Today we are excited to announce the launch of the Cook DAO (Decentralized Autonomous Organization) for Protocol Governance. With this launch, the community can now make suggestions, changes and updates to the Cook platform. Having already brought a revolutionary platform to the DeFi Asset Management space, we are now taking the next step forward in our journey towards true decentralization.
Getting our community to participate in all major areas is this next step in the evolution of the Cook platform. With 60% of the COOK tokens allocated to the community, we can ensure that the community has the maximum say on where Cook Protocol heads next.
It’s an exciting time and we are so glad that the community will be able to participate directly in the future development of the Cook platform.
The Governance Process
The launch of a DAO for protocol governance on Cook will offer community members, i.e. the holders of $COOK, the ability to propose changes to the protocol and vote on the proposed changes to decide the development path of Cook.
The proposal creation and voting rights of all individual $COOK holders will, however, be decided based on the Cook Governance Process 1.0. The criteria as per the governance process will self-explain which of the $COOK holders can create a Cook Improvement Proposal (CIP).
It will also underline the conditions that a proposal must meet to be considered for community voting. Once a CIP passes all the set conditions, it will be made open to all $COOK holders for voting, whose votes will be weighted based on the size of their $COOK holdings.
More details about the governance process and the improvement proposals will be published later on our GitBook.
The Importance of the Community
The launch of governance and CIP is a remarkable step forward as it further democratizes and adds even more value to the features and solutions of the platform. Implementing decentralization at the core of the protocol will enable the Cook community to decide what’s best for Cook collectively, instead of a central organization.
For instance, when the protocol is decentralized, the community can take control and decide what types of indexes should be created on the Cook DAPP. Furthermore, they can also create proposals to modify indexes, such as changing the fees. Then once proposals have been made a vote will occur and when a quorum is achieved those modifications will be implemented.
As we now open up our platform to a world of new possibilities it excites us to give control over Cook to our community and we look forward to seeing the community participate in the governance process and take Cook to even greater heights.
About Cook Protocol
Cook Protocol establishes a transparent and flexible asset management platform suited to diverse index selectors and index creators alike. Index selectors can monitor index allocations without worrying about its security or foul play. At the same time, index creators can leverage Cook Protocol to gain access to index selectors and carry out virtually any strategy without having to opensource the strategy.