Venus Governance — Decentralization Launch
The Venus Protocol has now successfully migrated its admin keys to the Venus timelock smart contract in which Venus is will be solely controlled by the community.
This is done through our first Venus Improvement Proposal (VIP-1) which can be found with this transaction hash. By doing so, our code base will be migrated to a new home where developers all over the world can contribute to: https://github.com/VenusProtocol
The Venus protocol is now governed and upgraded by XVS token-holders, using three distinct components; the XVS token, governance module (Governor Alpha), and Timelock. Together, these contracts allow the community to propose, vote, and implement changes through the administrative functions of a vToken or the unitroller. Proposals can include changes like adjusting an interest rate model or for making core upgrades to the protocol.
Delegate Votes
Delegate votes from the sender to the delegatee. Users can delegate to 1 address at a time, and the number of votes added to the delegatee’s vote count is equivalent to the balance of XVS in the user’s account. Votes are delegated from the current block and onward, until the sender delegates again, or transfers their XVS.
Governor Contract
Governor Alpha is the governance module of the protocol; it allows addresses with more than 300,000 XVS to propose changes to the protocol. Addresses that held voting weight, at the start of the proposal, invoked through the “getpriorvotes” function, can submit their votes during a 3 day voting period. If a majority, and at least 600,000 votes are cast for the proposal, it is queued in the Timelock, and can be implemented after 2 days.
Proposals
Create a Proposal to change the protocol. E.g., A proposal can set a vToken’s interest rate model or risk parameters on the Unitroller.
Proposals will be voted on by delegated voters. If there is sufficient support before the voting period ends, the proposal shall be automatically enacted. Enacted proposals are queued and executed in the Venus Timelock contract.
The sender must hold more XVS than the current proposal threshold (proposalThreshold()) as of the immediately previous block. If the threshold is 300,000 XVS, the sender must have been delegated more than 1% of all XVS in order to create a proposal. The proposal can have up to 10 actions (based on proposalMaxOperations()).
The proposer cannot create another proposal if they currently have a pending or active proposal. It is not possible to queue two identical actions in the same block (due to a restriction in the Timelock), therefore actions in a single proposal must be unique, and unique proposals that share an identical action must be queued in different blocks.
To find out more information on Venus Governance please visit: https://docs.venus.io
— Venus Protocol
