What is Goldilocks?

Nah really, what is it?

Goldilocks DAO initially comprises three core components:

Pricing Function

Goldiswap determines the market price of each LOCKS token according to the following function:

This price function ensures that LOCKS tokens never trade below the floor price, while also allowing for the price to represent market sentiment in a natural and controlled manner that enables price discovery and mimics the price behaviour of traditional AMM’s. In essence, the function ensures that the volatility of the market price increases exponentially as the PSL/FSL ratio increases. When the PSL/FSL ratio reaches 0.5, Goldiswap redirects all HONEY from buys towards the FSL until the ratio falls back below 0.5.

Note that the AMM imposes a 5% tax on all sales of LOCKS. 100% of this tax is sent back to the PSL.

Raising the Floor

Goldiswap incorporates an automated floor-raising mechanism that increases the floor price of LOCKS by moving a portion of the PSL to the FSL whenever certain conditions are met.

Specifically, Goldiswap contains a `target ratio’ variable T such that when the ratio PSL/FSL hits T, Goldiswap transfers a portion of the PSL to the FSL, thereby increasing the floor price permanently. The portion of the PSL that is transferred to the FSL on floor raise increases as a function of the PSL/FSL ratio -- it is very small when market price is close to floor and increases as the market price goes further above the floor.

After the floor is raised this way, the PSL/FSL ratio will decrease back below T and a new target threshold is set at 1.02*T. If the PSL/FSL ratio is stuck below T for a period of time, the protocol will gradually decrease T so that it becomes easier to reach it, thereby ensuring that the floor never stops rising. Specifically, Goldiswap decreases T by n% each day, where n is the number of days since the last time it hit T.

Trading Fees

Goldilocks DAO takes a standard fee of 0.3% on all buys through Goldiswap, this fee is sent to the DAO treasury.

At the heart of the Goldilocks project are the LOCKS governance token and the bespoke AMM, called `Goldiswap’, that governs its behaviour. Goldiswap is distinguished by a few key innovations and advantages. Most importantly, it

(i) Allows users to borrow a significant portion of the liquidity of their tokens at any time without interest payments, risk of liquidation, price impact or relying on third parties.

(ii) Creates an up only floor price for all tokens that trade on the AMM.

To see how Goldiswap achieves this, note first that it contains two basic liquidity pools, the floor supporting liquidity pool (FSL) and the price supporting liquidity pool (PSL). Both pools are comprised entirely of HONEY, Berachain's native (fully collateralized) stablecoin. Using these pools,Goldiswap has the ability to burn and mint LOCKS through the following basic mechanisms:

(i) Firstly, a user can always redeem LOCKS tokens in exchange for a proportional share of the FSL. More precisely, if S is the total supply of LOCKS, then Goldiswap allows a user to redeem 1 LOCKS token for a quantity of HONEY equal to FSL/S. We call FSL/S the `floor price’ of LOCKS, since it represents a minimum price for which a LOCKS token can always be redeemed via Goldiswap. Upon redemption, Goldiswap burns all the redeemed LOCKS tokens, ensuring that redemption can never lower the floor price of the remaining tokens.

(iii) Finally, users can buy LOCKS from Goldiswap by paying the market price (never less than the floor price), in exchange for which the protocol mints them the appropriate number of LOCKS tokens.

Governance

LOCKS is an ERC20 token that will act as the governance token for Goldilocks DAO.

Only staked LOCKS holders have their voting rights for participating in governance.

• Users can delegate their voting weight to another delegate

• Delegation does not lock tokens but assigns voting weight to the chosen delegate

All operations of the DAO will be determined democratically by staked LOCKS token holders, via the DAO's governance contracts. As part of our partnership, ApDAO will hold a perpetual 5% governance power over Goldilocks DAO.

Staking & PRG

Goldilocks also includes a staking mechanism for all LOCKS tokens. Importantly, staking rewards are not paid in newly emitted LOCKS tokens (which would dilute the floor price). Rather, they are paid in a second token, PORRIDGE. The PORRIDGE token gives owners the right to buy LOCKS from the protocol at the floor price (this is called `stirring’). So no matter what LOCKS market price is, if a user has one PORRIDGE token, they can stir it to mint one LOCKS token through Goldiswap at floor price. Crucially, these staking rewards can never dilute the floor price of LOCKS.

Goldilocks DAO will provide liquidity for trading PORRIDGE on Kodiak (note that no sell tax is imposed on PORRIDGE trades).

Locked LOCKS

When a user stakes LOCKS, they can also borrow up to the full floor price of their staked LOCKS. For instance, if the user has 100 LOCKS staked and the floor price of a LOCKS token is 1 HONEY, then they can borrow 100 HONEY from the FSL. Their staked LOCKS are then locked and can’t be withdrawn or sold until the loan is fully repaid, although the user will still receive staking rewards for their locked LOCKS. The borrowed HONEY is still counted as part of the FSL for the purpose of calculating the market price because they would need to be repaid before the tokens that they are backing can be sold. Borrowing doesn’t dilute the floor price in any way.

Crucially, there is zero risk of liquidation with these loans. Users can borrow the floor price of their tokens, no more and no less. Since floor price can never decrease, there is never any need to liquidate users (compared to standard lending protocols where borrowing limits are determined by market price). If the floor price increases, the amount that users can borrow will increase proportionally.

All loans come with a one-time DAO controlled origination fee (initialised at 3%), 100% of which is sent to the DAO treasury. After the origination, the loans are completely interest free for their duration.

LOCKSenomics

The initial supply of the LOCKS token is 190,000,000. Of this, 34,000,000 are team tokens and 156,000,000 are seed investor tokens. The initial market cap of LOCKS is 3.57 million HONEY. The team and seed investor tokens are subject to the following terms,

(i) Team tokens are permanently staked and locked. The team can borrow against the floor price of their tokens at any time and receive PORRIDGE staking rewards on the same terms as other LOCKS holders, but they can never unstake or sell any of their LOCKS allocation.

(ii) The team will never sell or stir any PORRIDGE staking rewards, but may use them within the Berachain ecosystem, e.g. as collateral, to provide liquidity, earn BGT rewards etc.

(iii) Seed investor tokens are staked and locked for three months from tge and then become unstakable linearly over a twelve month vesting schedule. Seed investors and team members will not be able to claim any staking rewards until three months from tge, when they will be able to claim all accrued staking rewards.

(iv) Seed investors are able to borrow the full floor price of their own tokens at any time, on the same terms as any other LOCKS holders. Of course, they need to fully repay any outstanding loans taken against their tokens before being able to unstake or sell them.

(v) Seed and team tokens are eligible for use in governance immediately upon the LOCKS token generation event.

Apart from the initial supply, the LOCKS supply is entirely elastic because Goldiswap mints LOCKS on buys and burns LOCKS on sells. The rate of PORRIDGE emissions to LOCKS stakers is set by DAO governance, initialised at 0.4 PORRIDGE per staked LOCKS annually. There are also 250,000,000 PORRIDGE minted to the DAO treasury.

Of these 250,000,000 porridge,

(i) 32,726,000 will be distributed as liquidity incentives for Goldivaults via Boyco. These incentives will be paid by expiry of the Boyco markets on May 3rd 2025.

(ii) A further 16 million PORRIDGE have been committed to be used as bribes for liquidity incentives on Beradrome within the first 12 months after TGE. These bribes will be directed by the operating team unless and until the DAO makes explicit recommendations through governance.

(iii) 2 million PORRIDGE will be sent to the BULLAS treasury to be permanently held as full range LP on Kodiak, as part of a partnership between the projects.

(iv) 16 million PORRIDGE are reserved for seeding a PORRIDGE liquidity pool on Kodiak.

(v) 12 million PORRIDGE will be emitted as bonds and/or reward vault emissions for $LOCKS.

(vi) Any further emissions will be determined by DAO governance.

Goldilocks' yield splitting vaults enable users to trade the future earnings of yield bearing positions on Berachain's bluechip defi protocols and native infrastructure. Users can deposit assets into a yield splitting vault and the vault will automatically use the assets to create yield bearing positions on supported platforms. The user will receive:

(i) Ownership tokens representing ownership of the deposited assets

(ii) Yield tokens representing ownership of the yield that those assets generate over the remaining lifetime of the vault

The user is then able to trade those tokens, thereby immediately unlocking the liquidity of the future yield generated by their assets, and facilitating speculation on the value of that yield.

Goldilend is an NFT lending platform on Berachain developed by Goldilocks DAO that is designed specifically for bluechip Berachain NFT’s. The platform’s main objectives are:

(i) To create a robust, secure, and highly liquid lending market for Bong Bears (and rebases), Honeycomb and selected Berachain ecosystem partner NFT’s.

(ii) To offer attractive and sustainable long-term yields for holders of the iBGT token.

(iii) To develop an economic mechanism that reflects and capitalizes on the intrinsic connection between the value of Berachain and its flagship NFT’s.

Goldilend is currently undergoing a redesign, and more details will be released as soon as they are available.

Pricing and Core Functions

To illustrate the core mechanics of Goldivaults, take for example a vault in which the deposit asset is HONEY and the duration of the vault is one year.

Deposits: When a user deposits 1 HONEY, they will receive 1 newly minted ownership token (OT) and 1 newly minted yield token (YT).

OT Redemptions: Conversely, a user can always redeem (burn) 1OT + 1YT for 1 underlying asset. Once the vault reaches maturity, the user can redeem OT’s 1:1 for the underlying deposit asset.

YT Staking: YT’s in streaming vaults are automatically staked, and continuously accrue the yield generated by the underlying assets in real time. This yield can be claimed at any time. Over time, as the vault approaches maturity, the value of the YT gradually approaches zero as the yield to which it is entitled is continuously paid out to stakers.

In some cases (e.g. where the yield consists of partner project points programs), the yield is streamed directly to the user without any need for claiming/staking.

Pricing: Goldivaults operate according to the basic equation 1DT = 1OT + YT, where DT denotes a `deposit token’ (the relevant yield bearing asset that is deposited into the vault). In light of this equation, we see that the price of YT and OT should be inversely correlated – the value of 1 OT varies inversely with the value of 1 YT.

Trading

Ownership token liquidity will always be paired against the underlying deposit asset in a concentrated liquidity pool on Kodiak, thereby maximising capital efficiency and optimising the ownership token trading experience. Goldivaults also includes an additional smart contract that enables users to trade yield tokens by utilising the liquidity in the ownership token pool in tandem with flash loans and vault deposits/redemptions. This means that the OT liquidity pool is able to support both OT and YT trades, which increases capital efficiency and simplifies the trading experience for users. Here’s how it works.

Buy YT: When a user buys YT through the Goldivault trading contract, the following process occurs.

(i) Firstly, the user specifies how much they want to spend along with their slippage tolerance. The front end then calculates the minimum number of YT they should expect to receive based on the current price and slippage tolerance, and the user confirms the trade.

(ii) The contract takes the user’s DT tokens and deposits them into the vault and receives OT and YT tokens. If they receive the desired minimum number of YT tokens, then the contract sells the OT tokens via the Kodiak pool, returns the proceeds to the user and concludes the trade.

(iii) If the deposit does not generate the desired number of YT tokens, then the vault contract will temporarily lend the user enough DT such that depositing all the borrowed DT will generate the desired number of YT.

(iv) The contract will then sell all the OT tokens via the Kodiak pool, repay the DT that the user borrowed from the vault contract, and conclude the transaction.

Sell YT: When a user sells YT through the Goldivault trading contract, the following process occurs.

(i) Firstly, the user specifies how much YT they want to sell along with their slippage tolerance. The front end then calculates the minimum number of DT they should expect to receive based on the current price and slippage tolerance, and the user confirms the trade.

(ii) The vault contract mints the user enough OT to pair with the user’s YT and then redeems their YT along with this newly minted OT, in exchange for DT.

(iii) The contract uses that DT to buy back the number of OT that were minted to the user via the Kodiak pool.

(iv) The contract burns the OT that were bought back, and sends the leftover DT to the user, before concluding the transaction.

Fees

The yield splitting vaults will take a performance fee (determined by the DAO, initialised at 3%) on all yield generated through the vaults. For Boyco vaults, there will also be a 0.5% on the cost basis/proceeds of all YT trades that occur through the YT trading contract. For non-Boyco vaults Goldilocks DAO will take 33% of the standard 0.05% liquidity provider trading fee on all OT trades. 100% of these fees are sent to the Goldilocks DAO treasury.

Governance Overview

Foundation Principles

Goldilocks operates on a decentralized governance model where staked LOCKS have the primary decision-making power through a structured proposal and voting system. The initial governance is bootstrapped by a community-elected multisig group to ensure operational stability.

Voting Power and Delegation

Only staked LOCKS holders have their voting rights for participating in governance:

• Users can delegate their voting weight to another delegate

• Delegation does not lock tokens but assigns voting weight to the chosen delegate

• Required threshold for submitting proposals: 5M staked LOCKS

• Quorum requirement: 50M staked LOCKS

Summary

The charter provides clear guidance to the Goldilocks community when it comes to introducing changes or ideas to Goldilocks DAO and the process for presenting new proposals for community voting.

Abstract

To remain decentralized Goldilocks will need to implement a governance framework for staked LOCKS holders and this model, as used by Uniswap, has proven to be successful in the management of suggestions and proposals of change.

Specification

What is the Goldilocks DAO Governance Charter?

The initial governance will be bootstrapped by a community-elected multisig group to ensure operational stability.

Who are “The 2 Beras”?

The SC will act as the principal executive officer of Goldilocks DAO, responsible for the overall management, direction, and operation of the business in accordance with the strategic plan and policies and proposals approved by the Goldilocks community.

The nominated person to perform the role of SC will be Ampnoob, who already plays an active and critical role in the development and management of Goldilocks DAO.

The OL will oversee the organisation's technological direction, including its information technology (IT) strategy, innovation, and development of new technologies, aligning them with the company's strategic goals and operational needs.

The nominated person to perform the role of OL will be Geeb, who already plays an active and critical role in the development and management of Goldilocks DAO.

The SC and OL general responsibilities and scope of work are outlined in the below document:

Delegated Approvals

The 2 Beras (SC and OL) will be given roles based authority for spend limits within their scope including standard operating costs up to the amount of $420,000 USD per year from the Treasury.

The SC will be able to make recommendations to the multisig regarding use of token emissions for LP incentives and bonds.

The SC will be able to make recommendations in line with the porridge emissions schedule and if transactions are requested that deviates from the schedule, the SC will need to seek approval from the Community.

Mutlisig Structure

Constraints will be placed on the MS delegations to ensure they are not able to move and execute transactions more than 10% of the treasury value in a month without approval via the relevant governance proposals.

The initial MS group consists of Ampnoob, 0xGeeb, Lezbrahh, ServiceDAO, Jani (THJ), Raito (Infrared) and Beartic (Kodiak).

Goldilocks Governance Proposals (GGPs)

GGPs are intended to be the primary vehicle for proposing new features, collecting community feedback on large scale issues and for the documentation of all changes made to Goldilocks. The governance process is completed in 2 separate phases to ensure any legitimate proposals have met the minimum criteria set and have the support of the Goldilocks community before being put forward for voting.

Only staked LOCKS holders have their voting rights for participating in Goldilocks governance.

Epoch & Remuneration

The SC and OL follow a 12-month Epoch length, and will each be compensated with 10,000 $USD per month payable at the end of each month in token amounts equal to this.

GGPs are intended to be the primary vehicle for proposing new features, collecting community feedback on large scale issues and for the documentation of all changes made to Goldilocks.

Standard proposals for:

• Protocol improvements

• Feature additions

• Parameter changes

• Governance updates

• Multisig member elections

Recommendations for Proposals

• Clear and complete description

• Implementation specifications

• Community benefit analysis

• Risk assessment

• Technical audit (for code changes)

It is highly recommended that a single GGP is concentrated on a single key proposal or new idea. This gives the proposal its best chance for success, as it prevents conflating ideas and allows a single point of focus for voters from the Goldilocks Community.

At Goldilocks, it's important to uphold high ethical standards and ensure that your actions align with the principles of the community.

Core Principles

• Transparency

• Accountability

• Respect

• Fairness

• Confidentiality

• Integrity

Standards

• Be open and honest about actions and intentions

• Disclose any conflicts of interest

• Take responsibility for decisions

• Treat others with respect and dignity

• Maintain confidentiality of sensitive information

• Act with integrity and high ethical standards

The 2 Beras together will play a critical role in overseeing the day-to-day operations of the DAO, setting the overall direction and priorities ensuring its success and profitability, whilst ensuring that they are following the Code of Conduct and modelling behaviours set out in the Goldilocks Values set out in the Charter.

The 2 roles will be given roles based authority for spend limits on standard operating costs and will be able to make recommendations to the multisig regarding use of token emissions for LP incentives and bonds.

Constraints will be placed on the Multisig Signatories delegations to ensure they are not able to move and execute transactions more than 10% of the treasury value in a month without approval via the relevant governance proposals.

Initial Multisig Formation

• Preselected members will serve as multisig signatories

• 6-month term length for each member

• 4-of-7 signature requirement for execution

• After initial 6-month term governance proposals can be submitted to change composition of multisig members as required

Multisig Responsibilities

• Execute passed governance proposals

• Emergency response (with community ratification within 72 hours)

• Operational transactions approved by governance

• Monthly activity reporting to the community

• Utilise Treasury porridge as liquidity incentives

Multisig Member Requirements

• Maintain active community participation

• Attend governance calls as required

• Cannot miss more than 3 signature requests without notice

• Proposal Framework

Phase 1: Request for Comment (RFC)

The purpose of the Request for Comment is to allow the community time to digest a proposal, comment, and ask questions about a particular proposal.

• Timeframe: Minimum 7 days

• Format: Governance Forum Post labelled "RFC - [Title]"

• Purpose: Community discussion and feedback

• Requirements:

  • Clear proposal description

  • Impact analysis

  • Implementation details

  • Community feedback period

Phase 2: Governance Proposal

Phase 2 is the final step of the governance process. If this vote passes, then a change will be enacted on-chain.

• Timeframe: Total 11 days

• 2 day waiting period

• 7 day voting period

• 2 day timelock

• Format: On-chain proposal

• Quorum: 50M staked LOCKS

• Delegation: Proposer needs 5M staked LOCKS delegated

• Requirements:

  • Professional code audit for technical changes

  • Forum post labelled "Governance Proposal [GP###] - [Title]"

  • Links to previous phases and audit reports

  • Executable on-chain code

  • Majority vote with quorum for passage

Note that the governance contracts can be called at any time meeting the on chain requirements, it is the best practice that proposals follow the 2 phase process where they are not a simple contract call execution.

Voting Interfaces

Official voting can be conducted through:

Process Modifications

Changes to this governance process require:

• Full three-phase process completion

• 7-day voting period

• 50M staked LOCKS quorum requirement

• 5M staked LOCKS delegation requirement

• Majority approval

Our Team is committed to 8 core values.

Trust

• Environment of honesty and transparency

• Own our mistakes and learning

Open Communication

• Value tough conversations as learning opportunities

• Listen actively to feedback

• Responsible communication

Accountable Freedom

• Empowered decision-making within roles

• Quality delivery with flexibility

Respect

• Accept differences

• Consider impact of choices

• Learn from mistakes

Self-awareness

• Continuous self-evaluation

• Distinguish fact from opinion

• Embrace learning opportunities

Positive Default

• Assume best intentions

• Work effectively with limited information

Integrity above all else

• DAO-first decision making

• Clear reasoning and communication

Fun

• Maintain positive energy and Foster an engaging environment

• Balance professionalism with enjoyment

• Foster an engaging environment

Core Contributor Team

General Responsibilities

• The OL shall oversee the DAO's technological direction, including its information technology (IT) strategy, innovation, and development of new technologies, aligning them with the DAO's strategic goals and operational needs.

• The OL is responsible for leading the DAO’s technological development and ensuring the implementation of appropriate and up-to-date technology to enhance operational efficiency and product innovation.

• The OL shall collaborate closely with the Operational Lead and other core contributors and contractors, to integrate technological strategies with the Communities broader goals.

• The OL is tasked with identifying emerging technology trends and ensuring the DAO remains at the forefront of innovation within its industry, safeguarding its competitive edge.

• The OL follows a 12-month Epoch, and will be compensated with 10,000 $USD per month payable at the end of each month in token amounts equal to this.

Scope of Work

The specific responsibilities of the OL include, but are not limited to:

• Developing and implementing a technological vision and strategy that aligns with the DAO's strategic goals and meets the needs of its customers and users.

• Leading the research, evaluation, and adoption of emerging technologies that can provide the DAO with a significant competitive advantage.

• Overseeing the development and delivery of technology services and solutions across the DAO, ensuring they meet quality, cost, and timeline targets.

• Managing the technology team, including hiring, training, and professional development, to build a high-performing team capable of executing the technology strategy.

• Ensuring the security of the DAO’s data and information technology systems, implementing best practices in cybersecurity to protect the DAO and its stakeholders.

• Collaborating with the SC to develop and manage the technology budget, ensuring efficient allocation of resources towards strategic technology investments.

• Partnering with the SC, core contributors and contractors to better understand their technology needs and challenges, ensuring the technology strategy supports operational and business goals.

• Establishing technology standards and practices within the DAO and ensuring code compliance.

• Leading technology innovation initiatives, encouraging creativity and the exploration of new ideas within the technology team.

• Representing the DAO in industry groups and forums related to technology and innovation.

• Providing expert technical guidance to the SC and DAO, facilitating informed decision-making on technology-related matters.

• Ensuring continuous delivery of IT services through oversight of service level agreements with end users and monitoring of IT systems performance.

• Such other technological management activities and responsibilities may be necessary or as directed by the SC or DAO.

The duties and responsibilities outlined in the scope of work define the core work of the OL and are subject to review, refinement, or expansion based on the DAO's evolving technological needs, industry trends, and by mutual agreement between the OL and the SC or DAO.

General Responsibilities

• The SC shall serve as the principal executive officer of the DAO, responsible for the overall management, direction, and operation of the business in accordance with the strategic plan and policies and proposals approved by the “Goldilocks Community” and actioned where needed by the Goldilocks Foundation Director.

• A SC shall not, without prior community approval, enter into any agreements or make commitments that may bind the DAO financially or legally beyond a threshold amount as specified by governance from the “Goldilocks Community”.

• The SC is authorised to hire, manage and terminate contributors or contractors within the DAO's approved operational budget, ensuring the recruitment of personnel service providers with the skills and experience necessary for the advancement of the “Foundation’s” objectives.

• The SC shall regularly review the DAO’s operational performance against strategic goals and objectives, providing timely reports and updates to the “Goldilocks Community” and Goldilocks Foundation Director.

• The SC is tasked with ensuring that the strategic planning processes of the DAO are comprehensive and effectively integrated with operational execution to achieve long-term success.

• The SC shall serve as a key advisor to the Goldilocks Community providing insights and recommendations on new build models, strategic opportunities, and competitive landscape.

• The SC is responsible for fostering innovation and identifying emerging trends that could impact the DAO, ensuring that the DAO remains agile and positioned for future growth.

• The SC follows a 12-month Epoch, and will be compensated with 10,000 $USD per month payable at the end of each month in token amounts equal to this.

Scope of Work

The specific responsibilities of the SC include, but are not limited to:

• Development and execution of the DAO strategic plan, including setting short-term and long-term goals, objectives, and initiatives that align with the mission and vision of the DAO.

• Oversight of the DAO’s financial performance, including budget preparation, financial forecasting, and ensuring that the DAO operates within the financial guidelines set by the “Goldilocks Community” and Goldilocks Foundation Director.

• Representation of the DAO in all professional business capacities, acting as the primary spokesperson and public face of the DAO in dealings with clients, investors, other stakeholders, and the community.

• Ensure that all Foundation compliance needs are met in assistance with the Foundation Director and Legal Counsel.

• Cultivation of a positive and dynamic organisational culture that attracts, retains, and motivates top-quality talent and strong community within the DAO.

• Establishment and maintenance of effective relationships with the “Goldilocks Community” and Goldilocks Foundation Director, providing them with accurate and comprehensive information to facilitate informed decision-making.

• Continuous assessment and improvement of the DAO’s operational processes and policies to enhance efficiency, quality, and customer satisfaction.

• Leading innovation and strategic initiatives to explore new business opportunities, markets, and technologies that could benefit the DAO and Goldilocks Community.

• Ensuring the DAO’s sustainable growth by developing and implementing effective sales, marketing, and business development strategies.

• Leading the strategic planning process, including the development of the DAO’s long-term strategy, setting strategic priorities, and making recommendations to the Goldilocks Community.

• Conducting in-depth analysis of business opportunities and challenges, market trends, competitive environment, and internal capabilities to inform strategic decisions.

• Facilitating the alignment of departmental goals, processes, and resource allocation with the DAO’s strategic objectives.

• Overseeing strategic projects and initiatives from development through successful execution in collaboration with relevant core contributors and contractors.

• Monitoring and evaluating industry trends and external environments that could affect the DAO’s strategic positioning, advising on potential responses and strategic adjustments.

The services and duties outlined in the scope of work are integral to the role of SC and may be reviewed, amended, or expanded in accordance with organisational needs and by mutual agreement between the SC and the Goldilocks Community.

What is Goldilocks Governance?

Goldilocks Governance framework has been designed to be completed in 2 separate phases to ensure any legitimate proposals have met the minimum criteria set and has the support of the Goldilocks community before being put forward as Goldilocks Governance Proposal (GGP).

This “how to guide” will provide an overview of the new governance process and will provide a clear guide on how to submit a GGP for the Goldilocks community.

Timeframe: Minimum 7 days

Format: Governance Forum Post labelled "RFC - [Your Title]"

Purpose: Community discussion and feedback

The first phase of the governance process is meant to allow the Goldilocks community an opportunity to understand a proposal, comment, and ask questions about a particular proposal.

Before moving on to Phase 2, please ensure to answer any questions in the comments, and take all feedback into consideration prior to the next iteration of the proposal.

Timeframe: Total 11 days

• 2 day waiting period

• 7 day voting period

• 2 day timelock

Format: On-chain proposal

Quorum: 50M staked LOCKS

Delegation: Proposer needs 5M staked LOCKS delegated

Phase 2 is the final step of the governance process. If this vote passes, then a change will be enacted on-chain.

How to create an on-chain Governance Proposal:

Update any last iterations to your proposal based on the previous feedback provided before posting your Goldilock Governance Proposal for voting.

The proposer must have at least 5M staked LOCKS delegated to their address in order to formally put forward a proposal for community voting. If the proposer does not have the required staked LOCKS supply, they must find a delegate who has enough delegated staked LOCKS to meet the proposal threshold to propose on their behalf.

After the proposal has been submitted (or the propose(d) function has been called), a 2 day voting delay will start. After the voting delay is finished, a 7 day voting period will begin. If the proposal passes successfully, a 2 day time lock will follow before the proposed code is executed.

There must be at least 50M staked LOCKS yes votes received for the proposal to pass and be executed. If the “No change” option wins, the proposal will not be initiated.

Timeframe: Minimum 7 days

Format: Full three-phase process completion

Quorum: 50M staked LOCKS

Delegation: Proposer needs 5M staked LOCKS delegated

In the future, the governance process above may require additional modifications made to ensure it continues to meet the needs of the Goldilocks community. While it is not required to hold an on-chain vote to change the majority of this process, there must be a clear display of community support and acceptance for any process changes to have legitimacy.