Governance Mandates
For the system of governance the community elects a team to manage the Bao ecosystem.
That team is pre-approved to spend up to 50% of the treasuries annual gain without any additional approval.
The team shall create any official votes using Snapshot.
A governance forum has been created for the community in order to submit ideas and comments the different proposals. You can find it here: https://gov.bao.finance/

BIP (BAO Improvement Proposal) Process

  • There is no minimum number of BAO required to follow the steps to add a proposal
  • You should develop a concept/ proposal in the #concepts section of the forum.
  • After 1 week you can request a moderator to add it to the #governance-proposals section.
  • Moderators will check that the proposal has all the detail required, including any data, models and explanations of methodology used needed to fully assess the proposal. This is an important step that will allow β€œgalaxy teams” to have confidence they can implement changes voted on without ambiguity or to avoid disputes resulting from miscommunication. Moderators will not filter proposals based on their views on the proposal itself, just on whether it is fully formed or not.
  • The proposal should spend at least 1 week in #governance-proposals, where the community can review its final wording. After 1 week unchanged, it can be moved to snapshot for a vote. This can be done by requesting moderators to inform multisig (or maintainer galaxy before multisig is implemented) that it is ready for voting.
  • Multisig holders (or the maintainer galaxy before multisig is implemented) can bypass this process and put up a vote straight to snapshot where a change is deemed time sensitive.
You can find a detailed guide for creating a BIP here​

Voting

Voting takes place on snapshot.page/#/bao.votes or directly via ENS on baovotes.eth
User votes are calculated by a special smart contract ( https://etherscan.io/address/0xAed713175343D3AA83689F85Ab9E7B800a297992#code) that counts:
  1. 1.
    33% of your locked Bao +
  2. 2.
    1/4th of your $BAO +
  3. 3.
    3x your $BAO that is in Bao/ETH Party Pool
  • Quorum requirement is 10b votes. When a vote does not receive 10b BAO voting on its outcome, it will be left to the judgement of multisig holders (or Maintainer Galaxy before multisig is implemented) on whether to implement the change or not.
  • It is the responsibility of the party(s) proposing the change to promote and gather support for it in order to meet quorum
  • Multisig holders (or Maintainer Galaxy, before multisig is implemented) can veto a vote. When this happens it will automatically go to a revote within 4 weeks, where 25% of voting power and a majority of 2/3 is required to overturn the veto.
  • In the event of a veto, the team will create a forum post explaining their reasoning and give at least 1 week for opposition to the veto to make their points and for both sides to gather support for the revote.
Veto’s are intended as a safety mechanism for multisig holders, who are voted on, to prevent changes to the project that are deemed clearly damaging to its future.

Matters the Team Creates Votes For:

The team must create votes when:
  • They wish to spend >50% of the treasury within this year.
  • They wish to spend >2.5% of a treasury fund in a single payment transaction.
  • They wish to spend any money from the community fund.
  • If they wish to change the cap of the Bao token, or the distribution rates.
  • If they wish to change the rewards of different pools, or to add and remove new pools.
  • In order to activate new features.
  • To change the rules of governance, or approval percent.
The team does not need to create votes on other matters.

Matters the Community Votes For:

The community may create votes on any matter and they will be considered binding so long as the quorums are met.
This includes the removal and replacement of the team, changes to ecosystem, changes to rewards percent or distributions of the treasury.
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Last modified 2mo ago