RAI Finance Launches On-Chain Governance
Dear RAI Finance Community，
After the successful launch of RAI Finance on Ethereum and Polygon mainnets last month, RAI Finance has launched on-chain governance for the protocol on https://app.rai.finance/#/proposals
On the first version of RAI Finance Governance, SOFI holders can make proposals about editing portfolio list by deleting/adding desired tokens, and about marketing campaign ideas they have in mind.
All SOFI holders are able to vote for changes in the protocol, and they will be able to participate in the development of RAI Finance directly.
How to participate in RAI Finance Governance?
The first version of on-chain governance launched on RAI Finance includes the following functions:
- Add new token to portfolio list
- Delete token from portfolio list
- Community Proposal
A governance proposal can be created with 100,000 SOFI.
* Based on 0.07% of circulating supply
A proposal can be passed and moved on to the implementation stage as long as it gets 5,600,000 SOFI votes within the subjected period.
* Based on 4% of circulating supply
How does RAI Finance Governance work?
- Any address with at least 100,000 SOFI can create a governance proposal.
- New governance proposals are executable codes, rather than simple community suggestions.
- All proposals are subject to a 5 days voting period.
The system will take a snapshot of the SOFI holders at the block height where the governance proposal is successfully submitted, and any address that holds SOFI during the snapshot period can vote for the proposal. If over 5,600,000 SOFI votes are cast for the proposal, it will be regarded as passed and be queued in the Timeclock waiting for implementation which takes place after 2 days.
RAI Finance Governance Contract Address:0xFFBd847806Cc462b1Df726C5363E8D40f52afa8f
SOFI Token Contract Address（ERC20）： 0xB49fa25978abf9a248b8212Ab4b87277682301c0
Since on-chain governance is now live, please go to https://app.rai.finance/#/proposals and participate!