Extending the Wing Governance Model
Since the launch of WING in September of this year, a tremendous amount of enthusiasm in participation has been seen from our community to further strengthen the governance model implemented by Wing Finance. It is understood that providing a simple, yet effective governance model is not just beneficial to the community — but also vital to the development of the DeFi sector as a whole.
It is our singular vision that a fully Decentralized Autonomous Organization can be built out gradually, over time.
With that said, the Wing team has combed through the discussion forums, as well the feedback from our social channels in the process of testing and implementing 8 governance votes over the last 2 months. As a result, the following proposal has been put forward for a DAO Governance Plan.
Initial Proposal for the WING DAO Governance Model
In order to participate in the governance, a user must have a WING token.
In addition to participation, any users who hold at least 1,000 WING tokens are allowed to submit a proposal. These range from adding new assets to the platform, changing collateral requirements, adjusting an interest rate, or implementing buy-backs. Once a proposal is submitted, it will go through 3 days where the community shall discuss, it is also required to be viewed 100 times and engaged with by at least 10 users. Only then will the proposal be released for the community to vote on. In terms of the discussion, the initiation doesn’t have to fall on the user who proposed it — but rather can be started by any community member who deems it interesting.
Please keep in mind that only proposals with a default YES / NO option will be accepted. We also highly suggest that proposals are outlined as detailed as possible, and any further additions are listed as bullet points designating the sequential order of new information. Once submitted, the Wing Team will review the proposal within 72 hours before launching the voting process.
In the event that a proposal is not deemed acceptable, the Wing Team will clearly lay out reasons for rejection and propose a new vote based on the proposal within 3 days. We also retain the right to edit proposals around the edges to fine-tune language and details without outright rejection. This review process is designed as a failsafe mechanism, and will slowly be removed as the community develops and further matures over time.
It is important to note that once the proposal is submitted, the WING tokens residing in the wallet of the proposer will be locked until the proposal is approved — at which point their tokens will be automatically converted into YES votes and will be unlocked.
Types Of Proposals Accepted
Proposals are divided into 3 levels based on the difficulty of implementation. The lower the level, the easier they are to implement. These levels are set by the Wing Team as they are the ones who will ultimately implement votes that are passed.
- Level 1: Implementation can be completed in 3 working days after the vote is passed. These proposals are mostly about adjusting certain project parameters.
- Level 2: Implementation can be completed within 1 month after the vote is passed. These proposals are usually regarding adding or deleting a borrowing or lending pool — or a specific type of asset, and possibly adding a certain parameter.
- Level 3: Implementation will require longer than 1 month. These proposals usually revolve around adjusting certain mechanisms, adding new features, or an initiative that requires long-term operation such as buybacks.
- Anyone holding a WING token is eligible to vote
- The voting period lasts 72 hours
- Tokens will remain unlocked during the voting period.
Once again, are extremely excited to further lay out plans for the development of the WING DAO, which will result in stronger governing mechanisms. Due to the implementation process, the Wing DAO Governance will release the official launch time at a later date. Thank you for your understanding, and may this be the groundwork we lay for the future of DeFi.