Summary
DIP-5 proposes enabling the token transfer function for vDODO to further expand its utility and use cases.
Motivation
The transferability of vDODO tokens will allow for more token utilities and use cases in the future.
Specification
vDODO is a token that serves as a user’s proof of membership in DODO’s loyalty program. Benefits for vDODO token holders include but are not limited to the following: governance rights, crowdpooling and IDO allocations, trading fee discounts, dividends paid out from trading fees, vDODO membership rewards, and governance rights.
Currently, vDODO tokens are not transferable. vDODO tokens are minted at a fixed rate of 100 DODO = 1 vDODO (100:1). vDODOs are tied to their minting addresses and therefore cannot be transferred. In order to redeem vDODO back to DODO tokens, users need to pay an exit fee, which will then be distributed to all remaining vDODO holders.
The non-transferability of vDODO restricts vDODO’s token utility and use cases. Making vDODO tokens transferable would unshackle such restrictions and allow for future use cases such as :
- Collateral: vDODO tokens could be used as collateral on various lending platforms (subject to implementation)
- Free Trades: vDODO tokens could be traded on the open market
- Transferability: vDODO holders are free to move their tokens as they see fit without limitations
Available Options
Yes - vDODO tokens are transferable
No - vDODO tokens remain non-transferable
Governance Vote
Link: Snapshot
Voting Period: July 21, 2021 at 1:00 PM to July 23, 2021 at 1:00 PM SGT (Singapore time)
Voting Method: Users with both DODO tokens and vDODO tokens can vote via Snapshot. 1 DODO represents 1 vote and 1 vDODO represents 100 votes. Casting votes will not incur any gas fee.
Vote for the proposal by clicking on the option that you agree with the most. Feel free to post your thoughts and alternative proposals to DODO’s community forum.
If the total number of votes reaches at least 2 million, the DODO Team will implement the proposal using the option that receives the most votes.
Note: If you have DODO tokens, make sure that they are in wallets on Ethereum mainnet (wallets on centralized exchanges or Binance Smart Chain will not give you votes).