The first step for DAO project creators is to submit a new proposal to the WINGS platform, via an easy to use the step-by-step wizard. The creator could enter content with rich formatting, upload media such as photos and video, and any documentation he wants, in order to make the proposal as attractive as possible to the community. In addition to the project content and media, creators specify a project’s initial governance model, which could be either be direct DAO governance or a liquid DAO governance.
Project creators set the planned project milestones, which when successfully reached, can release the funding for the next phase of the project. When specifying milestones, project creators define the milestone deliverables, and the amount of funding percentage each will release.
Finally, the project creators set the initial token supply of a project, and the rules of the supply distribution to the participants of the backing campaign.
In order to finalize and publish the listing on the WINGS platform, the creator will need to pay a listing fee in WINGS tokens, that will be deducted from creator’s WINGS account
Once submitted to WINGS new DAO project proposals are evaluated and forecasted on by WINGS token holders. During this period, participants may suggest improvements to the proposal submitter via amendments. Amendments themselves can be voted on and ranked. Amendments which receive the highest number of upvotes and are incorporated into the proposal may be compensated by the WINGS platform reward mechanisms.
After the forecasting period is complete proposals automatically become full WINGS DAO projects and are activated on the WINGS platform. The activation process consists of the generation of a unique set of DAO smart contracts and digital tokens that are assigned to the new DAO. Once activated, a countdown for the backing campaign begins, at the end of which the project will be become a fully functioning DAO on the platform, enabling the project to collect funds directly into its individual smart contract.
Once the backing period is completed, the DAO project will then start operating according to the governance model and rules defined in its smart contract.