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.
In order to pass a vote will need:
>33% of eligible votes voting to establish this quorum.
Votes established by the community require:
>50% of eligible votes voting to establish this quorum.
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:
33% of your locked Bao +
1/4th of your $BAO +
3x your $BAO that is in Bao/ETH Party Pool
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.
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.
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/
When users want to discuss new ideas they can be placed under "Concepts", when the team is ready to create a governance proposal we will create a thread under "Governance Proposal" and users can provide feedback on the language and ask any questions. After that it will finally be moved to a governance vote on snapshot.
Votes are earned from users having "BaoVotes". A BaoVote is the measure of what percentage of the Bao<>ETH pool a user is currently staking at the snapshot block.
This ensures that only active stakers who have assets at risk, and care about the long term interest of bao will have a vote.