The proposal flow depicted below is relevant for Ownership and for Parameter Decisions. Ownership proposal have unlimited authority to decide on VirtuSwapDAO aspects, such as governance scheme, partnership, deploy on additional chains. Parameter decisions, are only considered as such after an Ownership proposal to categorize a decision as Parameter decision has passed.
The proposal flow has two parts:
- Non-Binding part - any amount of veVRSW is sufficient to offer a non-binding proposal. The non-binding proposal is dedicated to raising awareness of important matters and discussing them with the ecosystem. A non-binding proposal is regarded as a suggestion and could be used for example if the initiator of the proposal doesn’t have enough veVRSW to offer an official proposal and wants to gather support from the community and other token holders. Non-binding proposals are posted on the governance forum to receive feedback from the community.
- Binding part - in order to initiate a binding proposal, the initiator should have a minimum of 1,000,000 veVRSW tokens - both for Ownership and Parameter decisions. Binding proposals will be posted for voting on the Snapshot page. If an initiator of a proposal has enough voting power to initiate a binding proposal, he can skip the “Non-Binding part”.
Proposals should be placed in a particular template that can be found on the Governance Forum. Here is the specification of the entire flow:
Proposals
A Proposal life-cycle of the VirtuSwapDAO, from inception to execution, can be separated into four distinct phases as follows:
- Open Discussion - Any member of the VirtuSwap community is free to make a non-binding proposal. At first, especially if the proposal includes a significant or unprecedented change, the initiator should start an open discussion to get feedback from the community. The discussion will take place on VirtuSwap Governance Forum, which is available here https://discourse.virtuswap.io/ .
- Formalize VirtuSwap Proposal Temperature Check (“VSP-TC”) - After receiving first feedback from the community, the initiator should use the “VSP-TC#:Temperature Check” template which is available in the Governance forum. The Proposal should be posted on a new forum thread with a relevant title, stating “VSP-TC#:Temperature Check”. The community can comment and add new feedback to the formalized proposal, until a final version with more than 1,000,000 veVRSW of support is assembled.
- Vote on a binding proposal (“VSP#”) - Holder of at least 1,000,000 veVRSW tokens is entitled to propose an official, binding DAO proposal on Snapshot. The initiator should use the “VSP-X: DAO Proposal” template available in the governance forum. The vote will be open for 3 days for both Parameter decision and Ownership decision. If the proposal gains enough support, it goes to the last, execution phase.
Execution - once an official DAO Proposal was approved with enough support, the signatories of the relevant multisign wallet have up to 7 days to review and execute the decision.