Purpose of Establishment

Purpose

Ladder Finance operates its governance (DAO) under the assumption that the voters (we do not refer to them as shareholders), who have the power to shape the opinions of the community, will essentially ensure that the direction of the protocol moves in their favor. Ladder Finance will act in good faith on reasonable proposals and provides voting rights and a streamlined framework through the DAO organization.

By default, vst-Ladder Token is required to participate in the DAO. This is a way of identifying those who have invested in Ladder Finance's products and limits external, irrational decisions. The number of vst-Ladder Tokens held by users is transparently visible to everyone on-chain, and we expect this transparency to be an inherent part of the DAO. However, in some cases, Ladder Finance may not be able to fulfill the proposal and may veto the proposal if it is specified in the disclaimer.

Fundamental Values

Governed by the Ladder Finance DAO, the community can have the right for its fundamental direction. Ladder Finance also accepts the autonomy and rationality of DAOs and aims to enforce the protocol.

People who hold vst-Ladder Tokens can submit proposals to the Ladder Dao community or vote on them. At this time, you must hold a certain level of vst-Ladder Token to be able to make a proposal for the DAO. This is because we assume that the direction of the protocol will move in users' favor, and we expect that those with the most votes will make the most rational choices.

Authorizations and Responsibilities

Treasury is used by default for community development, events, or any other use of funds as determined by the DAO. In order to be referred to a proposal, the purpose and opinion must be clear, which is why proposals are first reviewed by the team before they are officially published. By default, anyone who is even remotely associated with Ladder Finance, its team members (employees) or outsourced services have no voting rights, even if they hold vst-Ladder tokens. (This does not make them preferred stock).

All submitters are prohibited from submitting past proposals, and if they do, they must be complete in all respects.

Criteria for Proposal

• In order to submit a proposal, it is necessary to clearly define the total cost, purpose, effect, execution period, and scope of benefits for the execution while satisfying the issues required by the foundation.

• The proposal for modification of the smart contract deployed in advance by Ladder Finance may require an arbitrary time for migration, and if a major change in the entire scope is foreseen, the period of application may be longer than the time previously presented. Ladder Finance should clearly disclose these aspects.

• The proponent of any proposals must not make duplicate or abusive proposals.

• If a proposal creates a conflict with an existing proposal that has already been passed, such as defending/sabotaging/counter-proposing it, it may be suspended by Ladder Finance if such a proposal is being voted on or is pending for voting due to a mistake by Ladder Finance during the interest screening phase. However, this only applies to malicious attacks.

• If there is a conflict of interest or if the proposals of different people have a significant impact on each other's proposals, it will be judged in the preparation stage (acceptance stage of the proposal) after a stabilization period of at least 90 days.