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Governance process

Outline

This page describes the process that should be followed to take an idea to implementation through the Gyroscope governance system.

Step 1: Consultation, discussion and revision

Step 2: Indicative vote on Snapshot

Step 3: Final on-chain vote

Step 1 - Consultation

Anyone can think of an idea and write it up as a post in the Gyroscope Improvement Proposals section of the Gyroscope Forum.

Guidelines

  1. The title should be in the format “[Consultation] - Topic”
  2. The body should contain the following sections:
    1. Background/motivation
    2. Summary of proposal: A clear and easy to understand description of the proposed change, and how the change would affect the protocol
    3. Risk assessment: an explanation of the risks to the protocol involved in the proposed change

Timeline

  1. The Consultation phase should last for a minimum of 72 hours before moving to an indicative vote on Snapshot.
  2. Any Gyroscope Governance participant with more than 10 GGU can extend the minimum consultation time period to 7 days. This is to allow more consultation time for potentially complex topics if needed.
  3. If the Consultation goes stale or the creator of the proposal does not create a Snapshot proposal, after 4 weeks elapses the post will be closed.

Step 2 - Snapshot Vote

Requirements

  1. Following Step 1, To be able create a Snapshot Proposal in the Gyroscope Governance space, the creator needs to have at least 3 GGU.

Guidelines

  1. The title should be one of two formats:
    1. If the proposal is for an off-chain change to Gyroscope, and therefore the final vote, the title should be in the format “[GIP-xxx] - Topic”
    2. If the proposal is for an on-chain change, the title should be in the format “[Indicative Vote] - Topic”. The vote is indicative because in order for any change to be enacted on-chain, it will need to pass an on-chain governance vote. The set of eligible voters is the same.
  2. The body should contain the following sections:
    1. Background/motivation
    2. Summary of proposal: A clear and easy to understand description of the proposed change, and how the change would affect the protocol
    3. Feedback from Step 1, which much include an explanation of how this was incorporated into the proposal.
    4. Risk assessment: an explanation of the risks to the protocol involved in the proposed change
    5. A link to the original Consultation in Step 1. Once created on Snapshot, a link to the Snapshot proposal should also be posted in the original Consultation proposal.

Timeline

  1. Voting runs for 96 hours starting on Thursdays.
  2. Quorum is set to 300 GGU for Indicative votes and higher for Final votes.
  3. If the vote passes with quorum:
    1. If the Snapshot vote is a [GIP-xxx], then the DAO has now reached its decision and the off-chain change is recommended to be implemented.
    2. If the vote is an [Indicative Vote] then move to Step 3 - Final on-chain vote.

Step 3 - Final on-chain vote

Guidelines

  1. A new post should be created on the Gyroscope Governance forum.
  2. The title should be in the format “[GIP-xxx] - Topic”
  3. The body should contain the following sections:
    1. Background/motivation
    2. Summary of proposal: A clear and easy to understand description of the proposed change, and how the change would affect the protocol.
    3. Risk assessment: an explanation of the risks to the protocol involved in the proposed change
    4. Links:
      1. A link to a PR, opened in the relevant Gyroscope repository, that would implement the change(s) as described in the proposal.
      2. A link to the Proposal, as implemented by the PR, on the Gyroscope Governance dashboard. Sufficient governance power in terms of GGU is needed to be able to create a proposal.
      3. A link to the original Consultation from Step 1.
      4. A link to the Indicative Vote from Step 2.

Timeline

Voting will then take place for a timeframe and with a quorum determined by the pre-set parameters.

Once created, any participant is able to for "for", "against", or "abstain" on-chain. Votes can be changed at anytime. The vote tally can be triggered by anyone. If quorum and the vote threshold is reached, the proposal is queued for execution.

For more details on the on-chain voting process, please see here.