More details here.
A Candidate for delegation creates the funding contract.
Main parameters are:
- Target DAO.
- Limit on deposits.
- Locking duration.
Depositing is allowed only until limit is reached and before exchange happens.
deposit: Buyers deposit stablecoins.
refund: Buyers get refunded.
exchange: the DAO treasury gets deposits in exchange for its governance tokens. Ideally, the
exchange rate given is at a discount on TWAP.
TWAP is determined via an oracle.
Importantly, DAO governance tokens are delegated to the Candidate.
Basically, Candidate get voting powers for the duration of the lock.
mTokens are minted in equal amount as the governance tokens locked in the funding contract. Buyers can claim their share of mTokens.
liquidate: burn all mTokens and make governance tokens held in contract claimable again by Buyers.
Liquidation is freely executable once the locking period ended.
Basically, Buyers can redeem their mTokens for governance tokens once the lock ends.
Liquidation can be triggered before the end of the locking period only by unanimous votes.
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