Governance Overview & Walkthrough
Last updated
Last updated
The PsyFi DAO has created this simple guide to help our community members navigate through the Solana Realms governance website. The website can be broken down into 5 sections, all of which have a unique purpose and features to be aware of. This is not an extensive list of features that the governance offers, but it brings attention to the most important factors for community members to get involved! We encourage you to dive deeper than what this guide will explain and read through the documentation and GitHub resources provided by the Realms team.
Let's start by visiting the PsyFi DAO governance website.
Here we can see the following sections:
Proposals
Your Account
NFTs
Treasury
Programs (Not displayed. Located below Treasury!)
This section is the core of governance, and can be broken down into 4 sub-sections: Proposals, About, Members and Params.
Proposals: Community members have the power to make a direct influence on how each feature the PsyFi DAO controls operates. Proposals can be created by any community member that fulfills the required parameters by holding either $PSY Tokens or Council Tokens.
Proposals can include, but are not limited to: increasing vault rewards, using the treasury to buy back and burn $PSY tokens, reducing/increasing vault fees, offering new assets, new vault strategies, buying/selling NFTs, and much more! This section has an ongoing list of proposals submitted by PsyFi DAO community members. You can view different proposals, such as completed or defeated proposals, using the filter drop down menu.
About: General information about the PsyFi DAO
Members: Displays the number of members currently participating in PsyFi DAO governance. The number of wallets that hold a council token and/or have deposited $PSY tokens to be used for voting are represented here. Visit “Your Account” to deposit your $PSY tokens into your governance account.
Params: Here you are able to see each account that the PsyFi DAO controls, and the parameters that need to be met to start and pass a proposal. Each account differs slightly in parameters needed to create and pass proposals, so make sure you take the various factors into account.
We have highlighted some of these important variables below.
Your account displays the number of votes your wallet account holds. You can increase the number of votes by obtaining more $PSY tokens on the open market, and depositing them into your governance account
To deposit your $PSY tokens into your account:
Hold $PSY tokens in a Solana wallet such as Phantom or Sollet
Click deposit and approve the transaction.
$PSY tokens are transferred from your SOL wallet, and deposited into the governance account for voting.
You can now see the number of votes displayed. You can withdraw your tokens at any time if not engaged in an active vote for a proposal.
Account View
Click the notification bell in the top right corner of the page if you would like to set up notifications (email, text, telegram) for proposals, voting and results. Never miss an opportunity to vote again!
By clicking "View", you will be brought to a page that let's you delegate your votes to another wallet to allow voting on your behalf. This option allows our busy community members to participate in governance by trusting another with your votes! Your tokens are SAFE. This does not allow delegated wallets transfer, sell, or withdraw your tokens. Delegated tokens can only create and vote on proposals.
Delegating Tokens
Copy the wallet address you want to delegate your votes to, click "delegate", approve the transaction, and notice that the delegation address appears!
To remove delegation, click the "X" by the wallet address, and approve the transaction.
Delegation is supported out of the box by SPL Governance. However, it doesn’t support aggregated delegation where multiple users can choose the same delegate who would then vote with the combined voting power.
The current model is a recipient of delegation would need to send a separate transaction for each delegation he has received, which can be gas inefficient with many delegations. The Realms team is working through some ideas on patches for this issue.
Delegation can be used for other items aside from voting matters.
You can delegate your tokens to wallets to propose trades through Realms.
You can delegate to propose trading of NFTs
You can delegate to propose adding treasury funds into protocols such as Solend or Mango
The PsyFi DAO treasury can hold NFTs! Click “View NFTs” to see what NFTs our treasury holds, if any.
Feeling generous? Contribute to the NFT treasury by depositing any NFT into our treasury wallet.
NFTs can be ONLY be withdrawn/transferred through governance voting!
One of the most important sections for our community members to be aware of. Here you can view ALL the accounts that the PsyFi DAO owns.
Click "View" to see more in depth look at each treasury account owned by the PsyFi DAO
Available investments allows community members to propose to delegate funds to other integrated protocols like Solend, Serum or Mango! Try clicking on the various accounts and see the possibilities! Creating an Investment Proposal: click "Investments”, click “Propose” on the option of your choice, fill in the fields, and select “Propose deposit”!
Remember: you need to have the correct amount of PSY tokens to make proposals!
New DAO Wallet
Different token assets can be held by the PsyFi DAO. If there is an asset that the treasury should own, propose to create a new wallet and swap funds to purchase the new asset!
These are the programs deployed on the Solana blockchain which are owned by the PsyFi DAO such as the PsyOptions contract, and the Tokenized European Protocol which powers PsyFi Vaults.
