BDAO
BiFi Decentralized Autonomous Organization
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BiFi Decentralized Autonomous Organization
Last updated
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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 1
Click "GBiFi Swap" button on BiFi website.
Step 2
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".
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.
Step 1
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"
Step 4 - For the first time voters
Click "Delegate to self"
Step 1
Click on an active proposal.
Step 2
Click "Vote" and proceed your vote. Click "Submit"
Step 3
Proceed transaction in Metamask and your voting is complete.