Obelisk (Issuing of Governance Tokens)

The Obelisk is the component where DAO governance Tokens are issued.

Governance Members

Users may become DAO governance members by exchanging the DAO Token, WONDER, with the Governance Token, g.WONDER. governance members may post proposals directly and participate in votes to decide on matters of DAO operations themselves.

Part of the WONDER bought back through the NEITH Protocol are reallocated to the Obelisk to be utilized as rewards for governance participants. Initially, in order for a holder to obtain 1 g.WONDER, a deposit of just 1 WONDER is required. However, the WONDER redistributed to the Obelisk increases the exchange value of g.WONDER to be higher than that of 1 WONDER, the difference in which is returned to DAO membership holders as rewards.

Issuing and Burning of Governance Tokens

Any WONDER holder who shares the long-term vision of the WONDER DAO and wishes to participate in DAO governance may stake a WONDER in the Obelisk to exchange it for a Governance Token, g.WONDER.

WONDER --> g.WONDER

Holders may stake their WONDER in the Obelisk to receive g.WONDER which will be issued and distributed to them. An exchange ratio of the amount of staked WONDER and the amount of issued g.WONDER in the Obelisk is formed, and the amount of g.WONDER issued for each attempt to stake is decided based on this exchange ratio.

g.WONDER --> WONDER

When a holder returns g.WONDER to the Obelisk, the g.WONDER is burned and the appropriate amount of WONDER is unstaked according to the exchange ratio of the Obelisk. The initial exchange ratio of the Obelisk starts at 1:1; however, the exchange value of g.WONDER increases due to the amount of WONDER redistributed to the Obelisk during DAO operations.

Lock-up Period

The lock-up period of staked WONDER is set as 90 days after the last staked date.

Completed exchanges between WONDER and g.WONDER cannot be canceled, and completed exchanges cannot be recovered. Re-exchanges are only available following the rules stated above.