Decentralization Organization Structure
Governance Structure - This is subject to change based on community proposals
DAO stands for "Decentralized Autonomous Organization". The Phantasia DAO owns the most important protocol code and assets that make up Phantasia– the sports Data Oracle Contract, the Fan Card, Play To Earn emissions, Governance structure, and the Phantasia Shop. It also owns a substantial size of FANT which allows it to be truly autonomous as well as subsidize various operations and initiatives for the Phantasia Protocol.
As the Phantasia protocol evolves, the DAO structure will change and sub-DAOs will develop to synergies with the Captains Council. These DAOs will have different roles within the structure of the Phantasia Sports DAO.
The DAO membership base is composed of FANT token holders, who can propose any changes to the protocol. These changes can be authored by anyone within the DAO and must feature the rationale, technical specifications, and design behind the proposed idea. Once a proposal is submitted, it must reach a yes threshold (Quorum) of 13% of supply of FANT governance tokens in circulation at TGE to be considered. Upon the TGE (Token Generation Event), the circulating supply will be accounted for in regards to the quorum. The circulating supply on TGE is 19,125,000 FANT (7.65% total supply); therefore, this will be the fraction of supply that will be considered for quorum.
Once a vote reaches the yes threshold, it can then be considered for passing. Members can discuss a specific proposal on the forum which is linked to the proposal and open to the public. All successful proposers are granted a Phantasia Sports protocol token reward which is determined by the Captains Council. The amount of "yes" votes needed to reach the threshold is equivalent to 2,486,250 FANT each FANT token is equivalent to one vote.
Another aspect of the DAO structure is the Phantasia “Captains Council”, which has 6 seats and may also vote and submit separate proposals. The “Captains Council” is responsible for conducting due diligence regarding all of the community submitted proposals. It is ultimately up to the Captains Council to ensure the community has insight on how all proposals impact the protocol. The community is responsible for creating proposals that will positively impact the protocol, and is encouraged to participate in the voting process. The Captains Council cannot veto the general proposals submitted by the community. If the Captains Council sees a proposal as disruptive to the protocol they may create a separate proposal to retroact or append the community's proposal.
The Captains Council is a group of 6 members that is responsible for submitting and approving proposals that may not have been submitted by the community. This council of 6 members is elected for an epoch (defined below) by the community participants. The committee is responsible for doing due diligence on the implementation of proposals, and establishing other sub-DAO groups for the Phantasia Sports DAO.
The Captains Council members are granted a token which signifies that they’re a part of the Council. This token shall be released from the council after their time serving on the council has ended. Each token has equal voting for each council member. With 6 seats in the Captains Council, there will be 10 tokens minted for the Captains Council and ~1.66 provided to each member. These tokens are separate from the FANT token and don’t have any purpose other than governance on the Captains Council.
With this structure, the Captains Council is to be able to act swiftly on decisions that need to be made without having to gather the whole community. An example of this can be critical changes that need to be made to the protocol code immediately and cannot wait for a formal proposal window by the whole community.
Any community member with 3500 FANT can submit a proposal to be voted on. Once the user submits a proposal, their FANT is staked until the voting period is over. They will receive the staked FANT back after the voting period is over. The voting period for any proposal shall currently not have a minimum voting time from the proposal being submitted.
For any proposal to pass the Phantasia Sports DAO, a yes threshold must be reached of 13% total circulating supply (at TGE), which is 2,486,250 FANT. If a yes threshold is not reached, the proposal cannot pass through the DAO. To vote on a proposal, a community member must stake their FANT for the duration of the voting period. Once the voting period is over, the community members receive their FANT returned by the DAO. Each FANT token has equal voting rights within the proposal.
Once a yes threshold is reached the proposal result will be law. A passing proposal means that the sum of total votes towards “yes” was greater than 50% of the total votes on the proposal.
The submission of a proposal by the Captains Council can be done by any member of the council and requires 1 Council token. Once a council member submits their proposal the council token is staked until the voting period is over - they will receive the staked council token back after the voting period is over. The minimum voting period for the Captain Council's is the same as the community timeline -The voting period for any proposal shall currently not have a minimum voting time. The quorum for the Captains Council is 25% of total Council token supply. For each vote the Council member must stake their council token for the duration of the voting period - once the voting period is over the council member shall receive their token back. Each Council token has equal voting rights within the proposal.
Once a quorum is reached the proposal result will be law. A passing proposal means that the sum of total votes towards “yes” was greater than 50% of the total votes of the proposal.
Elections for Captains Council members shall happen at the end of every council Epoch. At the end of an epoch the community shall propose new Council Members and vote on the newly elected council members.
The governance is meant to be an open forum that the Phantasia community can voice their thoughts to the greater community, and vote on the future of the DAO. Below is a list of some of the items that may be voted on.
Things to vote on:
- 1.On Chain Solana Program upgrades
- P2E algorithm changes
- 2.Funding the P2E FANT Vault
- 3.Data oracles (for sports data & price oracles)
- 4.Protocol development prioritization i.e. Adding new sports, Enhancing P2E functionality for more quests, Marketplace additions
- 5.The ability to decide on what Sub-DAOs shall be added
- 6.The ability to decide the minimum amount of FANT that is needed to participate in voting
- 7.Electing new members to the Council and deciding an epoch of serving on the council
- 8.Governance Structure i.e. minimum voting time, quorum, etc...
- 9.Management of DAO Treasury -
Phantasia Sports DAO is powered by Solana Governance which is enhancing and adding many new DAO features. To understand more about the underlying technology powering the Phantasia Sports DAO please reference this documentation