DVF DAO Frequently asked questions

1. What is DeversiFi?

DeversiFi is the industry’s first professional-grade, self-custodial trading solution and the easiest way to access DeFi opportunities on Ethereum: invest, trade, and send tokens without paying gas fees.

DeversiFi has an ambitious roadmap ahead. We believe the opportunities in DeFi should be easy to use for everyone. We are bringing the tools you need to manage your DeFi portfolio under one roof - with privacy and totally gas free. Thousands of users have already enjoyed trading, swapping and sending tokens on DeversiFi, with lending and AMM pools coming very soon. We believe now is the time to strengthen our community and continue to grow.

Whether you are a new or existing member of the community, welcome, the future of DeversiFi is in your hands!

You can learn more about the opportunities and get your hands on the latest news by signing up to our newsletter here.

2. What is DVF?

DVF is an Ethereum ERC-20 token with the following address: 0xdddddd4301a082e62e84e43f474f044423921918

**DVF is a governance token, meaning that it gives holders (that’s you) the power to shape the future of the DeversiFi protocol, one vote at a time. You’ll be governing key decisions and sharing in the potential success of the protocol. Sounds pretty good right?

We launched DVF because our community matters and we want to empower YOU to drive the future of our protocol and have real ownership of DVF.

You can learn more here.

3. What is xDVF?

Staked DVF or xDVF represents the amount of tokens locked into the governance contract. By staking your xDVF token, you have the power to vote within the DVF DAO. The more xDVF you hold, the greater the decision-making power you’ll get!

4. How will Governance for DVF work?

If you’re reading this then you’ve probably already staked your DVF and signed up to our governance forum here on Discourse. Below is a quick step by step of how to use this platform and the ‘ideal’ process for making your voice heard.

We sweat the Big stuff and the Small stuff at DeversiFi. And we want our community to as well. So as part of DVF governance, you’ll be able to vote on the Big stuff and the Small stuff for the DeversiFi protocol.

The processes for the Big and the Small stuff is a little different, so we’ve mapped them out below:

The Big stuff:

By the Big stuff we mean changes to the protocol like smart contract upgrades, treasury spending and multisig keyholder changes.

If a proposal is successful (and let’s hope there will be many!), any proposed transactions can be executed by members of the community (that’s YOU). All you need to do to start a proposal is to follow these steps:

  1. ‘Discuss’
  • Discuss your proposal right here on discourse. All you need to do is fill out a proposal is to create a new topic at Proposals - DeversiFi DVF Governance
  • Then wait for the rest of the community to comment, provide feedback on how you could improve the proposal and gauge the level of agreement you’ve got. This might take a few days/weeks.
  • Once the rest of the community is on board and the proposal has a realistic chance of being agreed, you should move to step 2 - the main proposal and vote.
  1. The main ‘Proposal’ and ‘Vote’
  • The main proposals and voting happen on Snapshot. All you need to do is turn your original proposal into an official snapshot proposal using our template.
  • When submitting your new proposal in Snapshot you will need to set the Voting Period. In order for the vote to be considered valid, you must ensure that the voting time is:
  • at least 7 days if making any transaction other than a simple spend of treasury funds
  • at least 7 days if spending more than 50,000 DAI equivalent of tokens
  • at least 3 days for proposals spending less than 50,000 DAI equivalent
  • Once the proposal has been submitted, it will be voted on and can be voted on by anyone with an xDVF balance at the time of the submission. The whole community can vote - anyone holding xDVF on-chain, those with L2 balances of xDVF on DeversiFi and anyone with vested xDVF tokens inside a vesting contract. It really is a team event!
  • If your vote is passed then it’s onto step 3…
  1. The exciting part ‘Execution’
  • Firstly It needs to be validated on-chain with a minimum bond of 0.01Eth through our oracle.
  • During the required cooldown period our DVF DAO council comes into play. Initially the council will be able to veto transactions before they are executed. Don’t worry - this is only a safety net for SafeSnap. We are a defi platform and so to stay true to our decentralized roots we’re hoping that once the governance process is trusted and seen to be robust, these multisig holders will be removed, leaving the full process in the hands of DVF holders without additional safeguards.
  • If the proposal isn’t vetoed then it can be executed after 72 hours by the community.

How will you use your voting power?

Click here to read our detailed guides on each step and get proposing today.

The Small stuff:

Soon, xDVF holders will also have the power to vote on smaller adjustments, at the click of a button. All you’ll need to do is login, connect your wallet and vote in the governance module and signal your preference!

By the Small stuff we mean things like the continuous adjustment of several parameters related to the operation of Deversifi and the liquidity mining program.

Each Sunday night at Midnight UTC the dial values will be set for the following 7 days.

Remember only those with xDVF balances on DeversiFi are able to vote on smaller adjustments. It couldn’t be easier to stake and create xDVF instantly so what are you waiting for?

The governance module will be progressively decentralised over time and may evolve into a different form that the model stated above.

Each vote in our community has the power to shape our future. What could you do?

If you have any questions it’s best to reach out to the team on Discord as we’re online all day, or you can message us here through the message functionality.