SiennaDAO enables the full governance based decentralization of Sienna Network. Users will be able to vote on governance proposals and make decisions regarding the future of the protocol by holding the SIENNA token.
SiennaDAO will utilize a private voting model—made possible by Secret Network’s private smart contracts—to ensure the voting is representative of voters’ real intentions and not by outside pressure and/or influence. By utilizing private voting, the potential risk of corruption decreases.
Members of the SiennaDAO (i.e. SIENNA token holders) will be able to suggest and vote on a wide array of governance proposals. Ranging from core protocol adjustments and new implementations, to spending proposals for marketing, community initiatives, and so on, limited by the token treasury of the DAO (from the Developer and Liquidity provisioning pools).
Voting power is directly proportional to the amount of SIENNA tokens a user has staked. The more SIENNA a user has, the higher their voting power and influence over governance proposals.
To submit a governance proposal, users will need to deposit SIENNA, which will be held until the end of the voting period, at which point it will be returned to the wallet that submitted the proposal. The voting period is 7 days, after which the votes are tallied and the results are revealed.