Background:

There are different aspects of BAG that attract people, which can mainly be divided into three different categories:

Governors: People who are interested in participating and engaging in the DAO by voting on proposals regarding the future of the BAG ecosystem.

Players: Players who want to boost their cashbacks when playing games.

Affiliates: Affiliates who want to boost their revenue share when bringing players into the platform.

A significant percentage of users have opted into the BAG ecosystem because of the governance features of the DAO. Our DAO is an off-chain DAO, which is different from many other DAOs out there like Decentraland, where everything is executed on-chain.

Since our DAO is not on-chain, the purpose of the usage of funds or the wallets that correspond to the DAO is often unclear with every transaction the DAO executes.

During the last bull market, people would get into ecosystems without making an in-depth analysis of every project, and at the same time, there wasn't as much information available as there is today, nor were there tools such as DEX Tools. Today, people use all of these tools to get as much information as possible about a project before acquiring tokens, and the information available is a key aspect when considering whether to get in or not. Many of us have been in the ecosystem for a while and see the daily efforts and progress of the team. However, for newcomers trying to find information, it’s hard to distinguish if the project is legitimate or not, and we are all aware of the number of scams that happen in crypto.

Given this information, it is crucial for us to reinforce and improve our DAO and to provide as much transparency as we can for newcomers and current participants involved in the ecosystem to feel safe joining in.

Proposal:

Create three new channels on Discord under a new category called “DAO Transparency.”

First channel: “Declared Wallets”

Purpose: Given that certain operations make it hard to execute everything using a multi-sig, we create this channel to list all of the wallets holding assets that belong to the DAO. Action: The team can add or remove wallets from this channel, and for every addition or removal, just copy and paste the last message with the modifications. Optional: Team members who feel comfortable can add their declared wallets in this same channel.

Second channel: “Transactions Transparency”

Purpose: To post information about every transaction executed from within a declared wallet. Action: A simple message will be posted each time a transaction is executed, including a transaction hash and a category of the expenditure, such as “Operation costs,” “Rewards,” “Liquidity,” etc.

Third channel: “Financials Transparency”

Purpose: To post weekly messages highlighting all of the DAO holdings, including vestings. Action: According to the original BAG (formerly DG) whitepaper, most of the vesting contracts would flow straight into the DAO treasury (33%). Considering all the buybacks executed over time, the DAO controls a significant percentage of the circulating supply of BAG tokens, and it’s a big incentive for people to see that the real circulating supply is lower than what it displays on sites like CoinMarketCap or CoinGecko. The message should include how much the DAO holds of each asset (BAG, ETH, wBTC, USDT, etc.).

DAO Emergency Proposals:

Over the past five years, there have been occasions where emergency situations required the DAO to act fast, but action was delayed because it had to wait for a proposal to pass. An example of this was when USDC started losing its peg against USDT, which luckily reverted, but if that hadn’t been the case, the DAO would have suffered a significant economic impact just because it had to wait the number of days for a proposal to pass.

Proposal for Emergency Situations:

Quorum Requirements: An emergency proposal can be passed within 1 day if it reaches three times the normal quorum required, and it can pass within 2 hours if it reaches ten times the normal quorum. Restrictions: Emergency proposals cannot result in an outflow of money from the DAO. They can only be used for moving or converting funds. The balance sheet of the DAO should look the same after the transaction is finished, and the assets involved in the transaction can only include BTC, ETH, USDT, USDC, DAI, BAG, and their corresponding pairs on other chains or their corresponding staking formats such as stETH or wBTC.

Rationale:

One of the greatest narratives BAG has to offer is its governance features. It’s crucial for this narrative to be attractive to provide as much transparency as possible to the people who engage in the ecosystem. Given that BAG is not an on-chain DAO, these tools can provide a picture of the current status of the DAO, including holdings, transactions, and token distributions, resulting in more confidence within our entire community.

There are also a good number of KPIs that the DAO should be proud of, such as the number of BAG tokens acquired over time, and this should be announced to the world!