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The Gyroscope protocol is governed on the Ethereum mainnet blockchain by its users.
This governance system governs the future of the Gyroscope protocol and is designed to be fundamentally decentralised.
Since the system is on Ethereum mainnet, it's permissionless: anyone can get involved.
This documentation will help you get started!
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Various stakeholders in the Gyroscope community control the system:
- holders of the Gyroscope protocol's native governance token, GYFI;
- holders of the Gyroscope stablecoin who provide it as trading liquidity;
- Founding Members of the protocol, community members who have been involved since the beginning;
- Councillors, parties with expertise in DeFi protocol management;
- other DAOs.
Votes can also be delegated.
Participants in the governance system make proposals, which are discussed in the forum and voted on.
Some changes need more voters (higher quorum) and of the voters, a higher proportion of agreement in order to pass. This is because some governance actions are low-risk and routine, such as deciding on the recipient of a community grant, while others are high-impact and may implement changes to the entire protocol. See action tiering to learn more about this.
Proposed changes are subject to a timelock - a waiting period - before they are implemented. This is a protective measure to ensure that protocol participants have time to react to any changes they don't agree with.