Hello HODLers!

In response to the unfortunate Poly Network exploit that occurred on July 2nd, 2023 at 06:47 PM UTC, (https://dedaub.com/blog/poly-chain-hack-postmortem) Team Torum is excited to introduce Torum DAO (Decentralized Autonomous Organization) as a means to empower our community and drive a new era of decentralization in Torum!

Torum DAO will provide XTM token holders with the opportunity to actively participate in crucial decisions that will shape the future direction of the platform. The introduction of Torum DAO is a pivotal step towards empowering decentralization and providing the community with the ability to take part and shape the future of Torum together with the team.

Due to the Poly Network exploit on July 2nd, 2023 06:47 PM UTC, Torum is now at a fork in the road and is calling upon the community once more to assist the team in deciding on a few key decisions that will greatly shape the future of Torum!

Hence, Team Torum has decided it’s time for the creation of Torum DAO to facilitate the community-led renaissance of Torum!

What is Torum DAO?

For those unfamiliar with the concept of Decentralized Autonomous Organization (DAO), here’s a simple explanation:

A DAO lacks a central authority and allows for decentralization governance of projects through governance tokens (for a deeper understanding click here).

The establishment of Torum DAO will begin the community-led renaissance by granting on-chain $XTM holders the opportunity to actively participate in essential decisions concerning Torum’s overall direction. In particular, the current DAO is set-up as an emergency response to help decide on a few key decision in relation to the Poly Network exploit.

What will Torum DAO members vote on?

For the near future, Team Torum will be seeking consensus from Torum DAO members on matters in relation to the unfortunate Poly Network exploit, in particular these are the upcoming proposals that Torum DAO members will have the opportunity to vote on:

1. To redeploy $XTM native contract on either Ethereum Mainnet (remain the same) or BNB Chain.
2. To exclude the exploiter address from the redeployment and revert the damage done from the exploit.

Please note that the proposals presented here are subjected to change as the situation is still evolving.

While the precise scope of the DAO’s authority remains flexible, Team Torum retains the discretion to determine its boundaries at all times.

How do I join Torum DAO and what is my voting power?

To join the Torum DAO and have some voting power, all you have to do is to be a holder of $XTM in your on-chain address on the various chains that $XTM is deployed on, which includes:

1. Ethereum Mainnet
2. Polygon Mainnet
3. BNB Chain

For example

Mythrust holds 1,000 native $XTM on Ethereum Mainnet and 2,000 bridged $XTM on Polygon Mainnet in the same on-chain address. He would then have a total voting power of 3,000 $XTM that can be used for any governance proposals.

Please note that holding $XTM in Torum social media does not grant you any voting power, only on-chain holders are eligible as of right now. This might change in the future.

Where do I exercise my voting power as a Torum DAO member?

Team Torum will be utilizing Snapshot.org to facilitate any activities related to Torum DAO, Snapshot is a voting platform that allows DAOs, DeFi protocols, or NFT communities to vote easily and without gas fees.

We have taken the liberty to set-up a Snapshot.org “Space” under the name of “Torum DAO”. Here’s the direct link to the newly established Torum DAO!

Here’s what you need to do to exercise your voting power:

1. Connect your Web3 wallet to https://snapshot.org/#/.
2. Click on this link or search for Torum DAO in the search bar, and select the Torum DAO space. (Please note that there is an unofficial “Space” named “Torum” that is setup by an unknow third party, that is not the official Torum DAO.)
3. Click on the big blue “Join” button.
4. Click on any “Active” proposals (if any).
5. Take your time to go through and understand the proposal.
6. Cast your vote by selecting the option you would like to direct your voting power to and sign the gasless transaction on your Web3 wallet.

That’s it you’re done, if you done the step above, congratulations you have now done your duty as a Torum DAO member.

Furthermore, we are delighted to announce that the first two Torum DAO proposals are now live, and we strongly encourage you to exercise your right to vote. Your input is crucial in determining :

1. Redeployment of $XTM: Choice between BNB Chain or Ethereum Mainnet.
2. Blacklist the Hacker Address.

Both proposals are requires a Quorum of 56,500,000 units of $XTM which is about 25% of the circulating supply based on CoinGecko’s publicly available data.

Please note that the snapshot to account for your “voting power” for both governance proposals above were taken before the Poly Network exploit and to be specific, on Jun 30th, 2023 at 4PM UTC.

We acknowledge that the introduction of Torum DAO may be unexpected for some of you. However, in light of recent events such as the Poly Network exploit, certain actions taken in response could have significant implications for Torum as a whole. As a result, Team Torum believes it is imperative to involve $XTM holders in the decision-making process to ensure their voices are heard and their interests are represented.

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Thanks,
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