# Overview

A novel DAO model bringing innovation into yield farming, bribe markets, and VeTokenomics.

[<mark style="color:blue;">Spiral DAO</mark>](https://spiral.farm/)  is a Decentralized Autonomous Organization (DAO) dedicated to acquiring the most relevant and important DeFi governance tokens within a single community-controlled DAO Treasury. Similarly to yield aggregators (such as Yearn, Beefy, and Harvest), Spiral DAO aggregates liquidity,  but instead of continuously selling reward tokens from third-party protocols, Spiral DAO redirects and secures them within the DAO, thus reducing the selling pressure and circulating supply of tokens of the protocols it supports. Spiral DAO distributes native **SPR** reward tokens to its users, providing an additional yield boost and incentive for Liquidity Providers (LPs) to pool their liquidity and contribute their yield within the Spiral DAO treasury. This process is known as '**Yield Bonding.'**&#x20;

{% content-ref url="/pages/pMDklzNy7s78xiSemDMh" %}
[Staking/Yield bonding](/protocol/staking-yield-bonding)
{% endcontent-ref %}

At the heart of Spiral DAO's efficiency is its unique Treasury Management. Spiral DAO Treasury doesn't just aggregate tokens but also utilizes them to provide additional backing for SPR and generate additional value for its holders. The strategies of utilizing liquidity are carefully chosen and backed by years of experience in DeFi and specifically yield farming of Spiral contributors.&#x20;

{% content-ref url="/pages/WWs2kKrpdBrFvkhcm9Wl" %}
[Treasury](/protocol/treasury)
{% endcontent-ref %}

Spiral DAO is built to be the most capital-efficient DAO to exist within the veTokenomics and yield farming ecosystem. One of our core goals is to reinvigorate and optimize the Curve/Balancer/Frax ecosystems by becoming the leading buyer and seller of vote incentives, making the entire veTokenomics incentives market rational and efficient.&#x20;

{% content-ref url="/pages/o7n8etA20yYf4S1ZEehd" %}
[Vote Incentives Market](/protocol/vote-incentives-market)
{% endcontent-ref %}

Spiral DAO has built what we believe is the most well-thought architecture for liquid lockers — a mechanism to retain voting power and other benefits of holding a locked veToken while remaining liquid. Currently, Spiral Lockers offer MAV and SDT Lockers.&#x20;

{% content-ref url="/pages/Xqs2fUitw4c7OJR5sTlC" %}
[Spiral Lockers](/protocol/spiral-lockers)
{% endcontent-ref %}

Spiral DAO conducts periodical **overflow auctions** to accumulate new funds into the treasury and onboard new users.

{% content-ref url="/pages/LYal5VafSHAKhDiYc7qd" %}
[Auctions](/protocol/auctions)
{% endcontent-ref %}

<figure><img src="/files/PPXf55OlYGcqLCIbJM6L" alt=""><figcaption><p>Spiral DAO's main features</p></figcaption></figure>

Spiral DAO allows everyone to participate in the governance of numerous protocols by holding only one token — **SPR.** The power Spiral DAO gets is the power the user gets. Spiral DAO amplifies its user's liquidity voting power and capabilities.

## Current market inefficiencies

As of today, existing DAO infrastructure faces several major problems:

1. **Poor treasury management** - current implementations result in risky allocations and poor yields that can't keep up with token dilution and sustain the relative protocol ownership;
2. **Difficult governance** - being difficult to use and understand results in poor user onboarding which is why protocols end up being controlled entirely by a small group of people;
3. **Discouraging contributions** - a lack of incentives for the community to contribute and build on top of the protocol limits the complexity and possibilities of the entire DeFi ecosystem.

<figure><img src="/files/1MtdqVy8OYrxfg5lW4sX" alt=""><figcaption><p>Existing protocols are suboptimal, dilute users, and do not keep up with CRV inflation. Possible yield — if voters could receive all additional emissions from their votes.</p></figcaption></figure>

## Spiral throughout the ecosystem

By building on top of existing protocols, Spiral DAO creates value for the entire DeFi ecosystem. In contrast to opportunistic protocols that extract value by selling and dumping reward tokens and draining liquidity from protocols, Spiral DAO preserves and utilizes protocol yields, decreasing sell pressure, building liquidity depth within DeFi, and broadening the possibilities and potential for the entire ecosystem. Thus, Spiral DAO is complementary to all the protocols whose tokens Spiral DAO aggregates and collects!

With a strong focus on simplifying and building more intuitive DeFi products and services, the intention behind Spiral DAO is to open up the entire DeFi ecosystem to a plethora of new users.

{% content-ref url="/pages/hzab1yUkq6g0BKS8NQW5" %}
[Benefits for the ecosystem](/protocol/benefits-for-the-ecosystem)
{% endcontent-ref %}

## Contribute to Spiral DAO

{% content-ref url="/pages/gFWxXOUSMQ7pHnlSzQPw" %}
[LINKS](/links/spiral-dao-socials)
{% endcontent-ref %}


# Tokenomics

## Two-token Structure

COIL and staked COIL tokens (SPR tokens) are the tokens used as a catalyst to kick-start protocol adoption, reward contributions, and align incentives between protocol stakeholders.&#x20;

### ![](/files/3q60jDyzc8jZ7RJhD2Fb)**Coil** token (COIL)&#x20;

* most liquid/target of Protocol Owned Liquidity (POL)
* represents a portion of Treasury assets
* redeemable&#x20;
* a highly inflationary token and stackable in exchange for a high APR (2x of POL in gauges)
* COIL emissions dynamically adjust to COIL price movements&#x20;
* distributed during auctions

#### COIL single staking

Token holders can stake their COIL tokens to receive COIL token rewards. This ensures that token holders are protected from dilution caused by the inflationary nature of COIL whilst receiving a decent APR. In exchange for staking, COIL users receive a wrapped version of COIL — SPR, with each SPR representing a growing number of COIL tokens. Staking APR may vary to better fit market conditions.

### ![](/files/fXhciV7W3gf6QKo8p2TH)**Spiral token** **(SPR)**&#x20;

* represents governance power for all of the treasury assets
* distributed for staking liquidity into Spiral DAO Convex/Balancer/Frax liquidity pools with additional yield
* a staked version of COIL
* protects from COIL's inflationary pressure&#x20;
* represents an increasing amount of COIL
* lockable for profit-sharing in the future

### Why Spiral DAO tokenomics is a game changer?

Spiral DAO tokenomics has been designed keeping in mind the dilutionary pressure associated with yield farming. Instead of receiving highly inflationary reward tokens users will receive a portion of the DAO — wrapped COIL (SPR tokens) — which is backed by a growing market share of all the tokens held within the Spiral DAO treasury (BAL/CRV/FXS/USD/SDT to start). Each SPR token is designed to be backed by more tokens as time passes (the SPR backing ratio should grow exponentially).

<figure><img src="/files/QWu2assGyNHUiwKaIq6X" alt=""><figcaption><p>SPR vs treasury backing dynamics according to our simulation</p></figcaption></figure>

> You can check out a model for Spiral DAO in [Machination](https://my.machinations.io/d/spr-2-test/27bae6d34b1c11ed9a660626ff1c9bc8).

{% content-ref url="/pages/YCI44Ws3GJHY57ohVYHI" %}
[Token allocation](/protocol/tokenomics/token-allocation)
{% endcontent-ref %}


# Token allocation

## **Team allocation**

20% of all COIL future emissions and auctions will go towards the Spiral DAO team under six month lock period. (This doesn't include COIL single staking emissions, only functional ones).

## **Community distribution**

### Initial COIL distribution:

* 75% to Initial Treasury Offering participants
* 5% to Launching Airdrop
* 20% to Protocol Owned Liquidity (POL) and  the DAO

<figure><img src="/files/98Q0rf2fuIV6HM7YK1WF" alt=""><figcaption><p>Initial token distribution.</p></figcaption></figure>

### Post-launch COIL community distribution:

COIL, as well as SPR, has no upper cap on the total supply.

A major amount of COIL will be distributed towards COIL staking. The rest of the new issuance will come from Yield Bonding.

#### **When the protocol emits 100 COIL tokens in Yield bonding, the protocol additionally mints 50                 tokens that are distributed to:**

* Treasury receives 15 tokens for DAO needs (Partnerships/DEV). It doesn't dilute Treasury.
* 15 tokens for maintaining POL. It doesn't dilute Treasury.
* The team receives 20 tokens under 6 months lock up. &#x20;

<figure><img src="/files/2TfRkku01dzfISHpfwIU" alt=""><figcaption><p>Post-launch token distribution.</p></figcaption></figure>


# Staking/Yield bonding

In Spiral DAO, believe that **the one who controls inflation — controls everything.** This is why it is important for us to absorb new tokens the moment they are minted instead of using classic crypto bonds for token acquisition.

### What's Yield Bonding?

To increase the market share within the CRV/BAL/FXS ecosystems, Spiral DAO has designed a new staking model that utilizes mechanisms similar to bonding, where the protocol distributes the native protocol tokens for some other tokens with a discount. For Spiral DAO yield farmers, the protocol mints an amount of SPR form proportionally higher in USD value than the rewards that could be obtained via existing protocols alone. This additional yield can be considered a "discount" for obtaining our native token.

### **Additional APY\* for Staking is calculated with this formula in mind:**

> **Additional yield** = (SPR market cap / Treasury value - 1) \* 0.4

So, for example, if SPR is a $15mln cap and Treasury is $10mln, the additional yield would be:

> (15mln/10mln - 1) \* 0.4 = 0.2

So in case the pool's own yield is 30%, Spiral DAO will provide with:&#x20;

> 30 + 30 \* 0.2 = 36%&#x20;

of SPR yield.

{% hint style="info" %}
Spiral DAO rates are updated daily.
{% endhint %}

Varying APY this way allows the DAO to increase SPR to Treasury backing ratio significantly.

This allows the Spiral DAO protocol to build up its Treasury and TVL through issuing and bonding SPR rewards backed by real yield, which the protocol can also utilize to generate additional value for SPR holders.

<figure><img src="/files/sWq7vUwicbckgJeJcJIZ" alt=""><figcaption><p>Yield bonding process visualization.</p></figcaption></figure>

{% hint style="info" %}
*\*The stated APY (the 'Rate') is denominated in terms of COIL/SPR, not USD or other fiat currency. The Rate is a forward-looking projection based on our good faith belief of how to reasonably project results over the relevant period, but such belief is subject to numerous assumptions, risks, and uncertainties (including smart contract security risks and third-party actions) which could result in a materially different (lower or higher) token-denominated APY. The Rate is not a promise, guarantee, or undertaking on the part of any person or group of persons, but depends entirely on the results of the operation of smart contracts and other autonomous systems (including third-party systems) and how third parties interact with those systems after the time of your deposit. Even if the Rate is achieved as projected, you may still suffer a financial loss in fiat-denominated terms if the fiat-denominated value of the relevant tokens (your deposit and any tokens allocated or distributed to you pursuant to the Rate) declines during the deposit period.*
{% endhint %}


# Treasury

Spiral DAO's Treasury consists of multiple governance tokens and a fair deal of stablecoins. Treasury is located on a [multi-sig](/risks-and-security/multi-sig).

## Treasury Management

Treasury assets are managed based on strategies proposed and voted upon by SPR token holders — a diverse group of individuals with vast experience in DeFi. This decentralized process allows for efficient utilization of these assets. By holding SPR, users are participating in the governance of the Spiral DAO and its Treasury, making key decisions on how these assets are utilized.

> Spiral Treasury performance and chosen strategies, as well as aggregated assets, can be tracked on the [Spiral website dashboard](https://spiral.farm/dashboard), in the [Treasury Multi-sig DeBank](https://debank.com/profile/0xc47ec74a753acb09e4679979afc428cde0209639), and in our monthly [Treasury Reports](/dao/treasury-reports).

### Strategies

Spiral DAO allocates liquidity into different strategies with three key goals in mind:

1. **Protecting the Treasury from dilution** - Spiral DAO market share of a token aims to always increase. E.g.: If Spiral DAO achieves a 10% market share of a token as more tokens are minted, Spiral DAO will aim to increase its share, and the number will never go below that 10% unless the DAO decides to do so.
2. **Identifying, building, and deploying secure strategies** to take advantage of profitable, sustainable yield sources.
3. **Efficient treasury management** - balancing asset ratios within the Spiral DAO treasury to meet the voted-upon risk profile of the Spiral community.&#x20;
4. **Fair exit** - if the total supply of COIL becomes less in value than Treasury, DAO will perform buybacks or provide any other possibility to redeem its tokens with a small penalty. We plan to allocate part of the Treasury for a UniV3 moving wall at 90-95% of SPR treasury backing. This way, any user can have a direct route to exit the project if the market cap goes below backing.

There will be a 20% performance fee on new yields and inflows to the Treasury to cover running costs and incentivize the most active DAO members. As a result, Treasury won't be a source of funds for the work of the DAO.

{% hint style="info" %}
The future ratio of each asset will be decided based on voting.
{% endhint %}

## Initial treasury composition

Initial Treasury composition was chosen with an aim to keep a limited exposure towards volatility and have enough USD to sustain a decent amount of Protocol Owned Liquidity. After the initial days, Treasury will increase its exposure towards CRV-BAL-FXS and many more ecosystems.

<figure><img src="/files/bHhMKx5DqPsnomL6pFzc" alt=""><figcaption><p>Initial treasury composition</p></figcaption></figure>

{% hint style="info" %}
It will change in the future to better fit market conditions.
{% endhint %}


# Vote Incentives Market

Spiral DAO strives to become the primary buyer/seller within the vote incentive marketplace and aims to make it as rational as possible. All liquidity in the DAO will be POL (Protocol-Owned Liquidity), and the DAO will seek gauges for all important protocols. POL + gauges allow Spiral to collect the majority of emissions from the bribes market directly into the Treasury DAO.

## Maintaining balanced treasury exposure

Vote incentives markets are an essential instrument for Spiral to sustain a desirable proportion of different assets. Spiral DAO "arbitrages" bribe markets to gain more yield, greater exposure, and rebalance the Treasury.

#### For example, if the DAO wants to increase the proportion of BAL in the treasury and decrease CRV, the DAO will do the following:

1. sell CRV votes on the vote incentive market for stablecoins
2. with those stables buy votes on Aura/Balancer vote incentive market&#x20;
3. allocate those votes to the POL gauge&#x20;
4. get an additional emission of BAL/AURA

<figure><img src="/files/ksmxdZVjnUIrfG8vJxkv" alt=""><figcaption><p>Treasury rebalancing process visualization.</p></figcaption></figure>

As a result of these measures, the relative portion of BAL-AURA tokens in the treasury will increase while the CRV portion decreases as it will use its own emissions-by-votes to get stables.

By engaging this mechanism, we create additional liquidity for the vote incentives market.

> **Thus, as a byproduct of how the Spiral DAO operates, it makes the vote incentives market more rational and efficient for all participants and protocols that engage in voting mechanics.**


# Spiral Lockers

the most well-thought solution for liquid voting in the space.

## What are Liquid Lockers?

Liquid Lockers is a well-known DeFi solution for long-term locks. They provide a possibility to benefit from a long-term lock while also remaining liquid. When locking their tokens in liquid lockers, users receive a tokenized version of the locked tokens with the possibility of transferring and trading while utilizing the long-term lock-ups' benefits.

Liquid lockers were first introduced in their "initial" form by Convex and Yearn. However, even though they had a lot of benefits, these liquid-locking solutions lacked voting power and only distributed different yields from different sources. But many people and projects are seeking direct voting power combined with liquidity. Considering that Stake DAO, one of our core partners, revolutionized and reimagined liquid locker solutions.

## What makes Spiral Lockers different?

### **Spiral DAO focuses on the two most important features that users seek in liquid lockers:**

#### **1. Deep liquidity**

With deep liquidity, anyone can enter or exit the ecosystem without a huge price impact and impermanent loss. The more liquidity there is  —  the more rational the market is. This is why Spiral DAO designed the most liquid liquid lockers in the space utilizing a complex liquidity incentivization and vote incentives program. We believe this architecture will result in a strong peg and deep liquidity for our liquid lock wrap.

#### **2. Keeping your voting power & earn vote incentives**

We believe that users’ alienation from their voting power is a huge issue that makes liquid locker a caricature of a liquid locker. It’s not a real liquid locker if you don’t share the ability to vote with your users. Spiral DAO brings liquid lockers in their true form  —  equipped with all the best core features.

<figure><img src="/files/SC1Ugzo9y4mYOV3cX4jG" alt=""><figcaption><p>Core liquid lockers features and their presence in other solutions.</p></figcaption></figure>


# MAV Spiral Locker

a liquid locker for Maverick protocol governance token MAV.

In exchange for locking MAV in a Spiral Locker, users receive a liquid version of veMAV — Spiral Maverick (**sprMAV) token** — a token retaining voting power on Maverick that is transferable and tradable.

## sprMAV single-staking

* By staking sprMAV on Spiral DAO, users receive voting power that they can manage themselves or delegate.&#x20;
* Users receive additional sprMAV incentives.

## Voting&#x20;

* Biweekly.&#x20;
* Users can manage their voting power themselves, or they can delegate it.&#x20;
  * If users delegate their voting power to Spiral DAO — users will continue receiving direct voting incentives without worrying about voting every two weeks and figuring out the best strategy.&#x20;
* sprMAV voters will receive **vote incentives and fee sharing** for their votes in the form of SPR from auto buybacks in exchange for vote incentives from external protocols.

### Voting power

sprMAV outside single-staking don't have to worry about voting every two weeks. Spiral DAO will allocate votes according to the most optimized strategy.&#x20;

## sprMAV LP on Maverick

### SPR-boosted pools:

<table data-view="cards"><thead><tr><th></th><th data-hidden></th><th data-hidden></th><th data-hidden data-card-target data-type="content-ref"></th><th data-hidden data-card-cover data-type="files"></th></tr></thead><tbody><tr><td>           <a href="https://app.mav.xyz/boosted-positions/0x786267c2ac788ed39c200dc8d5cf3d080ae9e55d?chain=1">sprMAV/MAV</a></td><td></td><td></td><td><a href="https://app.mav.xyz/boosted-positions/0x786267c2ac788ed39c200dc8d5cf3d080ae9e55d?chain=1">https://app.mav.xyz/boosted-positions/0x786267c2ac788ed39c200dc8d5cf3d080ae9e55d?chain=1</a></td><td><a href="/files/TqeNCYeVQOOi7nvUFf6D">/files/TqeNCYeVQOOi7nvUFf6D</a></td></tr><tr><td>           <a href="https://app.mav.xyz/boosted-positions/0x2bd122fbf6d802e317bdd5e219f84a38734bc519?chain=1">sprMAV/USDC</a></td><td></td><td></td><td><a href="https://app.mav.xyz/boosted-positions/0x2bd122fbf6d802e317bdd5e219f84a38734bc519?chain=1">https://app.mav.xyz/boosted-positions/0x2bd122fbf6d802e317bdd5e219f84a38734bc519?chain=1</a></td><td><a href="/files/GxW0kODfi9np659I7r6a">/files/GxW0kODfi9np659I7r6a</a></td></tr></tbody></table>

Maverick allows extensive distribution customization, which Spiral DAO will utilize to promote peg support and incentivize LPs.

Spiral DAO will partner with important parties building on top of Maverick and will incentivize building deep sprMAV liquidity.

Later on, Spiral DAO will launch more pools for sprMAV on Maverick.&#x20;

<figure><img src="/files/jNY0VzaKLe1fzb8ZGsEv" alt=""><figcaption><p>sprMAV ecosystem.</p></figcaption></figure>

## Fees

* **Minting fee:** 0%.
* **Voting fee:**  0% during the first 3 months. After this period it will gradually grow to 17%. This voting fee will be utilized for the incentivization of sprMAV holders as well as Spiral DAO Treasury needs and strategies.


# SDT Spiral Locker

a liquid locker for Stake DAO protocol governance token SDT.

In exchange for locking SDT  in a Spiral Locker, users receive a liquid version of veSDT — Spiral Stake DAO (**sprSDT) token** — a token retaining boosting power that is transferable and tradable.

## **sprSDT Staking**

* By staking sprSDT, users are able to acquire boosting power that can be utilized, sold, or delegated.&#x20;
* This comes with additional native SPR incentives.

## sprSDT Boost Delegation

With the SDT Spiral Locker, users can manage their boost delegation via the locker page, selecting their desired time periods and delegation addresses. The system allows a flexible approach to boost delegation, including re-delegation, to maintain optimal boost power over time. This feature is set to expand, with support for Concentrator and Paladin boost markets to be added in the future.&#x20;

### **Delegating boosts to any address**

sprSDT holders can delegate their boosts to any address, personalizing their utilization strategy on Stake DAO.

### **Delegating boosts to Concentrator** *(Coming Soon)*

This feature will allow users to delegate boosts to the Concentrator for additional rewards.

### **Delegating boosts to Paladin** *(Coming Soon)*&#x20;

With Paladin launching a new product to augment its boost marketplace capabilities, users will be able to delegate boosts to Paladin's marketplace directly through the Spiral website.

<figure><img src="/files/i4yjwHXVmr6JD5PwBCXA" alt=""><figcaption><p>sprSDT boost delegation options.</p></figcaption></figure>

## sprSDT Voting Power

Initially, the SDT voting power will not be distributed, as integrating this feature is technically challenging and not currently a priority.

## **sprSDT Liquidity**&#x20;

Will be added during the week after launch. Users will be able to participate as liquidity providers in the sprSDT/SDT pool to earn additional rewards.

## Fees

* **Minting Fee:** No fee will be charged for minting.
* **Staking Fee:** Initially, there will be no fees for staking. However, a 10% fee will be introduced in the upcoming months.


# Auctions

We view auctions as one of the key mechanisms of sustaining the Treasury and seeking various directions for development and capital expansion. When executed appropriately, auctions can help stabilize the value of the tokens, reduce the risk of dilution, and provide funding for the growth and development of the DAO.

## What is an auction?

During an auction, Spiral DAO will be selling the native DAO tokens (COIL) with a discount compared to the current market price in exchange for the assets Spiral DAO aims to acquire.&#x20;

{% hint style="info" %}
The discount may vary, but usually, it should be around 10%.
{% endhint %}

## Overflow model

Spiral DAO auctions are held in an overflow (oversubscription) manner:&#x20;

* If the Treasury aims to raise $10mln worth of tokens but raises only $5mln — $5mln will be sold, and the remaining $5mln will be burnt.&#x20;
* If the Treasury targets to raise $5mln and manages to get $20mln in commitments — everyone will receive 75% of their commitments back and 25% in the form of COIL.

## When are the auctions conducted?

There will be an Initial Treasury Offering following the overflow model.&#x20;

After that, the auctions will be executed periodically under the approval of DAO governance and only when the current Backing Ratio of the Treasury (Market Cap of COIL/Treasury value) is at least 1.5.

Follow the community updates via our social media not to miss out on a new auction.&#x20;

{% content-ref url="/pages/OHpHc6Z1tewoo9oVjDpv" %}
[Spiral DAO Socials](/links/spiral-dao-socials)
{% endcontent-ref %}


# Supported protocols

Initially, DAO works on the Ethereum Mainnet and supports only a few protocols. However, it is possible to expand to any amount of networks and aggregate as many tokens as DAO will seek.

## DAO supports the following protocols:

* Convex
* Aura

{% hint style="info" %}
Next to implement: veFXS
{% endhint %}

## Treasury seeks to collect the following tokens:

* FRAX
* FXS
* CRV
* CVX
* AURA
* BAL
* SDT

We plan to increase that list and expand to more ecosystems and tokens.

{% hint style="info" %}
The list of tokens/protocols/networks may change under the DAO decision, and the token balances/proportions may also change during DAO votes.&#x20;
{% endhint %}


# Benefits for the ecosystem

Why Spiral saves the day

## No sell pressure on newly minted tokens

Spiral DAO staking works in the opposite way to yield aggregators, collecting tokens continuously instead of causing continuous sell pressure. In stark contrast to mercenary capital, Spiral DAO compounds yields within its Treasury to retain liquidity within the DeFi ecosystem. Consequently, all the liquidity held within the Spiral DAO is beneficial liquidity that supports protocols, and the SPR/COIL tokens act as a derivative of all liquidity, tokens, and rewards held within the Spiral DAO Treasury.

> If Spiral DAO has 20% of Convex TVL, sell pressure decreases by 20% in total for both CVX and CRV.

## Bigger and better risk-adjusted yields for farmers

Every farmer is rewarded with a lot more COIL tokens in value than in the corresponding protocol due to a yield boost associated with the 'Yield Bonding' process.

## One token to rule them all

SPR token is a DeFi meta-governance token designed to influence a large variety of blue chip DeFi protocols. Each Spiral token gives each holder governance rights and proportionate non-emission voting power within all the protocols in the Spiral DAO Treasury. The Spiral DAO team plans to provide the ability to vote in all non-emission votes for all protocols where Spiral DAO has governance power.&#x20;

## Dilution protection

Spiral DAO protects its token holders and users from the dilutionary nature of veTokenomic staking while keeping their exposure within the CRV/BAL ecosystem. Rather than holding an inflationary token, LPs and token holders receive a derivative that outperforms staked and non-staked vetokens.

## Rationalizing vote incentives market

Utilizing its unique Treasury rebalancing mechanism and tokenomics, Spiral DAO is designed to utilize inefficiencies within the vote incentives markets for its own good, increasing yields and overall liquidity depth across the vote incentive market and making it more efficient and rational.

## Attracting new users

One of the core values of Spiral DAO is to create a new model that is intuitive for newcomers to participate in. By simplifying many complexities within DeFi protocols as well as conducting fair periodical auctions, Spiral DAO strives to foster greater community activity.&#x20;


# Referral Program

Currently available for sprMAV locker

## Setting Up Your Referral Code

1. Visit the [Referral Program](https://spiral.farm/referral-program) section
2. Select the Referral Link tab
3. Create a referral code with any letters, numbers, and underscores
4. After you've made your code, hit the copy button next to it to grab your referral link. It'll look something like this: *<https://spiral.farm/lockers/mav/?ref=>*

Feel free to spread this link across platforms like Twitter, Telegram, etc. When someone clicks it, your referral code gets linked to their account. If they lock MAV in the Spiral MAV Locker, you get 3.5% of their deposit as a reward. You also keep earning rewards if they switch devices since your code is locked in when they make their first deposit.

## Rewards

* Currency: sprMAV ERC20
* 3.5% of the locked amount
* Paid once every two weeks

You can check your earnings on the Rewards page. It is important to note that *the minimum reward available for withdrawal is 100 sprMAV.*

{% hint style="info" %}
Keep in mind the referral program's details might change based on the DAO decision.
{% endhint %}


# Governance process

## The DAO works in the following framework:

1. Community Discord discussion.&#x20;
2. Snapshot voting with SPR as a voting token.

Each proposal should be posted on Discord in the Governance section at least 24 hours before posting on Snapshot, which allows the community to give some feedback, and propose changes.&#x20;

*Why only 24 hours? Being agile and really fast in decision-making is crucial for long-term success.*

## Stage 1: Making a Proposal and Discord Discussion

Before the main voting, a member of the community should create a proposal in a dedicated [Discord channel](https://discord.com/channels/1054724431404089445/1093490553120903261) and follow a specific proposal format to make it more understandable for other DAO members and to articulate the primary goals of the proposal.&#x20;

### Thus, to make a proposal correctly, follow this template:&#x20;

{% hint style="warning" %}
**Proposal type, number, and name:**  Each proposal must be easily identifiable and correctly classified.
{% endhint %}

1. **Type:** SIR - SGP - SIP - SPP - STP

[Spiral Integration Request (SIR)](/dao/governance-process/spiral-integration-request-sir)

[Spiral Governance Proposal (SGP)](/dao/governance-process/spiral-governance-proposal-sgp)

[Spiral Improvement Protocol (SIP)](/dao/governance-process/spiral-improvement-protocol-sip)

[Spiral Partnership Proposal (SPP)](/dao/governance-process/spiral-partnership-proposal-spp)

[Spiral Treasury Proposal (STP)](/dao/governance-process/spiral-treasury-proposal-stp)

2. **Name:** The name must be the same on Discord and on Snapshot (Max 10 words).
3. **Number:** Each proposal must have a number that represents the post order on Discord and on Snapshot.

{% hint style="info" %}
***Example:** SGP-0┃Spiral Governance Framework Proposal*
{% endhint %}

When a proposal is out, a ***Discord discussion*** begins. DAO members are to contribute to the discussion by expressing their own views of the possible actions.&#x20;

The discussion duration is usually 24-96 hours, depending on the community involvement. Thus, if paid enough attention by the members, the discussion moves to the next stage more quickly. In case there is sufficient support among community members, the proposal moves forward to the last but not least step, **The Vote.**

## Stage 2: Final vote

Each member of the DAO can take part in the quote on our [Snapshot](https://snapshot.org/#/spiralgov.eth) and, according to their **voting power (SPR),** affect the current proposal.

The vote duration is recommended to be 72 hours. After 72 hours, a final snapshot is taken, and the community's final decision is announced. After that,  the Treasury or Protocol multi-sig should execute the decision if there are no conflicts with the DAO's vision and previous decisions.&#x20;


# Spiral Integration Request (SIR)

SIR template, SIR are Proposals to add an LP/Vault/etc. to the bond farming.

**Summary:** Short description of the proposal (1-2 sentences max)&#x20;

**Rationale:** Detailed explanation of the proposal and milestones for its execution.&#x20;

**Project Presentation:** (After summary)&#x20;

* Protocol name&#x20;
* LP/vault/etc. requested
* Smart contract address&#x20;
* Audit(s) links - Chain requested&#x20;
* Relation with the project&#x20;
* Twitter/Discord/Telegram links&#x20;

**Metrics:** (After project presentation)&#x20;

Risk assessment:&#x20;

* Smart Contract risk: maturity, transactions, audit, bug bounty, etc.&#x20;
* Counterparty risk: holders, smart contract permission, multisig, etc.&#x20;
* Market Risk: market cap, yield, etc.

**Means:** Resources needed for this proposal

* Human resources: Special skills required (dev or others)
* Treasury ressources: Proposal cost (in COIL/SPR and in $), % of the treasury required, etc.

**Technical implementation:** Highlight the technical implementations of this proposal if any.&#x20;

**Voting options:** Mention the options that will be included on the snapshot vote, including an “Abstain” one.


# Spiral Governance Proposal (SGP)

SGP template, SGPs are about common governance proposals, especially the ones related to the DAO organization  to the governance process

**Summary:** Short description of the proposal (1-2 sentences max)&#x20;

**Context:** (After summary) What’s the modification and why it’s needed.

The SGPs would concern but wouldn’t be limited to:&#x20;

* Modification of the governance framework&#x20;
* Add/Remove a signer on the treasury multisig&#x20;
* anything related to the Governance

**Means:** Resources needed for this proposal

* Human resources: Special skills required (dev or others)
* Treasury ressources: Proposal cost (in COIL/SPR and in $), % of the treasury required, etc.

**Technical implementation:** Highlight the technical implementations of this proposal if any.&#x20;

**Voting options:** Mention the options that will be included on the snapshot vote, including an “Abstain” one.


# Spiral Improvement Protocol (SIP)

SIP template, SIPs are about the most important modifications on the protocol.

**Summary:** Short description of the proposal (1-2 sentences max)&#x20;

**Context:** What’s the modification and why it’s needed.&#x20;

SIPs would concern but wouldn’t be limited to:&#x20;

* New version of the protocol&#x20;
* Modification of a smart contract&#x20;
* Updates on the initial parameters&#x20;
* etc.

**Means:** Resources needed for this proposal

* Human resources: Special skills required (dev or others)
* Treasury ressources: Proposal cost (in COIL/SPR and in $), % of the treasury required, etc.

**Technical implementation:** Highlight the technical implementations of this proposal if any.&#x20;

**Voting options:** Mention the options that will be included on the snapshot vote, including an “Abstain” one.


# Spiral Partnership Proposal (SPP)

SPP template, SPPs are about how we should work with potential Partnership.

**Summary:** Short description of the proposal (1-2 sentences max)&#x20;

**Context:** What’s the plus-value of this Partnership and what should we do&#x20;

The SGPs would concern but wouldn’t be limited to:&#x20;

* Grant program if any
* Contributors/DAO committees rewards
* Long term partnerships (i.e Dao Swaps)
* etc.

**Means:** Resources needed for this proposal

* Human resources: Special skills required (dev or others)
* Treasury ressources: Proposal cost (in COIL/SPR and in $), % of the treasury required, etc.

**Technical implementation:** Highlight the technical implementations of this proposal if any.&#x20;

**Voting options:** Mention the options that will be included on the snapshot vote, including an “Abstain” one.


# Spiral Treasury Proposal (STP)

STP template, STPs are about how should we manage the treasury.

**Summary:** Short description of the proposal (1-2 sentences max)&#x20;

**Context:** What’s the plan? with all calculations required.

&#x20;The SGPs would concern but wouldn’t be limited to:&#x20;

* Treasury allocation strategy & budgets
* Liquidity mining votes
* etc.

**Means:** Resources needed for this proposal

* Human resources: Special skills required (dev or others)
* Treasury ressources: Proposal cost (in COIL/SPR and in $), % of the treasury required, etc.

**Technical implementation:** Highlight the technical implementations of this proposal if any.&#x20;

**Voting options:** Mention the options that will be included on the snapshot vote, including an “Abstain” one.


# Multigovernance (soon)

> *Spiral DAO has plans to implement a multigovernance and SPR locking mechanics so that SPR lockers could get a portion of voting power in every protocol, where the Treasury has exposure.*


# Treasury Reports

A report on the Treasury state is published every 1-2 months.

## What is in the report?

* Strategies employed during the month
* Expected APR and actual profits
* Changes in the amount and proportion of the assets
* Investments and expenses
* Any major updates&#x20;
* Future plans and profit forecast

{% file src="/files/Jq2ARmtsRVUkaHalEDqB" %}
OCTOBER-DECEMBER
{% endfile %}

{% file src="/files/8OwId4emzeKnVlRUavhA" %}
AUGUST-OCTOBER
{% endfile %}

{% file src="/files/McbY5lOpII1aIujYmSGG" %}
JUNE-AUGUST
{% endfile %}

{% file src="/files/b0mqCIvASYJPGX8llvaX" %}
MAY-JUNE
{% endfile %}

{% file src="/files/m1tzk2qEu0eq7si6QmvS" %}
APRIL-MAY
{% endfile %}


# Audits

Spiral DAO security - a security first driven approach

Smart contract security, integrity, and confidence have been our #1 priority while building the Spiral DAO codebase. We have dedicated a significant amount of resources to conducting internal and external audits, penetration testing, and ongoing code reviews, continuously iterating and stress-testing our codebase.&#x20;

###

### Spiral DAO has successfully passed a comprehensive external audit by **Pessimistic:**

<table data-view="cards"><thead><tr><th></th><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td></td><td>         <strong>Spiral DAO audit</strong></td><td></td><td><a href="https://github.com/pessimistic-io/audits/blob/main/Spiral%20DAO%20Security%20Analysis%20by%20Pessimistic.pdf">https://github.com/pessimistic-io/audits/blob/main/Spiral%20DAO%20Security%20Analysis%20by%20Pessimistic.pdf</a></td></tr><tr><td></td><td>     <strong>Spiral Lockers audit</strong></td><td></td><td><a href="https://github.com/pessimistic-io/audits/blob/main/Spiral%20DAO%20Lockers%20Security%20Analysis%20by%20Pessimistic.pdf">https://github.com/pessimistic-io/audits/blob/main/Spiral%20DAO%20Lockers%20Security%20Analysis%20by%20Pessimistic.pdf</a></td></tr></tbody></table>

We would like to invite and encourage the community to review our GitHub documentation and external security audits. To encourage and reward valuable security contributions, we have implemented an ongoing [Bug bounties](/risks-and-security/bug-bounties) program.


# Bug bounties

Bug bounty categories:

<table><thead><tr><th width="150">Bug level</th><th>Reward level</th></tr></thead><tbody><tr><td>Minor</td><td>Up to $10k</td></tr><tr><td>Mediocre</td><td>Up to $20k</td></tr><tr><td>Major</td><td>Up to $50k</td></tr><tr><td>Critical</td><td>Up to $250k / 15% of damaged funds</td></tr></tbody></table>

{% hint style="info" %}
We are planning to launch an official Immunefi bug bounty program soon. Please stay tuned for more updates!
{% endhint %}

Spiral DAO partnered with [Hats Finance ](https://hats.finance)on a bug bounty program with an on-chain prize of $80k worth of SPR.&#x20;

In case you find a vulnerability or bug, pass the report through Hats Finance. If the report is correct, you will receive a bug bounty 100% unclocked straight away.

In some cases, the reward will be much higher than $80k. That will be decided in further communication.

*For other inquiries, feel free to contact <mark style="color:blue;"><info@spiral.farm>.</mark>*&#x20;


# Deployed Contracts

## Main

<table data-header-hidden><thead><tr><th width="374"></th><th></th></tr></thead><tbody><tr><td>SPR</td><td>0x85b6ACaBa696B9E4247175274F8263F99b4B9180</td></tr><tr><td>COIL</td><td>0x823E1B82cE1Dc147Bbdb25a203f046aFab1CE918</td></tr><tr><td>Treasury Multisig</td><td>0xC47eC74A753acb09e4679979AfC428cdE0209639</td></tr><tr><td>Protocol Multisig</td><td>0xF14eFC7E46D57E107dEE97239329Bd7F56361C38</td></tr><tr><td>COIL Staking</td><td>0x6701E792b7CD344BaE763F27099eEb314A4b4943</td></tr><tr><td>Proxy MasterMind</td><td>0xFACE8DED582816E2f2cD4C6cc1cbD1aCCc9df65E</td></tr><tr><td>Rewarder Vault</td><td>0x31878EE03D3DeA8C3a81b78fddc864c0be6f415F</td></tr><tr><td>Rewarder</td><td>0x72614b5d6F388B089f343723fcc3a5B4Fc22B347</td></tr><tr><td>ProxyAdmin</td><td>0xae3f25462c06d21483738832b7160fae0ebf4f60</td></tr><tr><td>Spiral Router</td><td>0x0340d9491Fe7740aF9c643C3C2b4126d23058C3B</td></tr></tbody></table>

## Mav Spiral Locker (Ethereum)

<table data-header-hidden><thead><tr><th width="374"></th><th></th></tr></thead><tbody><tr><td>Rewarder Vault</td><td>0xaee1adcDeEB0c3b74A14b4ec1b667d021f0d71FD</td></tr><tr><td>Staking</td><td>0x7fc5f1e044b55ae0c5b502f318e060fc0d9ed55c</td></tr><tr><td>Locker Master Proxy</td><td>0x0B3bacB08142d1e37E67033F1e16A388Ae96952E</td></tr><tr><td>Locker Master Implementation</td><td>0xdd5f42FDCfbd7f76ABC76BDf28A309d9c660B3Ab</td></tr><tr><td>Proxy Owner</td><td>0xb6ab0d266bdbfd79d2418e7d8200afe4e9902034</td></tr><tr><td>Maverick Locker Adapter</td><td>0xa2ab3fd45a369da49308d086556cc0096fdbb9d5</td></tr><tr><td>sprMAV</td><td>0xC54Ff26fd5564Ff46b14d9825A2259a0d53Bf7d9</td></tr><tr><td>Staked sprMAV</td><td>0x5EE9828c13C41bAeAb2408661bB3B65Ba646DB64</td></tr></tbody></table>

##

## MAV Spiral Locker (zkSync Era)

<table data-header-hidden><thead><tr><th width="374"></th><th></th></tr></thead><tbody><tr><td>Rewarder Vault</td><td>0x1A4258Ce322900D65CdA7F61921C77FB6CbE9ee7</td></tr><tr><td>Staking</td><td>0x348a88808c122AdB317CB8D71c0d24CE047FEe22</td></tr><tr><td>Locker Master Proxy</td><td>0x125049c3C0Ef6B22222957470a5cfA366014D4E1</td></tr><tr><td>Locker Master Implementation</td><td>0x8320DF8741a3560D4e4C9cE0Ab5b40f290f4d70f</td></tr><tr><td>Proxy Owner</td><td>0x6E2e85Ee5bB7b4a85e904F1e0eD5b9C7b08e5384</td></tr><tr><td>Maverick Locker Adapter</td><td>0x010067d78c2a3999Fe4a47ae106D7301Fef8a2ff</td></tr><tr><td>sprMAV</td><td>0x9e7DaFb74Cc4dda3Ad15Eedc04fE24D8266C1E25</td></tr><tr><td>Staked sprMAV</td><td>0xea0c89f6c7c4a929a426fe9bffaf11f3da9dae4d</td></tr></tbody></table>

##

## SDT Spiral Locker&#x20;

<table data-header-hidden><thead><tr><th width="374"></th><th></th></tr></thead><tbody><tr><td>Rewarder Vault</td><td>0xaee1adcDeEB0c3b74A14b4ec1b667d021f0d71FD</td></tr><tr><td>Staking</td><td>0x899a794bF0573a5461a8b45fDe8CbbcA233755E3</td></tr><tr><td>Locker Master Proxy</td><td>0x4a6854B88Bfc87369cb9CA1A488e1A2Cf76748A1</td></tr><tr><td>Locker Master Implementation</td><td>0x943bdEE19B88E60b36C048E88CBfc0C1250222fa</td></tr><tr><td>Proxy Owner</td><td>0x3fe5eA9E3fd7533D6744d72670C48Be22bA0C59f</td></tr><tr><td>sprSDT</td><td>0x488b7c4B2731dC6A4121fc125439A025d7Acfb62</td></tr></tbody></table>

##

## Deprecated contracts:

Rewarder: 0xb194c9CA2A86A560B7154F83AAfE3ED4E9c3A1F1

Rewarder Vault: 0x21fb7536afddaaaf59d65cc4f7336d4d812ec25f

Spiral Router: 0xfb1371D494D608F6E5f6438F69F686953b0A50E8


# Multi-sig

Spiral DAO is controlled by two multi-sigs: one for treasury management and another one for protocol implementations. There is also a multi-sig for investing in marketing activities.

### Treasury multi-sig&#x20;

<table data-view="cards"><thead><tr><th></th><th></th><th></th></tr></thead><tbody><tr><td></td><td>               <a href="https://etherscan.io/address/0xC47eC74A753acb09e4679979AfC428cdE0209639">Ethereum</a> </td><td></td></tr><tr><td></td><td>             <a href="https://explorer.zksync.io/address/0x0BDB24145A87CeE90A614eD012A078bEd671df8D">zkSync Era</a></td><td></td></tr></tbody></table>

Decisions regarding treasury management will be adopted based on a 3/6 quorum due to the complexity of the Spiral DAO's treasury management, which employs rebalancing mechanisms and requires constant and reactive responses.&#x20;

| Name                                                                          | Description                                                     | Adress                                     |
| ----------------------------------------------------------------------------- | --------------------------------------------------------------- | ------------------------------------------ |
| VV                                                                            | Spiral DAO contributor                                          | 0xC011240FAb026E08EC18E12a506f45b9aaEE84dD |
| Cuttlefish                                                                    | Spiral DAO contributor                                          | 0xC541A7b893eFD384d3E0013DfCb3e563a777fDBC |
| [Beguin](https://twitter.com/Beguin__)                                        | Spiral DAO contributor, Paladin lead analyst, Aura Finance yogi | 0x99d865F14DE5f43Edd129A7Cd9425c01518Af2F2 |
| SuperChad                                                                     | Advisor, yield farmer community founder                         | 0xDD9bF0A45452a4F22cfd2C963c15B191D97Ce106 |
| [Starny](https://starny.eth.limo/)                                            | Spiral community, Paladin contributor                           | 0x79603115Df2Ba00659ADC63192325CF104ca529C |
| [cp0x](https://debank.com/profile/0x6f9bb7e454f5b3eb2310343f0e99269dc2bb8a1d) | Best airdrop farmer, founder of big community                   | 0x53BD3C14e2a076EB55a7e2BE73Fa0fA7918CF300 |

### [Protocol multi-sig ](https://etherscan.io/address/0xF14eFC7E46D57E107dEE97239329Bd7F56361C38)

The protocol function is controlled by a 4/7 quorum to ensure external participation in implementing all the major changes.

<table><thead><tr><th width="245.33333333333331">Name</th><th>Description</th><th>Adress</th></tr></thead><tbody><tr><td>VV</td><td>Spiral DAO contributor</td><td>0xC011240FAb026E08EC18E12a506f45b9aaEE84dD</td></tr><tr><td>Ivan</td><td>Spiral DAO contributor</td><td>0xc0cbd3a183E634f630F4658526A1D8309008c6b8</td></tr><tr><td><a href="https://twitter.com/FarmerBrownDeFi">Farmer Brown</a></td><td>Advisor, Agriculture manager</td><td>0xFBD9123f3CA030632C5fC5948dfebb38B0b115f2</td></tr><tr><td><a href="https://debank.com/profile/0x6f9bb7e454f5b3eb2310343f0e99269dc2bb8a1d">cp0x</a></td><td>Best airdrop farmer, founder of big community</td><td>0x53BD3C14e2a076EB55a7e2BE73Fa0fA7918CF300</td></tr><tr><td><a href="https://twitter.com/officer_cia">CIA Officer</a></td><td>Security researcher</td><td>0xB25C5E8fA1E53eEb9bE3421C59F6A66B786ED77A</td></tr><tr><td><a href="https://twitter.com/0xSami_">Sami</a></td><td>Founder of Redacted Cartel</td><td>0x2AFb6A75Ee833A84d534C62894BB348234b5d219</td></tr><tr><td><a href="https://twitter.com/valentinmihov">Valentin Mihov</a></td><td>Co-founder of Daedalus, experienced yield farmer</td><td>0x3F0c2A4654A63110ED3b15cF9C0fa07476B389cF</td></tr></tbody></table>

### [Marketing multi-sig](https://etherscan.io/address/0xB04F5c8B1bceD48aA7c744adCa5429B693534CD6)

Decisions regarding directing funds to various marketing activities are adopted based on a 3/6 quorum. The overall budget directed to the marketing multi-sig is voted upon by the DAO.

<table><thead><tr><th width="245.33333333333331">Name</th><th>Description</th><th>Adress</th></tr></thead><tbody><tr><td>VV</td><td>Spiral DAO contributor</td><td>0xC011240FAb026E08EC18E12a506f45b9aaEE84dD</td></tr><tr><td>Cuttlefish</td><td>Spiral DAO contributor</td><td>0xC541A7b893eFD384d3E0013DfCb3e563a777fDBC</td></tr><tr><td><a href="https://twitter.com/leloucheow">Lelouch</a></td><td>Spiral DAO contributor</td><td>0x347aEE92EF9114AFb8894cC37338cA93FD233a9c</td></tr><tr><td><a href="https://starny.eth.limo/">Starny</a></td><td>Spiral DAO contributor, Palading contributor</td><td>0x79603115Df2Ba00659ADC63192325CF104ca529C</td></tr><tr><td><a href="https://twitter.com/m_mariuzza">Maria</a></td><td>Spiral DAO contributor, marketing expert</td><td>0xCE0E979Fe0f98b27282877626658F2070855E8cb</td></tr><tr><td><a href="https://twitter.com/nikitakle">Nikitakle</a></td><td>External advisor, GearBox contributor</td><td>0xf3D476566BCC8E882A3910F1471428522449d89E</td></tr></tbody></table>


# Spiral DAO Socials

Please join the Spiral DAO channels and groups to find out about any updates and participate in community activities and governance discussions.

* [Website](https://spiral.farm/)
* [Discord](https://discord.gg/spiraldao)&#x20;
* [Twitter](https://twitter.com/Spiral_Dao)&#x20;
* [Medium](https://medium.com/spiral-dao)
* [Zealy.io](https://zealy.io/c/spiraldao3/questboard)
* [Snapshot](https://snapshot.org/#/spiralgov.eth)

If you have any suggestions or are seeking a partnership, contact our team at *<mark style="color:blue;"><info@spiral.farm></mark>*.