What does the DAO control within the APOLLO ecosystem and what is the roadmap of DAO feature and control improvements (DAO versions)?
Apollo's DAO is controlled by the members of the Apollo community (the people who own Apollo). If you own Apollo, you are already part of the DAO and have full voting rights. In addition to other things, the DAO sets forth the rules on how DAO changes can be made, how creators are nominated and voted upon, and how prizes are awarded.
There can only be one version of the DAO at any time.
When Apollo was first launched on January 12, 2022, the initial version of the DAO was put in place to launch Apollo into existence. This DAO held the fees collected for the Creator Prize Fund and provided the rules on how new DAO versions could be voted in fairly by the community. In other words, it was the thing that made the next DAO possible and held onto the tokens reserved for later use in creator contests and awards.
You may be asking, why didn’t the developer just launch the final intended DAO when Apollo was launched? In the spirit of a fully decentralized token from day one, we felt it made sense to allow the community to vote on the meaningful features of the DAO, hence the reason why DAO 1.0 doesn’t have a rich feature set. DAO 1.0 has a 7-day voting period and a 7-day cooldown period discussed further herein.
This new version of the DAO was proposed on January 25, 2022. This is the first change proposed by the community to the DAO. DAO 1.1 has the ability to vote in future DAO versions with more features in a more compressed timeframe. It also authorized the movement of 10% of the funds already in the Creator Prize Fund (which was funded by the 1% transaction included in the tokenomics of Apollo) to a newly established Dev Donation Wallet to be used for the support of the ongoing ecosystem development efforts, listing fees with exchanges and other community socialized efforts that benefit the token and DAO.
In other words, DAO 1.1 sets the stage for future versions of the DAO that will allow weekly voting for creators and awarding winnings to them and provide the funding needed to enter exchanges and other improvements to Apollo to the benefit of its community of holders.
It may seem strange to have to do this middle step between DAO 1.0 and 2.0, but we feel it is necessary to ensure full transparency with the community. Put simply, we want the community to be the one to say “yes, these are the rules we agree to for artist nominations, voting and rewarding, and any other features necessary to realize the full potential and utility of Apollo”. We did not want to make this decision ourselves as that would not be decentralized. This is designed with the community’s best interest in mind. DAO 1.1 has a 3-day voting period and a 1-day cooldown period discussed further herein.
On February 1, 2022, the proposal for DAO 1.1 passed with 1,001,000 votes for and 0 against and DAO 1.1 went into effect on February 11, 2022.
This new version of the DAO was proposed on February 14, 2022, which included a new function called ReflectBalance(amount). This is to fix the issue with the DAO grabbing back some reflections after it has been sun-setted. This method makes sure everyone receives their proper reflections from the pool when a DAO gets updated. It also added a small (1%) transaction burn on withdrawal of votes after a new DAO update proposal vote is complete. This will help further accelerate the deflationary design of the token and help curb trolling on voting / removing votes for DAO updates. It also removed the ability for the one-time 10% DAO balance clawback (outlined in DAO 1.1 above) for this update. Donations will be aligned with contest cycles in future DAO proposals.
On February 17, 2022, the proposal for DAO 1.2 passed with 194 votes for and 0 against and DAO 1.2 went into effect on February 18, 2022.
This version of the DAO has not been proposed yet but the community will likely propose this new version for the community to vote on. DAO 2.0 will likely provide rules and functions for the creator voting system so contests can begin. Just like all newly proposed DAOs, complete details of the rules of DAO 2.0 will be released as part of its official proposal before the voting begins for DAO 2.0 so all Apollo holders have an opportunity to consider it carefully.
The Apollo community has the right to propose and vote in new versions of the DAO, per the DAO change voting rules as set forth in the then-current DAO’s rules. This is what helps make Apollo one of the most truly decentralized projects in crypto today.