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The DAO and $RARE for governance

Understanding the mechanisms behind RareDAO governance.

SuperRare Labs,
May 09, 2023
1 min read

The DAO and $RARE for governance

SuperRare Labs,
May 09, 2023
1 min read

The SuperRare DAO, a separate organization from SuperRare Labs, is a decentralized autonomous organization that was established to decentralize the SuperRare ecosystem and shift power into the hands of the artists, collectors, and art lovers who make up the SuperRare community. 

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SuperRare network - "Sphere layout" by hex6c on SuperRare

What does the SuperRare DAO do?

Members of the SuperRare DAO can submit proposals, called SuperRare Improvement Proposals, or SIPs. These SIPs are voted on by DAO members and concern the operations of the platform. One of the most important initiatives to come from the SuperRare DAO are SuperRare Spaces–independent galleries that operate on the SuperRare marketplace in the name of decentralizing curation, which are selected by voting in Space Races. In order to be a member of the SuperRare DAO, you need to hold $RARE. 

The SuperRare DAO also enables staking, which allows $RARE holders to lock tokens in a rarity pool connected to a particular artist. While stakers can claim $RARE at regular intervals from the rarity pools they stake in, the real purpose is around artist discovery and community curation. Staking in an artist is a show of support, interest, and confidence on the part of community members, and will guide others towards finding artists they love.

 

"Maneki-Neko $RARE (レアトークン)" by EJ Hassenfratz on SuperRare

What is $RARE? 

$RARE is the governance token of the SuperRare DAO. In order to vote on SIPs or in Space Races, someone must hold $RARE. On the SuperRare marketplace, there are also some artists who accept payments in $RARE as well as $ETH. Quadratic voting has been implemented in the SuperRare DAO SpaceRaces, meaning that voters are encouraged not to put all their $RARE in one basket, and instead spread their votes among potential Spaces they like.

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