Governance

Purpose and Role of IBNSCTrade DAO

• Funding and Treasury Management: The IBNSCTrade DAO is responsible for managing revenue generated from the IBNSCTrade protocol. The treasury funds are allocated for protocol maintenance and expansion, including developer remuneration, payment for audits, and funding future projects.

• Project Funding and Community Engagement: The DAO actively supports projects that integrate or utilize IBNSCTrade's synthetic tokens. Community members with innovative ideas are encouraged to reach out via the official Discord channel. Community-approved projects through token voting receive financial backing from the DAO.

• Contribution to the Ethereum Ecosystem: IBNSCTrade is committed to supporting the broader Ethereum community, including contributions to Gitcoin grants and other charitable initiatives.

Bug Bounty Program

• Commitment to Security: While confident in its contract security, IBNSCTrade acknowledges potential vulnerabilities. A substantial reserve of IBN tokens is allocated for bug bounties, emphasizing the importance of protocol security. Bug finders are assured of fair compensation.

• Bug Reporting Channel: Vulnerabilities can be discreetly reported to the development team or through the official Discord. Additionally, bug reports can be submitted via the Immunefi program.

Governance and Decision-Making

• Current Governance Mechanism: The IBNSCTrade DAO operates under a developer multisig model, with token holders expressing their views through Snapshot voting. IBN token holders possess governance rights influencing protocol direction and treasury use.

• Proposal Creation and Community Participation: Community members can initiate proposals by adhering to the Community Governance Process, encouraging active participation in the platform's development.

Vision for the Future

• Transition to On-Chain Governance: The long-term goal is to establish full on-chain governance, transferring control over various protocol parameters to the community.

• Open Development and Community Influence: The evolution of the DAO is envisioned as a collaborative process, with significant community input shaping its direction and structure.

IBNSCTrade's approach to governance and organization underlines a commitment to security, community engagement, and transparent management. The platform aims to evolve into a fully decentralized and community-driven entity, ensuring that its development aligns with the broader interests and feedback of its users.