Governance Mechanism
PROPOSAL PHASES
Phase 1: Idea or Draft
Anyone can participate in Discord #idea channel, and vote on improvements.
Key points
Mainly for comments collection and feasibility discussion;
No requirement for the identification of specific adjustment parameters.
1.1. Rules
Discussion period: 3 - 7 days
Min. number of supports: 10
1.2. Status
Active: It is under discussion
Completed: It is moved to the next phase.
Not Pass: It is closed because of insufficient community support.
Phases 2: BIP
The BendDAO Improvement Proposal (BIP) is the second step in the BendDAO governance process where a BIP can be created after the BRC has passed in the forum.
BIP Key points
The BIP needs to identify specific implementation parameters or options
2.1. Submitting a BIP
When submitting a BIP in the Governance Forum, please refer to the template.
2.2. Maintaining the BIP
During the BIP discussion period, the creator needs to
Collect different parameters or scenarios and update them in the BIP
Create polling options for different parameters or scenarios
2.3. BIP rules
Duration: 3 - 7 days
Min. number of voters: 10
2.4. BIP Status
Active: The BIP is under discussion
Implemented: The BIP is implemented.
Not Pass: The BIP is closed because of insufficient community support.
Phase 3. Snapshot Voting
The parameters or solutions defined in the BIP will be finally decided by Snapshot voting.
| Category | NFT Collateral | Protocol Parameter | Protocol Core Code Change | DAO Treasury (Details) |
|---|---|---|---|---|
Voting Duration | 3 days | 3 days | 7 days | 7 days |
Vote Quorum | 10% of veBEND total supply | 10% of veBEND total supply | 10% of veBEND total supply | 10% of veBEND total supply |
Pass Rate | 70% | 70% | 70% | From 70% |
Phase 4. Implementation
For Accepted BIPs, implementation will begin based on the steps outlined in the proposal.
Emergencies
For emergencies, the BendDAO dev team has the right to go through Phase 2 directly.
BendDAO governance keeps moving forward to decentralization. Now community members can not only create BRCs and BIPs but also on-chain voting. BendDAO is in the hands of the community and veBEND holders' votes decide the future development of BendDAO.
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