Governance and Decision Making: The ETN Council
The ETN Ecosystem is governed by a Decentralized Autonomous Organization (DAO), ensuring community-driven decision-making and transparent governance.
What is a DAO?
A Decentralized Autonomous Organization (DAO) is a community-led entity with no central authority. It is fully autonomous and transparent, with smart contracts laying the foundational rules and executing the agreed-upon decisions.
ETN DAO Structure
Governance Token
- ETN token holders can participate in governance
- Voting power is proportional to token holdings
- Minimum token requirement for proposal submission
Decision Making
-
Proposal Submission
- Community members can submit proposals
- Proposals must meet minimum requirements
- Technical and non-technical proposals accepted
-
Voting Process
- Token holders vote on proposals
- Voting period typically lasts 7 days
- Majority vote determines outcome
-
Implementation
- Approved proposals are implemented by the team
- Progress is tracked and reported
- Community feedback is incorporated
Governance Areas
Platform Development
- New feature proposals
- Platform improvements
- Technical upgrades
Community Initiatives
- Community events
- Educational programs
- Partnership proposals
Treasury Management
- Fund allocation
- Budget approval
- Investment decisions
Participation
How to Participate
- Hold ETN tokens
- Join governance discussions
- Submit proposals
- Vote on proposals
Benefits
- Shape ecosystem development
- Earn governance rewards
- Build reputation
- Network with community
Current Governance
Active Proposals
- Check the governance portal for current proposals
- Review proposal details and impact
- Cast your vote
Past Decisions
- View historical proposals
- Track implementation progress
- Learn from past decisions
Future Development
Planned Improvements
- Enhanced voting mechanisms
- Improved proposal system
- Better user interface
- Mobile governance support
Community Feedback
- Regular governance surveys
- Community calls
- Feedback channels
The ETN Council, accessible via dao.ETnetsaCoin.ton, is the designated governance body for the ETN Ecosystem. It is structured to facilitate decentralized decision-making, granting stakeholders a significant voice in shaping platform policies, development priorities, and ecosystem updates. Governance is exclusively NFT-based, meaning voting rights are tied to the ownership of specific governance NFTs and $ETN Treasury Bonds, not general $ETN token holding.
Framework for Decentralized Governance
The governance framework of the ETN Council is built upon the TON blockchain, ensuring that all proposals and voting activities are recorded as on-chain transactions. This approach provides a high degree of transparency and immutability for all governance-related actions. Secure wallet integration for participation is achieved through the TON Connect SDK, which is used to verify ownership of governance-specific NFTs and Treasury Bonds, thereby determining an individual's voting power.
Governance Assets: Structure and Influence
The core of the ETN Ecosystem's decision-making structure is formed by several distinct types of NFTs and tokenized assets, each with specific characteristics and voting power:
$ETN Treasury Bonds: Role and Voting Power
A component of the governance structure includes $ETN Treasury Bonds. There is a total supply of 200 such bonds. Each $ETN Treasury Bond grants the holder one vote in the governance process, providing a foundational level of participation for bondholders. Within the NFT-exclusive governance model, these are understood to function as or be treated like verifiable tokenized assets (akin to NFTs) for voting purposes.
Governance NFTs: Structure and Influence
In addition to Treasury Bonds, specific Non-Fungible Tokens (NFTs) play a crucial role in the ETN Council's governance model. These are categorized as follows:
SBT (Soulbound Tokens):
Total Supply: There are 8 SBT items.
Ownership: These tokens are permanently held by wallets belonging to the development team.
Voting Power: Each SBT carries a significant voting power of 10 votes.
Restrictions: SBTs are non-transferable, ensuring that this specific voting power remains with the core development team to provide consistent leadership and expertise.
Council Minister NFTs:
Total Supply: A total of 10 Council Minister NFTs exist.
Price: These NFTs are available for purchase at a price of 10 TON Coins each.
Voting Power: There is a discrepancy in the documented voting power for these NFTs: some sources indicate 10 votes each, while another suggests 5 votes each. Further clarification from the ETN team is needed to confirm the exact voting power.
Investor NFTs:
Total Supply: There are 2 Investor NFTs.
Price: These are premium governance NFTs, priced at 50 TON Coins each.
Voting Power: Each Investor NFT also carries a voting power of 10 votes.
The Governance Process: Proposals and Voting
The governance process is initiated when members connect their TON wallets to the ETN Council platform using the TON Connect SDK. The platform then verifies the member's ownership of relevant governance assets (SBTs, Council Minister NFTs, Investor NFTs, and Treasury Bonds) and assigns voting power accordingly. Verified members gain access to the governance dashboard, where they can submit proposals for ecosystem changes or initiatives and vote on existing proposals. Votes are weighted based on the cumulative voting power derived from the member's holdings of the various governance instruments.
| Governance Asset Type | Total Supply | Acquisition/Price | Voting Power per Unit | Key Characteristics/Role |
|---|---|---|---|---|
| $ETN Treasury Bond | 200 | Acquisition method to be fully clarified (potentially direct purchase, staking, or ecosystem participation rewards) | 1 vote | Intended for broader stakeholder participation, distributing voting power more widely across the community. Functions as a verifiable tokenized asset for voting. |
| SBT (Soulbound Token) | 8 | Held by Development Team Wallets | 10 votes | Non-transferable; ensures core team stewardship and strategic continuity. |
| Council Minister NFT | 10 | 10 TON Coins each | 5 or 10 votes | For active council members and community leadership; allows broader participation in governance. Voting power requires clarification. |
| Investor NFT | 2 | 50 TON Coins each | 10 votes | For significant investors seeking strategic input and influence in the ecosystem's direction. |
The governance structure of the ETN Council, with its use of different types of tokens—fungible $ETN Treasury Bonds and various classes of NFTs—each with distinct voting weights and acquisition methods, suggests a deliberate attempt to create a balanced system. This model seeks to integrate and weigh the interests of different stakeholder groups. The Soulbound Tokens (SBTs), which possess significant voting power and are non-transferable, are retained by the development team. This design choice ensures continuity in vision and allows for expert input in critical governance decisions, preventing the core leadership's influence from being easily diluted or acquired by external parties. Investor NFTs, characterized by their high price points and substantial voting power, are structured to give a more pronounced voice to larger financial stakeholders who have made a significant commitment to the ecosystem. Council Minister NFTs, which are priced more accessibly than the Investor NFTs yet still require an investment (in TON Coin, not $ETN), offer a middle tier of influence, likely intended for active and committed community members who wish to take on a more formal governance role. Finally, the $ETN Treasury Bonds, presumably acquired using $ETN (though the exact acquisition mechanism is not fully detailed), provide the broadest base for participation, allowing general $ETN holders to have a say in governance with one vote per bond.
This multi-tiered approach appears designed to ensure that development expertise, significant financial investment, and broader community sentiment all have defined avenues for influence within the DAO. Such a structure has the potential to lead to more robust, well-rounded, and resilient decision-making processes. However, this complexity also presents inherent challenges, particularly in terms of ensuring genuinely fair representation across all stakeholder groups and preventing the potential for plutocracy if the balance of power is not carefully managed and periodically reviewed. A notable design choice is the pricing of key governance NFTs (Council Minister and Investor NFTs) in TON Coin rather than $ETN. This may be a strategic decision aimed at attracting external capital directly into the governance layer of the ecosystem, or to ensure that governance participation is funded by a more established and liquid asset on the TON network. This detailed NFT-based governance system represents a significant evolution from the simpler statement in the original $ETN Whitepaper, which generally mentioned that $ETN holders would have voting rights, indicating a maturation of the project's governance philosophy towards a more structured and nuanced framework.