Wolf Works DAO Improvements Proposal

Proposal Overview

This proposal presents a comprehensive improvement plan for Wolf Works DAO (WWD), encompassing vital changes to the smart contract, governance mechanisms, and treasury management. The proposal also outlines a strategic initiative to enhance liquidity by migrating the existing liquidity pool from Quickswap to Uniswap V3. These measures collectively aim to fortify the project's identity, improve governance mechanisms, enhance treasury efficiency and security, and reinforce the liquidity of WWD’s token. These improvements are crucial as the WWD ecosystem and its community are expected to experience substantial growth in the near future. By implementing these improvements, WWD will be well-positioned to navigate this growth successfully and deliver even greater value to its stakeholders.

Proposal Details

1. Smart Contract Name Update

The current contract name ("wLitiDAO - $WLD") will be changed to "Wolf Works DAO - $WWD."

Rationale / Benefits: Changing the contract name to "Wolf Works DAO - $WWD" establishes a distinct identity for WWD, avoiding any potential confusion associated with the original name of WWD or any previous associations. In addition to establishing a distinct identity, changing the contract name to "Wolf Works DAO - $WWD" enhances discoverability, making it easier for individuals searching for WWD to locate it. By incorporating the name of WWD directly into the contract name, it becomes more prominent in search results and helps individuals quickly identify the correct entity.

2. Integration with Aragon’s Governance Contracts

Aragon’s smart contracts will be implemented and used for on-chain governance and treasury management going forward.

The new app: https://app.aragon.org/#/daos/polygon/0xd8981e488dc62bc0f7ae6ce4bec09db0786ac2db/dashboard

The new contract: https://polygonscan.com/token/0xd3144ff5f388d36c0a445686c08540296d8b209b

Rationale / Benefits: The integration of Aragon's infrastructure establishes a robust foundation for WWD to govern, adapt, and scale initiatives within the ecosystem, including WWD's insurance offerings. By incorporating Aragon's DAO contracts, WWD gains enhanced governance capabilities and secure storage for its funds, ensuring efficient treasury management. The adoption of Aragon's contracts promotes transparent decision-making on-chain, aligning with the principles of decentralized autonomous organizations. With secure and advanced on-chain governance capabilities, Aragon provides WWD with a solid framework to seamlessly implement and govern new protocols, initiatives, and projects. Additionally, Aragon’s platform is easy to use which makes participating in the governance process easy and simple for all participants. This enables WWD to expand its offerings, create additional utility, attract new revenue streams, scale the community, and make valuable contributions to the growth of the ecosystem. Aragon's position as the largest DAO platform, with $13B+ held in Aragon DAOs at the time of writing, demonstrates its proven reliability and battle-hardened nature. (https://aragon.org/)

3. Redeployment of WWD Smart Contract

To implement the changes outlined in this proposal, the WWD smart contract will be redeployed as a fork on 8/4/23 at 10:00pm EST.

Rationale / Benefits: Due to the inherent immutability of smart contracts and the lack of upgradable functionality in WWD's current contract, the only viable solution for implementing desired modifications is to develop a new contract and initiate a fork. This process involves deploying the new smart contract, which incorporates the desired changes, and conducting an airdrop of the new token. The token airdrop ensures that every address holding WWD tokens receives an equivalent amount of tokens in the upgraded contract, maintaining a 1:1 ratio and preserving the value of everyone’s holdings. After the fork takes place, transfers on the old token contract will not be reflected on the new token contract. By undertaking this methodical approach, WWD ensures a seamless transition while maintaining the integrity and fairness of token distribution for all holders.

4. Improved Governance and Treasury Management

WWD will use on-chain governance at its core going forward. All incoming funds, including income from the case's award, insurance premiums, and other revenue streams, will be directed to Wolf Works DAO's on-chain treasury.

Rationale / Benefits: Transitioning to on-chain governance offers substantial advantages over off-chain governance (e.g. Snapshot voting) for WWD. On-chain governance brings transparency, immutability, and full decentralization to the decision-making and execution process. By utilizing smart contracts and blockchain technology, on-chain governance ensures that all proposals, votes, and outcomes are recorded on the public ledger and automatically executed (as defined by code in the smart contract), making them transparent and verifiable. The immutability of the blockchain ensures that the governance rules are enforced as intended, preventing any arbitrary changes or tampering. This transparency builds trust among participants and reduces the risk of manipulation or corruption. This process ensures optimal management and allocation of funds in accordance with WWD’s decisions. By directing all payments to the on-chain treasury, WWD achieves a high level of decentralization, efficiency, transparency, and accountability in its financial operations. This approach guarantees that resources are utilized judiciously and in alignment with the collective decisions made by WWD’s on-chain governance participants. The streamlined flow of funds within the on-chain treasury empowers WWD to effectively execute its financial strategies while maintaining an optimal financial framework that does not rely on any centralized parties.

5. Improved Scalability and Decentralization

Tasks, funds, etc will be defined, allocated, and / or delegated by the core governance of WWD to the appropriate parties.

Rationale / Benefits: With WWD's expanding growth, establishing a clear organizational structure for WWD and its initiatives becomes increasingly crucial, particularly as projects are constructed, scaled, more individuals actively contribute to the ecosystem's development, and more individuals participate in the governance of WWD. The organizational structure utilizing on-chain governance that is outlined in this proposal empowers WWD to securely and efficiently allocate funds, delegate tasks, and manage large projects, such as our certification and insurance initiatives. Additionally, on-chain governance eliminates the need for any intermediaries, third parties, pods, sub-DAOs, teams, or any other entities to carry out certain tasks on behalf of the DAO, unless it is explicitly delegated to them by the core on-chain governance.

6. Liquidity Pool Migration

The liquidity pool will be migrated from Quickswap to Uniswap V3 on Polygon.

Rationale / Benefits: Uniswap V3 has demonstrated remarkable growth on Polygon, surpassing Quickswap in terms of trading volume and popularity. This migration is aimed at boosting trading efficiency, minimizing slippage, and enticing more liquidity providers and traders to WWD's token. Unlike Quickswap, Uniswap V3 offers the feature of concentrated liquidity which will lower the token’s price impact. By shifting the liquidity pool to Uniswap V3, WWD can leverage the concentrated liquidity feature and facilitate stronger liquidity within the price range of $0.0001 to $10 (this price range can be modified by passing a separate proposal).

Steps:

1. Deploy the new “Wolf Works DAO - $WLD” smart contract utilizing Aragon’s smart contracts
2. Integrate with Aragon's contracts for governance and treasury management
3. Conduct thorough testing and security audits
4. Airdrop tokens to match existing balances on a 1:1 basis
5. Migrate the existing liquidity pool from Quickswap to Uniswap V3 on Polygon
6. Update information on all token trackers and relevant platforms