Hydranet Improvement Proposal: Releasing the DEX Source Code to the DAO for Decentralized Governance and Hub Operation

Hydranet Improvement Proposal: Releasing the DEX Source Code to the DAO for Decentralized Governance and Hub Operation Proposal ID: 21 Proposed by: Hydranet Developers Date: September 17th 2023

Summary: This proposal seeks the DAO's endorsement to transition the ownership of the DEX source code from the developers to the DAO (multi-sig) and to establish the initial hub operation mechanism. This move underscores our dedication to transparency and community-driven development and ensures the DEX's alignment with regulatory frameworks.

Details: 1. Regulatory Compliance: Centralized exchanges are often subject to rigorous regulatory requirements. By ensuring our DEX operates under the decentralized governance of the DAO, we strategically position ourselves as a genuine DEX, sidestepping specific regulatory challenges inherent to centralized platforms.

2. Source Code Ownership: Post-approval, the DEX's source code ownership and control will transition from the developers (DevCo) to the DAO. This pivotal shift accentuates our commitment to decentralization and community-centric decision-making.

3. Transparency and Trust: Transferring the source code to the DAO cultivates a culture of trust and transparency within our community.

4. Future Development: With the DAO overseeing the source code, the community will have the autonomy to propose, debate, and greenlight future developments, ensuring the DEX continually evolves to meet community needs and aspirations.

5. Avoiding VASP Classification: By emphasizing the DAO's decentralized governance, we aim to sidestep classification as a Virtual Asset Service Provider (VASP), which carries specific regulatory implications.

6. Hub Operation Mechanism: Wallet Creation for Hub Operation: As part of this proposal, the dedicated wallet, identified by bc1qf4elpxe6vuhusx2kk29q49k3apnqnuukkfr6ds and 0x4bbDd99c0536Dec0F15a7412441C41884eE70235, This wallet is proposed to serve as the first hub operator.

DAO Voting on Anonymity: The DAO vote is also to approve or disapprove the anonymity of the address owner, ensuring that the identity remains undisclosed and is managed by the DAO multi-sigs.

Fee Collection: All fees collected by the hub operator will first go to this designated wallet and subsequently be directed to the DAO.

Voting Period: September 17th 2023 to September 22st 2023

We implore all DAO members to meticulously review this proposal, partake in discussions, and exercise their voting rights. Your active participation is pivotal in ensuring our DEX's correct categorization and compliance within the ever-evolving regulatory landscape. This version directly integrates the creation of the wallet and its purpose into the proposal.

start

September 17, 2023

9:46 PM

end

September 22, 2023

10:00 AM

Voting

off-chain

Voting type

basic

Voters

Votes

16,434,956

Final Votes

closed

For

16.4M HDN

100%

Against

0 HDN

Abstain

0 HDN

item label

Placeholder title of a dao proposal

DAO name

0x000000000000

Mon 00, 2024 00:00

About Voters Analytics

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Voting

100,000

Voting type

100,000

Starts in

100,000

Voters

1,000,000

Votes

1,000,000

Votes

Choice label

TICKER

100%

Choice label

TICKER

100%

Choice label

TICKER

100%