Functions of Unite Finance DAO
The Decentralized Autonomous Organization fund is the second line of defence on top of the Bond Mechanism. The DAO fund is controlled by the Unite Finance team and will later move to a governance system that will vote on the use of funds in areas inside and outside of the project, including operational expenses, investment, marketing, etc. Information about the DAO is as follows:
- When UNITE TWAP is below 1, buybacks will be initiated by the DAO. These will be done at a time decided by the core team and not published until after the protocol is back in expansion to prevent front running.
- When UNITE TWAP is extremely high, the DAO may reduce its UNITE holdings in order to pad its reserves and defend the peg, if required.
- The DAO fund will hold a range of assets at the discretion of the core team.
- The DAO will control payments of UNITE and USHARE from the dev fund to the Unite team members.
- Through Unite Launchpad, the DAO fund will act as an investment fund for projects on the Harmony chain that are selected by the DAO.