BiFi Decentralized Autonomous Organization
BDAO is a governance protocol of BiFi made to allow BiFi token holders to suggest, express, and implement the changes of the BiFi.DeFi governance tokens allow token holders to govern a blockchain protocol, and in some cases enable them to capture value directly from DeFi application usage. DeFi governance tokens function as a distinguished role: the issuing project creates special polls that allow the token holders to vote on a specific proposal and determine the primary focus of the project’s development resources. It is especially important for projects in the decentralized ecosystem like BiFi to "Decentrailze" the freedom to control the system to users to maintain the original cryptocurrency ideals of decentralization and democratization. In this context, BiFi is now starting the governance protocol, BDAO, to give power to BiFi holders to determine the future of BiFi.
In order to vote in proposals of BDAO, you must swap your BiFi tokens to GBiFi tokens beforehand.Step 1Click "GBiFi Swap" button on BiFi website.
Step 2Your voting power is determined by the number of GBiFi tokens you have. Enter the number of BiFi and GiBiFi tokens to swap and click "SWAP".
If you are swapping GBiFi tokens for the first time you have to approve the transaction.Approve transaction on MetaMask and your swap is successfully done.
Please swap your BiFi tokens to GBiFi tokens before the poll starts in BDAO for your voting power.
Step 1After swapping BiFi tokens to GBiFi tokens, go to BiFi website and click on "BDAO" button.
Step 2Click on the BiFi section of Tally governance.
Step 3 - For the first time votersClick on "Delegate Vote"In order to cast your first vote, you must go through "Delegate" process. This process is only applicable for first-time voters and will not be needed for future votes.
Step 4 - For the first time votersClick "Delegate to self"
Note: GBiFi tokens must be swapped before the BDAO proposal goes through "active" phase on Tally. For a BDAO proposal to pass, only 60% of total GBiFi tokens must be used for vote, which enables much faster and flexible process than other DeFi governance system that requires a certain quorum of all token holders must vote. Please be noted that BiFi tokens can be mutually swapped with GBiFi tokens, and you must trade your BiFi tokens to GBiFi tokens BEFORE the proposal starts to pursue your voting power.
Step 1Click on an active proposal.
Step 2Click "Vote" and proceed your vote. Click "Submit"
Step 3Proceed transaction in Metamask and your voting is complete.