The $BOND token will be the system’s governance token, empowering $BOND holders to vote on updates to the platform. Combining governance mechanisms and incentivizing holders, it will serve as a means to align the different stakeholders in the system. $BOND will also serve as a security and policy management medium. Decentralized, automated governance, that incentivizes participants and aims for security, sustainability, and participant welfare is key to a DeFi protocol’s success.
DAO First Approach
BarnBridge is taking a “DAO First Approach” to spinning up the protocol, choosing to use decentralized tools from the start to achieve our final goal of complete decentralization and having a flexible smart contract system able to add / upgrade / remove functionality all based on DAO proposals. There will be an incubator DAO called Launch DAO & the final protocol DAO called BarnBridge DAO
The funds from the seeders and the initial supply of the $BOND token will be kept in the Launch DAO treasury. Launch DAO will also have Aragon Agent activated and we will possibly develop integrations for Uniswap pool allocation and Balancer pool allocation control directly into the DAO.
BarnBridge DAO will be the DAO that is controlled by the $BOND community. The BarnBridge DAO will have full control over the protocol and the features that are built into it. We are doing this through the use of the Diamond Standard (EIP-2535), which allows us to upgrade the protocol without having all the members remove their tokens and switch to a version 2 of the protocol that time arises. The BarnBridge DAO will have full control over the Diamond which provides amazing flexibility in the web3 space.