DerivaDAO Forum & DIPs
The DerivaDEX protocol is governed by DAO from day one. Today, the governance forum and DIP repo are live!
This article will introduce the DerivaDAO forum, describe the DerivaDEX Improvement Proposal (DIP) specifications, as well as provide some important information about DerivaDEX Governance and voting. Read on to learn more!
DerivaDAO Forum
The forum is now live at forum.derivadex.com. This forum is strictly for the ideation and development of governance, and we encourage on-topic participation.
Posting a proposal to the forum is an important part of the proposal procedure, as it allows the community the opportunity to understand, comment, and provide suggestions prior to the submission of a proposal on-chain.
DerivaDEX Improvement Proposals
DerivaDEX Improvement Proposals (DIPs) should be very familiar to contributors or participants in the EIP ecosystem. However, the DIP process has some key differences because DerivaDEX proposals all utilize on-chain execution.
For an in-depth discussion of the DIP process, please visit the DIP repository: https://gitlab.com/derivadex/dips
- Anyone can participate in the DIP process, either via submitting a PR or providing feedback
- DIPs are for proposals that have reached draft stage only! Use the governance forum for early-stage idea coordination and development.
Each DIP will consist of two PRs to the DIP repo:
Proposal Spec — A DIP-n.mdfile detailing the proposal. The proposal spec PR will be merged to master if and only if an on-chain governance proposal is actually made.
Implementation — The corresponding implementation. The implementation PR will be merged tomaster if and only if the proposal successfully executes on-chain.
Once a proposal has been executed, both PRs will be merged to the DIP repo. If a proposal is in draft, open for voting, queued, failed or cancelled, only the proposal spec PR will be merged.
Proposal stages
Idea — An idea that is pre-draft. This is not tracked within the DIP Repository. There is no proposal spec PR nor implementation PR open. These topics belong in the “Ideas” category on the forum.
Draft — The first formally tracked stage of a DIP in development. At minimum, a proposal spec PR has been opened to garner feedback on the forum. An implementation PR at some point will be opened as well to seek additional input from the community.
Proposed — An on-chain governance proposal has been made. The proposal spec PR will be merged to master. The implementation PR will remain open.
Succeeded — The proposal has succeeded on-chain, but has not yet been queued for execution.
Failed — The proposal has failed on-chain.
Queued — The successful proposal has been queued for execution.
Cancelled — The proposal has been cancelled.
Expired — The queued proposal has expired prior to execution.
Executed — The proposal has successfully executed on-chain.
Voting and delegation
All proposals can be voted upon by DDX holders in the governance app: governance.derivadex.com. Anyone who has participated in insurance mining, and has claimed their DDX, will be able to vote from their connected account.
Governance cliff note:
Users claim DDX to their Trader wallets, which automatically delegate to the connected account. When the governance cliff is lifted, users will be able to both withdraw DDX from their Trader wallet and delegate or send DDX to other addresses.
Voting process
Submission: Proposals must be submitted by an address that holds (and maintains throughout the entire proposal process) >1% of the circulating supply. This is intended to cut down on the number of spam proposals and malicious proposals. After the governance cliff is lifted, users can delegate freely, which should enable a wider range of participants to make proposals.
Voting: When a proposal is submitted on-chain, there is a 3-day voting period. This voting period may be shorter if >50% of the circulating supply votes “FOR” or “AGAINST”, at which point the proposal is immediately Succeeded and Queued, or Fails. A successful proposal requires at minimum a quorum of >4% of the circulating supply.
Queuing and Execution: The successful proposal is then Queued for 3 days. At the end of the 3-day queue, the proposal can be executed.
Delegation
DDX can be delegated via the governance.derivadex.com interface.
- Initially, all Trader wallet DDX is automatically delegated to the user-owned connected account (EOA).
- After the governance cliff is lifted, users will be able to withdraw DDX from their Trader wallet to their EOA and then delegate to any desired third party.
We are thrilled to be kicking off the tooling that will make DerivaDAO governance more transparent and accessible, and we’re looking forward to building the next generation of derivatives trading alongside the community.
Join us!
- Be a part of the DerivaDEX governance discussion and join us on the forum.
- Join our Discord and or email list to learn more about upcoming products and early access opportunities.
- Follow us on Twitter!
