This doc explains the mechanics of the protocol, token and DAO.

For a more general intro to Point DAO, check out pointdao.org.

The protocol is upgradeable following the EIP-2535 diamond pattern. This means that new functionality can be added without having to upgrade the entire protocol. There is shared state throughout the protocol, so new modules can access the same state that other modules can and modify it. These modules are called facets. The main Diamond contract keeps track of these facets and routes function calls to the correct facet. External accounts will only interact with Diamond.

Adding new facets will often require some initialization code that sets up new state variables or modifies existing state before the facets is 'cut'. Governance may also have one-off reasons to manipulate state even when they aren't cutting a new facet. This is all accomplished via migrations, which are the same thing as facets except that they can only be called once. This repository will keep track of all migrations even after they become irrelevant, and the protocol logs which ones have been run.

The governance contracts are completely separate from the protocol and are non-upgradeable.

// deploys and initializes entire protocol
Deployer.s.sol // forge script - not meant to be deployed
Initializer.sol

// Upgradeability pattern designed by Nick Mudge
diamond
  │   // Protocol wrapper
  │   Diamond
  │
  └───facets
  │   │   // Misc admin functions
  │   │   AdminFacet
  │   │
  │   │   // Operate galaxies
  │   │   GalaxyHolderFacet
  │   │
  │   │   // Party-buy galaxies
  │   │   GalaxyPartyFacet
  │   │
  │   │   // ERC20 voting token
  │   │   PointTokenFacet
  │   │
  │   │   // Boilerplate (adapted from Aavegotchi, Nick Mudge)
  │   │   DiamondCutFacet
  │   │   DiamondLoupeFacet
  │   │   OwnableFacet
  │
  │   // tools shared by facets
  └───interfaces, libraries
  │
  │   // one-time state changes
  └───migrations

governance
  │   // Main treasury and timelocked governance controller
  │   PointTreasury
  │
  │   // Generic governance, controlled by PointTreasury
  │   PointGovernor

GalaxyParty enables Point DAO to acquire a galaxy from a seller.

A galaxy owner can call createAsk to list their galaxy for sale to the DAO. The owner asks for some amount of ETH and/or some amount of POINT. If governance calls approveAsk, then anybody can contribute to filling the ETH portion of the ask. When the ETH amount is filled, and the DAO acquires the galaxy and distributes 1 * (governance-configurable token scale) POINT for every 1 ETH contributed as well as whatever POINT the seller asked for. The token scale is set at 1,000, so contributing 1 ETH will allow you to claim 1,000 POINT once the ask is settled. There can only be one active ask at a time.

For example: Alice owns ~zod and values it at 1000 ETH. She wants liquidity, but she still wants to retain some Urbit voting power. She can call createAsk(0, 900*10**18, 100_000*10**18) meaning she would like to sell ~zod for 900 ETH and 100,000 POINT. If governance calls approveAsk, then anybody can contribute some of the 900 remaining unallocated ETH. When 900 ETH is hit and settleAsk is called, Alice receives 900 ETH and 100,000 POINT, the DAO receives the galaxy, and the contributors can claim their POINT.

The protocol takes a 3% fee on ETH raised and also mints an extra 3% of the total POINT minted for each settled ask, and sends both to the POINT-governed treasury. Governance can change these fees.

The motivation for the project was for the DAO to vote on Urbit proposals with the protocol's galaxies in perpetuity, meaning galaxies stay in the protocol forever, but this is not enforced. There currently is no functionality that allows a galaxy to leave the protocol, but the protocol is upgradeable by governance.

See the GalaxyParty integration test to see thorough examples of how it works in code.

This part of the protocol interacts with Urbit's Ecliptic contract. It exposes just enough functions for governance to cast votes and set management, voting and spawn proxies, but it does not expose ecliptic.setTransferProxy or ecliptic.transferPoint or any other functionality.

The governance system uses standard general-purpose openzeppelin governance contracts, so it is battle-tested and compatible with tools like Tally. Governance has added privileges throughout the protocol, like upgrading the protocol and submitting Urbit Ecliptic votes.

POINT is an ERC20 token with extra voting functionality. The total supply should equal 1,000 * the total amount of ETH contributed towards acquiring galaxies, plus 3% of that which is owned by the DAO treasury.

POINT is mintable and pausable. Token transfers are paused at first, but governance can vote to unpause transfers. GalaxyParty can still mint while transfers are paused.