Introduction to FIRE Protocol’s Decentralized Autonomous Organization
FIREDAO is a community-run organization created by FIRE community to develop blockchain products to innovate finance.
F.I.R.E.DAO takes inspiration from the FIRE lifestyle movement (Financial Independence; Retire Early), which loosely unites tech-savvy millennials who want to reach financial independence and retire early. The FIREDAO is a closely knit organization, consisting of software engineers, finance professionals, and early crypto adopters, who are responsible for governing the protocol.
The DAO guides and votes on various aspects of the protocol including fee rates, yield strategies, removing, replacing governance delegates, and use for treasury gained from yield strategies and governance penalties.
How to Participate in the Governance?
We welcome everyone to FIREDAO to build a powerful and efficient protocol with their creative idea and contribution.
Anyone can submit proposals on the forum (Similar to Maker or Uniswap) to enhance the FIRE protocol and the DAO itself in the future. FIRE holders including Governance Delegates can discuss and vote on them.
Join as a FIREDAO Governance Delegate!
Today, we start inviting Governance Delegates to provide an opportunity to participate in the decentralized FIREDAO governance.
As FIREDAO values governance and decentralization, FIRE tokens will be allocated to the FIREDAO governance. The allocation is vested over 2 years and unlocked per month after monthly Governance Discussion. However, if a delegate has been believed as inactive for too long, or is causing damage to FIREDAO, governance can remove the Delegate by voting.
Please see the application form below and apply to show your support on FIREDAO.
A Brief Look at the Structure of Governance Delegation
FIREDAO Governance Delegation will promote and assist FIRE Protocol. This means FIREDAO can build a greater awareness in DeFi ecosystem by having strong lead members in the governance.
First, we will have a Lead Governance Delegate, which will play a key role in building a more powerful governance community. 5% of total tokens will be allocated to the Lead Governance Delegate.
Secondly, 2% of total tokens will be allocated to each Governance Delegate to help with the governance community and its expansion.
FIREDAO can change the number of the Governance Delegates even after the selection of initial Governance Delegates. Therefore, in case there is a vacancy in the Delegation, a new individual and entity can apply for the Governance Delegate role via the above decision-making process.
As we have applications for the delegation from today, more updates to be shared soon.