PhoenixDAO is Gearing Up For The Launch Week Of Its Flagship DAO Platform

PhoenixDAO is a decentralized, open-source, and community-led project that has been built to become a completely DeFi enabled, self-sustainable ecosystem. PhoenixDAO aims to shift the control of the ecosystem from a centralized entity to its community to become a self-sustainable fully decentralized autonomous organization. 

Pertaining to its roadmap, PhoenixDAO is gearing up for the launch week for its flagship DAO platform. The project has been creating hype about the product for quite some time now, hinting about future prospects and opportunities. Their community is buzzing with the news and cannot wait till they can avail themselves of the benefits of this new addition to their ecosystem. 

PhoenixDAO – Flagship DAO

While several DAO platforms have shown the true potential of what a decentralized organization can achieve, PhoenixDAO aims to do this emphasizing decentralisation and minimising whale manipulation. By giving control of the project’s future to their community and investors, PhoenixDAO can achieve a completely autonomous organization which will serve as one of the best examples for the use cases of DeFi. 

The core of the organization is powered by the dApp Store, which acts as a hub for all the present and future apps built within the platform and will generate revenue from transaction fees over time. The addition of the DAO launch will bring forward some changes in the transaction structure, which are designed to reward the participants in the platform’s governance. PhoenixDAO will use a reward mechanism to incentivize voting on the proposals with a 20% APR on staking PHNX tokens. 

How does it work?

Every token holder who participates in the governance process is guaranteed a reward. To participate in the governing process and become eligible for the rewards, users will have to hold the PHNX token and stake them for submitting new proposals or voting on the existing ones. 

The distribution of the reward tokens also depends upon the number of voters in the campaign and will according to these principles:

• Anyone who wants to see a change in the functioning of the project and the usage of DAO funds can enroll in the governing process. The user can then vote on marketing proposals, exchange listings, product development, protocol development, and so on.
• To become eligible, the person has to stake PHNX tokens and submit a proposal to the community.
• All users who staked their coins can participate in the voting on the proposal. However, 
  • A user has to stake a certain amount of PHNX to become eligible for voting or submitting a proposal.
  • All users must get their KYC done to verify their identity using a KYC portal built using the Phoenix Identity protocol. 
• Every user can vote on a single proposal only once but can do so for multiple proposals simultaneously.
• The proposals with the 51% yes votes will win and will be eligible for a grant if requested. 

Reward Structure

As the token holders will have to stake their tokens to participate in the governance of the community, the reward structure for DAO will be the same as for staking.

For instance, if a user votes with 2,000 tokens, they will receive a 400 PHNX bonus and get 2,400 PHNX in return. However, these rewards will likely evolve as the dust settles post launch.

PhoenixDAO has developed an extremely rewarding DAO flagship dApp for their community which will soon go live. For more information about the project and the launch, visit their official website and Twitter and Telegram.