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 projectโ€™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.

How to use BDAO

First, swap BiFi tokens to GBiFi tokens.

In order to vote in proposals of BDAO, you must swap your BiFi tokens to GBiFi tokens beforehand.
Step 1โ€Œ
Click "GBiFi Swap" button on BiFi website.
Step 2โ€Œ
Your 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".

Step 3

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.

Now, prepare vote in Tally(BDAO)

Step 1โ€Œ
After swapping BiFi tokens to GBiFi tokens, go to BiFi website and click on "BDAO" button.
Step 2
Click on the BiFi section of Tally governance.
Step 3 - For the first time voters
Click 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 voters
Click "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.

Vote in Tally

Step 1โ€Œ
Click on an active proposal.
Step 2โ€Œ
Click "Vote" and proceed your vote. Click "Submit"
Sโ€Œtep 3
Proceed transaction in Metamask and your voting is complete.
Last modified 9d ago