What is GT or Governance Token?

Continuation From GrooveUp DAO: Our Path To Decentralized Community Governance And Incentives.

On XDAO, our operating platform, GT is a non-transferable ERC20 token representing the member's voting power in the DAO. They have no price, only voting power.

All wallets with GTs have access to DAO and can create any proposals. GTs are strictly tied to the wallets of DAO members.

The quorum on XDAO determines how many GT tokens are needed to activate any vote in the DAO. All governance tokens in total represent 100% quorum.

Governance tokens cannot be sent to another wallet by direct transfer. If a DAO member decides to leave the project, that DAO member needs to initiate a vote to transfer GT from his wallet to another

With that in mind, we would like to implement the governance model for GrooveUp DAOs as below:

300,000 GT tokens will be minted and allocated to all 25 wallets that make the top 25 $xGroove holdings.

Among the 25 DAO members who hold $xGroove LP tokens, we will select 10 representatives to join the DAO Council to make decisions for the DAO (GT holders).

The total supply of governance tokens GT of GrooveUp DAO is 2,000,000. But not all 2,000,000 GTs are minted at the DAO creation, only 1M. Whenever a new member is added to the DAO, GTs will be minted and issued to him/her accordingly.

Quorum is set 51% so any proposal in the DAO will need 51% vote of GTs (of total GTs minted at that time) to activate.