COOK DAO

The ultimate goal is for LET'S COOK be operated by a truly decentralized organization.

"Truly decentralized" means:

• Decentralized repositories (e.g. not Github).

• Decentralized front-end.

• No executive or multi-sig councils.

However, more infrastructure is necessary before this can be implemented. Web3 organizations today still depend on Web2 front-ends and semi-centralized executive councils.

The founding team at LET'S COOK will develop this infra if others have not done so by the time we need it.

GOVERNANCE

CookDAO is governed by a bicameral system.

Chamber 1: The Kitchen

$COOK can be swapped to and from Cook NFTs via the Hybrid system.

Cook NFT holders have the right to make and vote on proposals to the CookDAO.

Proposals must reach 60% approval by a minimum 40% quorum of the Cook membership to proceed to Chamber 2.

Cook NFTs have weekly membership dues in $COOK and automatically revert back to the CookDAO if they are not paid. Holders can vote on proposals to earn $COOK.

Chamber 2: Futarchy

For each proposal that passes The Kitchen vote, two conditional order pools are created; an "if pass" pool and an "if fail" pool.

These pools remain open for X days, during which any user may place buy and sell orders. These orders are held in escrow until the pools close.

Once the pools close, the one with the better price impact (i.e. most positive/least negative) is executed and the other is refunded to the users. The proposal is considered ratified if the "if pass" pool is the one executed.

$COOK

The $COOK token is a governance and alignment mechanism. It captures the value created by LET'S COOK infrastructure and distributes it to stakeholders that contribute towards favorable KPIs, including good governance.