DAO & Governance

The Monk Protocol is a Decentralised Autonomous Organisation (DAO). All the products and services with their smart-contracts under “The Monk Protocol” umbrella are owned and operated by this DAO.

The Monk Protocol is governed by its DAO Members. All the necessary decisions related to all the products and services including ownership, changes, upgradations, depreciation, roadmaps, revenues, profits, etc are taken by the DAO Members with transparent consensus.

The Monk Protocol’s governance structure is designed to achieve maximum productivity and utility for the entire community and hence any one who holds at-least 1% of Monk Tokens total supply along with at least 1 Limited Special Edition NFT Monk Token for 30 days in continuity before the submission of proposal and continued till the due date of voting is automatically appointed as a DAO member with full voting right. One DAO member gets only 1 Voting right even if the member holds more than 1% Monk tokens or more than 1 Limited Special Edition NFT Monk Token.

The DAO Founders reserve the right to appoint up to 11 DAO members initially only via direct token placements of at-least 1.5% tokens per DAO Member.

The Monk Protocol’s DAO works on Propose – Vote – Adopt Framework.

Propose – Anyone who Holds even a single Monk Token for a period of 90 days is qualified to put any proposal for the DAO members to consider.

Vote – All The DAO Members can vote on this proposal within 15 days, with 3 voting options – YES, NO or ABSTENTH.

Adopt – Counting is called a day after voting deadline, If the proposal gathers more than 50% YES from entire DAO members – The proposal is automatically adopted. In case of NO, ABSTENTH or NO SHOW Proposal is automatically declined.

DAO’s operate in a fully transparent manner as Every Proposal with its entire lifecycle and events is recorded and is forever made available on the Block Chain.

DAO Members enjoy added advantages like better profit sharing, decision making rights and discounted services compared to regular token holders. Currently, DAO Memberships are Invitation Only.