Applications to become a DAO delegate are now open, anyone can become a delegate!
Ahead of the DAO launch, everyone who believes in Euler’s core goals (permissionless lending markets, reactive interest rates, protected collateral, MEV-resistant liquidations amongst others) are welcomed to join as delegates for the EulerDAO.
Apply to become a delegate today! Go to the forum or follow this link: https://forum.euler.finance/t/euler-dao-delegate-application/142
Active delegates will vote on DAO proposals on behalf of the community to help maintain the protocol. Governance can vote for changes on the Euler Protocol for parameters such as:
1. Default isolated tier borrow factor
2. Collateral and borrow factors of specific assets
3. Inclusion of an asset in the cross and collateral tiers
4. Change in choice of risk parameters and general methodology
Who are delegates?
Generally speaking, a delegate is someone who has been authorised to represent others, in most cases an elected representative.
The EulerDAO will be governed by EUL token holders, enabling them to make decisions and implement them. Users who wish to have a say in governance need to delegate their votes / voting power to themselves or someone in the community, who can then vote on their behalf on future governance proposals.
Users can delegate to one address at a time, and the number of votes added to the delegate’s vote count is equivalent to the balance of EUL in the user’s account. Votes are delegated from the current block and onward, until the sender delegates again, or transfers their EUL.
Allowing community members to delegate their votes means they can still have a say in the DAO without needing to be involved in day-to-day governance.
Why become a delegate?
Delegates are volunteers! Being a delegate means volunteering for active, ongoing participation in the upcoming DAO — including staying on top of community developments and making governance decisions. Delegates exist because the size of the community will extend far beyond the number of individuals who are able to spend time personally considering every single DAO proposal.
As a delegate, users will be voting on governance proposals once the DAO launches and upholding the community’s objectives.
Once a user becomes a delegate, they can vote on active proposals, and create proposals if they have enough voting power. If a user chooses not to directly vote on proposals, they can pass their voting power onto another delegate as well.
Acting as a delegate is expected to require a significant amount of effort and should be treated as a serious commitment. The Euler DAO should aim to fairly and adequately reward its delegates. Delegates should eventually receive compensation for this significant time commitment once the role has stabilised.
Why the need for delegates?
When the Euler DAO launches, anyone will be able to self-delegate and vote on their own behalf. This will empower every community member who has the time and resources to engage in active governance to steer the EulerDAO.
For those who want to stay involved but prefer not to vote on every proposal, they can delegate their votes to community leaders (also known as delegates). Furthermore, delegation helps ensure that the will and objectives of community members are reflected by the DAO.
How can a user become a delegate?
While there is no cutoff date for delegate applications, users are encouraged to apply ASAP. The initial delegate list will be finalised in June.
Follow this link to the Governance Forum and submit an application to be a delegate.
The DAO will be launching soon. When it does, community members are encouraged to delegate their votes to delegates. As part of that process, community members will be presented with a list of delegates.
Euler is a capital-efficient permissionless lending protocol that helps users to earn interest on their crypto assets or hedge against volatile markets without the need for a trusted third-party. Euler features a number of innovations not seen before in DeFi, including permissionless lending markets, reactive interest rates, protected collateral, MEV-resistant liquidations, multi-collateral stability pools, sub-accounts, risk-adjusted loans, and much more. For more information, visit euler.finance.