Governance
Last updated
Last updated
The DAO is controlled by the OpenZeppelin implementation of the Compound Bravo governance contract.
Proposals should be initiated in the Fungify Forum for community input and general buy-in. Proposals should be discussed until consensus and general buy-in is reached. Once completed, a Fungify Improvement Proposal (FIP) is formally submitted and it undergoes a discussion period of three (3) days.
To proceed to the next phase the following conditions must be met:
Prior discussion in the forum for (3) days
Proposer must control zero point five percent (0.5%) of circulating FUNG Token.
After discussion period is over, the FIP moves to a Snapshot Vote. Staked FUNG Token holders will vote on the proposal. The vote will result in one of the following outcomes:
Rejected
Needs Additional Refinement/Clarity
Official Vote
To proceed to the next phase the following conditions must be met:
Greater than fifty percent (50%) of votes in favor
Proposer must control zero point nine percent (0.9%) of circulating FUNG Token
After the Snapshot Vote passes, then the FIP proceeds to an On-Chain Vote. There is first a two (2) day preparation period where DAO members can take to understand the proposal.
This is followed by a three (3) day voting period that will take place on Etherscan. A fork of the Compound Bravo Governance Module will be utilized to manage this process. If, in the future, a FIP is passed to change governance module, it will replace the existing fork of the Compound Bravo Governance Module.
The On-Chain Vote will result in either an approval or rejection. If approved, then the proposal will be queued in the Timelock for two (2) days. After the Timelock the proposal will be implemented or, if resources aren’t immediately available to implemented, queued for implementation.
For an On-Chain Vote to reach consensus it must:
last three (3) days for the voting period
have at least four percent (4%) of circulating FUNG Token cast for the proposal