Governance Mechanism

PROPOSAL PHASES

1. BendDAO Idea or Draft

2. BendDAO Improvement Proposal (BIP)

3. On-chain Voting (Snapshot)

4. Implementation

Phase 1: Idea or Draft

Anyone can participate in Discord #idea channel, and vote on improvements.

https://discord.gg/BendDAO

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.