GGM Launch Framework
A process open for community feedback
As Unifi continues to expand to more blockchains, governance of the Protocol will take on more of a central focus. UNIFI is the token which powers the Global Governance Model (GGM), incorporating Proof of Stake elements to enable the election of the Unifi Council of Representatives. The GGM ensures a richly rewarding experience for the entire Unifi community across all blockchains and especially those who participate in Protocol governance.
Community feedback on the GGM launch framework is being accepted on Unifi’s Reddit.
A Brief Summary of the GGM
(For a detailed explanation of the Proof of Stake style Global Governance Model, please read this article.)
The Unifi Council of Representatives is composed of Designated Council Representatives (DCR) and Community Council Representatives (CCR).
- UNIFI token holders will be able to stake their UNIFI to earn Staking Rewards, and delegate their staked tokens to CCRs to earn even more rewards. Staked UNIFI may upgrade through the GGM process and become eligible to propose Community Referendums.
- Elected CCRs will earn Governance Rewards and the right to vote on or propose changes to the Unifi Protocol DAO on behalf of their delegating community. The more delegation a CCR receives, the more Community Rewards they will earn and can potentially pass on to UNIFI holders.
- DCRs are positions in the Unifi Council filled by the Unifi team or strategic partners. They can vote on and propose changes to the Protocol, but are ineligible to receive delegation from the community or any Community Rewards.
A maximum of 100,00 UNIFI tokens per month will be utilized from the Liquidity Providers and Ecosystem Development token allocation. The LPED is the source for GGM rewards. The allocations of UNIFI can be found in the Litepaper.
GGM Phased Launch
The GGM will launch in phases to ensure a smooth and secure transition to community governance. This article will form the basic framework of the projected milestones to rollout the GGM. It is likely the launch process or order of these phases may change. This framework is designed to be flexible and responsive to feedback from potential CCRs and the community.
Phases
1. Community Input — This phase will be ongoing throughout the entire launch of the GGM. Community members and potential CCRs can provide a voice to help shape the process for CCR nominations, elections, and staking rewards. Community input can be posted on Unifi’s Reddit.
2. Nomination Process Announced — Unifi will announce the process for becoming nominated to be a CCR.
3. Interim Nominations — Potential CCRs will provide an application to receive CCR privileges until the official nomination process is available. Nominated CCR privileges will include the ability to campaign on Unifi’s social media channels.
4. DCR system begins — DCRs may be announced as they are appointed. This allows the Protocol to develop partnership opportunities.
5. Proposed Governance Rewards and Community Rewards announced
6. 2nd UP to UNIFI migration event — this event is set to allow liquidity providers to migrate their UP and participate in the launch of GGM staking
7. Incentives for launch of UNIFI GGM staking announced. Early participants in the GGM earn more rewards and special benefits.
8. Binance Smart Chain staking promotion ends/UNIFI GGM staking on Ethereum begins — As UNIFI staking on BSC ends, GGM staking on ETH will begin. To participate in GGM staking and governance, UNIFI on BSC will need to be moved to Ethereum. This can be accomplished on Binance Exchange, or though a bridge utility that Unifi will provide. GGM activities, including staking, will occur on the Ethereum blockchain.
9. GGM Referendums become available
10. CCR Nominations Begin — CCRs will complete the official nomination process
11. CCRs campaign for election — CCRs will explain to UNIFI holders why they should be elected to the Unifi Council of Representatives
12. Community delegation — UNIFI holders begin to delegate their Class 2 UNIFI tokens to a CCR. Class 2 UNIFI are automatically upgraded to Elite Class 1 at the start of the next voting period.
13. CCRs elected — CCR Governance Rewards and Community Rewards to CCRs begin
14. DAO Proposals available
Make sure to start staking your UNIFI now! Earn UNIFI rewards by staking at www.unifiprotocol.com/staking
Unifi Protocol’s website can be found at https://www.unifiprotocol.com/. You can also connect to the Unifi community on Telegram, Twitter, Reddit or Medium. Developers — check out our bounty list to develop on the Unifi Protocol at https://gitcoin.co/issue/sesame-seed/Quest/1/100023698
