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Governance Mechanism

PROPOSAL PHASES

Phase 1: Idea or Draft

Anyone can participate in Forum or Discord, 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.
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. On-chain 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
20% of veBEND total supply
10% of veBEND total supply
20% of veBEND total supply
10% or 20% of veBEND total supply
Pass Rate
80%
80%
80%
From 80%

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.