Hamster DAO serves as a governance platform, giving HMSTR coin holders the opportunity to decide the future of the ecosystem. In this guide, we provide an in-depth tour of this Web3 governance tool, exploring its key features and explaining how Hamster community members can participate in the decision-making process, or familiarize with ongoing initiatives.
Token-Based Voting System
At the heart of Hamster DAO lies the principle of decentralized governance. Holders of the HMSTR token issued in the TON blockchain are granted the ability to vote on pivotal decisions affecting the further ecosystem’s development. A user’s voting power is directly proportional to the number of HMSTR tokens they commit, meaning that the more tokens locked for voting, the greater the impact on the decision-making process.
Connecting a Wallet to the Hamster DAO Website
To join Hamster DAO, you must first connect to the Hamster DAO website using a crypto wallet. To use the platform, you will need to connect your wallet with HMSTR tokens in it, using TON Connect. It supports all popular TON wallets, including Tonkeeper, MyTonWallet and others. This integration is needed to keep your full ownership over your digital assets, at the same time giving access to the features.
The process of connecting a wallet is straightforward: navigate to the button “Connect” at the top right corner on every page, select one of the supported wallets of your choice, and confirm the connection in the wallet. After that, you should see your HMSTR balance, and the wallet address in place of the button.
Locking Tokens for Voting
Once connected, users are required to lock the desired amount of HMSTR tokens for voting through a dedicated smart contract. This process not only secures the tokens during the voting period but also ensures that each vote is backed by a tangible commitment, thus reinforcing the integrity of the governance process.
Staking HMSTR in the voting contract is easy: go to a page called “Staking”, enter the amount of HMSTR you want to lock for voting, and confirm the operation in your wallet. That is all you need to start voting! If you want to increase your voting power, simply lock more HMSTR by repeating this process.
An interface for staking HMSTR in Hamster DAO, and redeeming it back. Source: Hamster DAO
Governance Transparency and Overview
The “Governance” section of the website provides a transparent overview of the current state of the ecosystem’s participation. Specifically, any user can check the total amount of HMSTR crypto currently locked in the voting contract, along with the number of those who have staked tokens, each represented by a unique public blockchain address.
Hamster DAO’s basic statistics. Source: Hamster DAO
Additionally, the page provides a detailed overview of each address’s voting activity, showcasing the total vote size and the number of proposals they have participated in. Such transparency, common for Web3 projects, increases trust within the community and ensures that every member’s contribution is visible.
Where to Read, Review and Vote Proposals in Hamster DAO
The “Proposals” section is where community initiatives get evaluated and come to life. This page allows any visitor to see all currently active proposals, open for voting.
A top interface of the “Proposals” page. Source: Hamster DAO
Displayed on its own dedicated page, each initiative contains crucial information such as real-time voting statistics, including the number of votes for and against. Next to it, there is a clearly outlined timeline, detailing its creation, voting period, and, if approved, the subsequent pending and execution phases. Each proposal is registered on-chain with its own public address, providing an immutable record of all actions taken.
An example of a proposal page. Source: Hamster DAO
Authors have the ability to include comprehensive descriptions, offering crucial context and context for their initiatives. Additionally, a detailed ledger records every participant’s vote, showing their blockchain address, their stance (in favor or against), and any optional comments provided.
When a Hamster DAO Proposal is Passed
There are two main conditions for approving an initiative in Hamster DAO.
Firstly, to be declared valid, a proposal must have at least 1 billion votes, equivalent to 1 billion HMSTR tokens, either in favor or against. Otherwise, the voting will fail.
Secondly, the voting procedure follows a plurality vote approach, where proposals are either approved or declined by over 50% of all the votes, participated in a given voting. This design highlights the significance of broad community consensus.
Conclusion
Hamster DAO is the convenient tool of decentralized governance, because it combines secure management of votes with transparent participation metrics, and a robust proposal system. Its intuitive interface and clear data presentation creates more utility for the HMSTR token, and sets a high standard for community-based governance. Whether you are an experienced DAO participant and dapp user or completely new to crypto, Hamster DAO is both a convenient and engaging governance tool. Use your HMSTR to have your voice heard!
