Introducing Hifi Governance
It’s Time for the Community to Take the Lead
Today marks our transition to community governance. This is a big step in our journey of building at the intersection of DeFi and NFTs and making these revolutionary technologies accessible to all.
Until the token-swap is done, the Hifi governance will be a direct democracy where MFT token-holders directly vote on the proposals themselves and where one token equals one vote.
Therefore, the more MFT you have, the more voting power you have.
After the token-swap, the Hifi governance system will be transitioning into a liquid democracy similar to the Compound governance model.
Governance tools
Structured conversations are critical to Hifi’s governance process which is why we will be using three different tools to handle governance: the Hifi Discord, the Hifi Forum, and Snapshot.
Discord is for quick real-time conversations about proposals and is more exploratory in nature.
The Hifi Forum will host conversations around early drafts of proposals and enable asynchronous conversations. And finally, Snapshot is where finalized proposals are voted on.
Messages on Discord are quickly lost, so any messages which need the attention from the rest of the community should be posted on the Hifi Forum as comments under the proposal being discussed.
Snapshot
Snapshot is the platform which will be used to vote on the governance proposals. It’s quickly becoming the standard for off-chain voting with Uniswap, ENS and Aave using it.
Voting on Snapshot does not require transactions and there are no fees involved. Your MFT stays at all times within your wallet, as voting simply requires signing a message with your wallet.
The voting quorum for proposals to pass is 2% — meaning if more than 2% of the MFT supply is used to vote, the vote is considered valid. There is a 3-day voting delay and a 3-day period during which MFT holders can vote.
My MFT is on an exchange, how can I vote? In order to vote, you will need to withdraw your MFT from your exchange wallet to a wallet you are in control of. You will then need to connect this wallet using Metamask or Wallet Connect to Snapshot to cast your vote.
Hifi Forum
The Hifi Forum is the place where proposals are debated on and introduced to the community.
Anyone is able to propose an idea to the community by creating a new topic about it on the forum. Other members from the community can then comment and explain their agreement or disagreement with the idea. All forum posts should be constructive and explain clearly each argument.
Here is a tutorial we wrote on how to write a great proposal.
Hifi Discord
Whereas the forum exists to feature more evergreen content, the Hifi Discord is where quick conversations can happen to exchange ideas and discuss ongoing proposals. It’s hard to catch up with all the activity happening within Discord, which is why the forum exists to bring ideas to everyone’s attention.
The transition to community governance is a process which we are starting with now. Hifi will increasingly decentralize over time, with the next major step being the token-swap which will enable new governance mechanics.
