Time to introduce Chainge’s decentralized governance system — the Chainge DAO. In this guide, we’ll explore the structure, benefits, and functionality of the Chainge DAO, empowering users to actively participate in shaping the future of our ecosystem.
1. Voting Power & Staking: Staking XCHNG tokens grants users instant access to voting rights in the form of vXCHNG tokens. Anyone can simply stake their XCHNG tokens (on the Ethereum chain) through the Chainge web dApp or mobile app (ios/android) in the dedicated DAO section to receive the corresponding amount of vXCHNG tokens. These tokens will be used to vote on proposals on snapshot.org/#/chaingers.eth. Staking is available for periods ranging from 6 months to 1, 2 or 4 years. XCHNG/vXCHNG time-related ratios are 6 months — 1:1; 1 year — 1:1,5; 2 years — 1:3; 4 years — 1:8) At the end of the staking period users will receive back the exact same amount of $XCHNG tokens initially staked
ℹ️ Please note: users who commit to staking for any duration will NOT have the option to unstake until the expiration date.
2. Profit Sharing: By holding vXCHNG tokens users unlock a unique additional benefit — a share in 80% of the company’s profits (Profit = Revenue — Expenses). The disbursement of profits occurs on a quarterly basis, with the amount received dependent on the company profit, staked amount and staking duration. For instance, staking 10,000 XCHNG tokens for 6 months yields different rewards compared to staking the same amount for 4 years.
Example: As an XCHNG holder, you decide to stake your 10,000 XCHNG tokens for 6 months. Meanwhile, your fellow community member Bob opts for a longer-term commitment of 4 years with the same amount of tokens. Let’s assume you and Bob are the only two who stake you XCHNG. In this scenario, you would receive 10,000 vXCHNG, while Bob would be credited with 80,000 vXCHNG as he chose a staking period 8 times longer than you. If Chainge generates a quarterly profit of $900,000 you would receive $100,000 while Bob would earn $800,000.
For reference, here is the formula to simulate your possible share outcomes: profit to be shared x your impact at the time of distribution = your dividend share
Profit will be globally calculated for all tokens and then disbursed to users in 5 currencies: USDT, USDC, ETH, wBTC and XCHNG on the Ethereum chain. Profit will begin accumulating starting Q2 — April 1st. The disbursement date for profit-based rewards is not fixed, will happen in the following quarter and is contingent upon final quarterly calculations by Chainge’s accounting department. Once the profit is disbursed, vXCHNG holders will have to claim it in the Chainge mobile app or on the web app.
ℹ️ Please note: To receive profits after your staking period ends, just keep your tokens staked until the profits are disbursed. Your tokens won’t unstake automatically so you have full control over when you unstake them.
3. Proposals: Users are encouraged to submit proposals via the dedicated Telegram channel: https://t.me/ChaingeDAO. The Chainge team will review these proposals monthly, considering factors such as quality and relevance. Although there is no predefined limit on the frequency or number of proposals published on the DAO platform, they are contingent upon user submissions as well as ongoing developments within the Chainge ecosystem.
Example: In April, 90 proposals were submitted on the dedicated Telegram group, with 2 selected for publication on the DAO platform. Moving into May, 70 proposals were submitted, leading to the selection of 3 for publication - plus an additional one from Chainge in regards to a potential CEX listing (as it may require increasing the circulating supply)
4. Voting: Voting on proposals takes place on snapshot.org. To participate, users must have vXCHNG tokens in advance. If a proposal garners over 50% affirmative votes, it passes; otherwise, it does not. Users lacking vXCHNG tokens prior to the proposal being published can only stake and wait for upcoming proposals to vote. In short, the amount of vXCHNG tokens you have before a proposal is live, is the amount you can use to vote.
ℹ️ If you’re voting through the Chainge mobile app, when opening the Snapshot interface, please select Trust Wallet when prompted to connect a wallet. This interim solution was chosen due to Chainge’s compatibility with Trust Wallet for connecting to Snapshot
5. Scope: Proposals encompass various topics including but not limited to fee structure changes, ventures into new business sectors, investment, organizational adjustments, ecosystem revamping, airdrop initiatives and partnerships. Notably, proposals involving any new XCHNG tokens entering circulation require pre-approval by the DAO to maintain token circulation integrity.
In our continuous effort to democratize decision-making within our ecosystem, it’s essential to highlight that proposals voted on and approved through our DAO mechanism are committed to being implemented by our team. However, the timeline for these implementations can vary significantly. The complexity of the approved task, along with the resources currently available to our team, play a crucial role in determining how quickly we can bring these changes to life. While we guarantee that each approved proposal will indeed be actioned, the nature of software development and resource allocation means we cannot promise immediate implementation. Each case is unique and will be approached with the diligence it deserves, ensuring that we maintain the quality and integrity of our platform while fostering community-driven innovation.
6. DAO Module & Transparency: The Chainge mobile app and Web dApp both feature a dedicated DAO module providing live real-time information on your voting power impact, revenue, trading volume, and total staked tokens. Transparency is essential, offering users valuable insights, without compromising legal compliance.
It’s important to understand that the TOTAL_REVENUE displayed in the DAO section, expressed in dollars, is subject to fluctuations based on the market prices of its constituent tokens, such as BTC, ETH, and XCHNG. Due to the volatile nature of cryptocurrency markets, the total revenue can vary within short periods. For instance, it might be $70k in the morning and then drop to $60k by the afternoon if the prices of BTC, ETH, and XCHNG decrease, or it could increase if their market values rise. This variability is an inherent part of how total revenue is calculated in a market-driven environment.
In conclusion, the Chainge DAO empowers users to actively engage in governance, fostering a collaborative ecosystem where every voice matters. Join us in shaping the future of Chainge!
Key links:
Web dApp DAO page
Telegram proposals group
Chainge DAO Snapshot
Your journey with Chainge DAO starts here. Let’s make history together.
