, or engaging external consultants to help with specific tasks related to the platform’s governance. These arrangements are made on a voluntary basis and are not binding on the council as a whole.
Moderator:
Nice! Simple yet apt explanations🔥
@PolarBuLL on Discord: Will the DAO members be allowed to vote for a proposal/decision multiple times as long as they have the 1 $LITH for each vote?
Kelvin:
Yes. Token holders are encouraged to vote on all proposals. 1 token 1 vote per proposal (at snapshot time, which is the moment of proposal creation).
Moderator:
@deku midoriya and @Dreamer on Discord asked a question I think all of us want to know.
Does the community have the power to remove and replace a council member before the end of his/her tenure?
Kelvin:
I hope that won’t happen. But, the answer is yes.
The community will have the power to remove and replace a council member before the end of their tenure if they are not fulfilling their duties or acting in the best interests of the community.
Process for removing a council member involves submitting a proposal through the Forum. The proposal should include details about why the council member should be removed, and it should provide evidence to support the claims made in the proposal.
If the proposal is approved by the Council, a community vote will be held to determine whether the council member should be removed. All token holders will have the opportunity to vote, and the decision will be made by a simple majority vote, provided quorum is met.
Moderator:
Wow! This shows that the community is truly in charge💯.. It’s intense💪
@stenos on Discord: How will the DAO ensure transparency and accountability to its members?
Kelvin:
Indeed! That’s what all these are about.
Ultimately, the Council is held responsible to the community.
Council members are elected by all token holders every 6 months. This ensures that the council members are accountable to the community and that they prioritize the community’s interests in their decision-making.
Council election and all major decisions will be made through independent voting on Snapshot. This ensures that decision-making is transparent, democratic, and independent.
Finally, the treasury is held in Gnosis Safe multisig wallet(s) owned by the five council members. No single council member will have access to the wallet, and any transaction requires the approval of at least three members of the council. This ensures that the treasury is managed in a transparent and accountable manner. After each council election every 6 months, owners of the treasury wallets will be changed to the then newly elected council members.
Hope this answers your question @stenos.
Moderator:
Alright let’s take one more question from discord so we can move to the live questions. @Courage on Discord]: Is there a limit to the number of people that can be nominated as council members?
Kelvin:
There is no limit. We encourage everyone to be a part of it! Please do join us @Courage.
Moderator:
This is just great 👍. Thank you so much for the answers @Kelvin.
Let’s move to the live question session
Kelvin:
That’s my favorite part 😎. Let’s get started!
Moderator:
We have time for three more questions from everyone here. Does anyone have any final questions? The group will be unlocked briefly and 3 questions will be selected at random.
Everyone feel free to send your questions in🦾
Session 3: Live Q&A Session
@dogemars245:
If Im not mistaken, the LITH tokens we’ve been rewarded through the app are on Polygon, will those be counted for DAO election?
Kelvin:
Yes. Tokens on Ethereum and Polygon will be considered for votes.
@Phil_nft:
What will be David Lighton and the team’s role after implementing DAO governance?
Kelvin:
Thank you for bringing that up. The Lithium protocol is the product of the team’s hard work under the vision and direction of our founder, David Lighton.
With the implementation of Lithium Finance DAO governance, ownership and full control of the treasury, smart contracts, and other platform operations will be passed to the Lithium DAO Council as soon as it is operational. That said, however, the current team will remain as core contributors and advisors to the council to guide them through the new governance structure.
It’s important to note that the Lithium DAO Council is free to engage or replace any advisor or consultant at any time, although the current team is prepared to offer their services and contribute to the platform’s development and growth.
This governance structure ensures that the Lithium Finance platform operates in a transparent, decentralized, and inclusive manner, and that the community’s interests are always prioritized.
@chiroz2:
Who is responsible for the change of council after 6 months? Will the current team facilitate the transaction? 🤔
Kelvin:
The Lithium DAO Council is responsible for overseeing the election of new council members every 6 months. They may facilitate the next election in any way they see fit. The Council may also engage the current team or any other consultants to execute the election process.
While the current team is prepared to offer their services and support to ensure a smooth transition of power during the election process, the final decision on the election process and any necessary facilitation will be made by the council.
@chiroz2:
Gm! How is the community notified when a proposal is ready for voting?
Kelvin:
All votes will be on Snapshot. Please do turn on notification on Snapshot and subscribe to the Snapshot newsletter to ensure you stay on top of all proposals.
All information will also be available on all our social channels as well.
Clyde: How can one apply to become part of the Lithium Finance DAO council?
Kelvin:
That’s the question of the day! Please do check out the nomination process here. Join us by nominating yourself or someone else.
Thanks for asking these great questions everyone. I wish we have more time. It’s really great seeing the enthusiasm from our community, and we’re always here to answer your questions.
Please keep the feedback and suggestions coming — your input is really valuable to us. Whether it’s on Telegram, Discord, or any other platform, we want to hear from you.
Moderator:
Now that we all got our questions answered, we can start nominating council members in the forum!
Thank you once again, Kelvin, for joining us today and answering our questions. We appreciate your time and insights. For those who would like to learn more about Lithium Finance, please visit https://lith.finance
Kelvin:
Yes, don’t forget to get involved in the upcoming council elections! It’s a great opportunity to nominate yourself or your fellow community members and to help shape the future of Lithium Finance. We’re excited to see what the community comes up with.
Again, thanks for your engagement and support!
Moderator:
That concludes our AMA session, thank you all for participating. Don’t forget to start nominating council members and preparing your ideas to be heard by the community!🦾
