Float Protocol: Governance Procedure
Democracy and good governance are very important to us. In our short life so far, we have already had a Phase 1 distribution which prioritised active DeFi governance participants, three community votes on vital parts of our distribution and even created our own voting system (Scattershot, a fork of Snapshot).
Moving forward, we plan to support full on-chain governance and set-up a fully-fledged DAO. This document just clarifies our procedures for now.
If you want to propose something within Float Protocol, the stages are as follows:
- The proposer starts a discussion in discord under the #🗳governance channel.
- If there is sufficient interest (as reasonably defined by the person suggesting the idea), the proposer should start a discussion on our Forum. This proposal should last at least 3 days.
- If there is sufficient interest on the forum, the Float team will schedule an official vote on Scattershot where users can vote with their BANK. For now, before the team has their tokens, the team will have discretion over which proposals proceed to a Scattershot vote. (Note, right now anyone can propose a vote on Scattershot and this will remain the case. However, votes not initiated by the team will be considered ‘temperature checks’ on whether there is community interest for a properly structured proposal — for example https://scattershot.page/#/snapshot.floatprotocol.eth/proposal/QmVb3xxbGTMpLDJXnAmiEm5Wg4CpdmRMMyNdTMFw6dooDA ).
- The Scattershot will always last at least 3 days. There is a quorum of at least 10% of BANK needed for a vote to be valid (this may change over time).
- After the vote has finished, if successful, the results of the vote are executed by the team and approved by the multi-sig.
A note on the multi-sig
The multi-sig is currently comprised of the four band members. We want to start diversifying the team’s control of the multi-sig. In the near future, we’ll be announcing some changes here.
Twitter — https://twitter.com/FloatProtocol
Telegram — https://t.me/officialfloatprotocol
Medium — https://medium.com/@floatprotocol
Github — https://github.com/FloatProtocol/
Discord — https://discord.gg/nVCZacJJqM
Scattershot (fork of Snapshot) — https://scattershot.page/#/snapshot.floatprotocol.eth
Forum — https://forum.floatprotocol.com