Governance Initial Parameters

:globe_with_meridians: Paribus Governance Update: Initial Parameters
Dear Paribus Community,
We’re excited to share the initial governance parameters that will shape the foundation of our community-driven decision-making process.

Here’s a breakdown:
Staked Token Power (Create proposal):
• 10,000,000 PBX (0.1% of our initial supply)

Voting Parameters :
• Voting Delay: 2 days
• Voting Period: 5 days
• Timelock: 3 days before a transaction can be executed

Minimum Votes for Proposal Success:
• 100,000,000 PBX total votes
• If this threshold isn’t reached, the proposal is considered invalid

Special Allocation for Governance board:
• we are thinking to set aside 25 million PBX, staked via multisign for 104 weeks.
• Three team members and four active community signers are needed, requiring 4 out of 7 signatures.

Benefits :
• To overcome potential “minimum PBX requirements to vote” in the absence of delegation.
• This acts as our initial governance board, providing a way for the community to drive proposals, even against the team’s preference.
Community Involvement in Governance Elections:

:globe_with_meridians: Rotating Signers: As a testament to our commitment to decentralization, community signers will undergo a quarterly rotation during governance elections. This ensures a dynamic and inclusive representation, allowing different voices to shape the course of Paribus.

:rocket: Team Signer Transition: Over time, team signers will gracefully transition out, making way for community signers to take the lead in governance. Our vision is to empower the Paribus community, and this transition reflects our dedication to handing over the reins of the governance board entirely to you.

:lock: Fixed Minimum Votes: It’s essential to note that the minimum votes required for a ‘yes’ remains fixed upon deployment and cannot be altered. This decision aims to maintain stability and prevent potential influences or issues caused by active proposals.

This plan will lay the groundwork for a collaborative governance structure where every voice matters.
Your involvement is key to the success of Paribus governance. Let’s collectively build a decentralized future! :globe_with_meridians::blue_heart:

Best,
The Paribus Team :space_invader: #ParibusDAO #DeFi #GovernanceEvolution

3 Likes

10,000,000 to create a proposal seems a little high. It could potentially gear proposal formation to large accounts, especially if #PBX token value increases as hoped

Surely you would want the formation of proposals bubbling away with the sieving out of the junk ones occurring via voting rather than preclude smaller accounts who may still have good ideas?

Unless there is a way to form collaborative groups of course, but then you risk the possibility of polarising the membership into dynamic camps

Also, whilst 7 seems like a reasonable number to be quorate, it may be low for such a large number of potential interested parties - might 12 not be better with 7 required or are you concerned it risks stalling?

What happens if a bad actor puts together a group and over rules the 3 team members - are there any safeguards in this first period?

2 Likes

Maybe it’s little high for someone but considering that we were low as 0.0005 and we are in low prices for almost 3 years many people gathered 10mil and more … Ans I think that’s why we have this forum. Maybe people with small amount of PBX have GREAT ideas and here is exactly where you can turn that idea with small amount of PBX into proposal.

But I feel you man!

Have a great day!

1 Like

But the problem is that potentially someone with say 1m #PBX is excluded unless there is a way to coordinate with others to place the proposal

As #PBX price rises, hopefully we would see 1m as high and it start to be 100k or even 10k as an average holding.

It seems a bit daft to set the bar so high unless there is a way to collaborate to raise the proposal

In an ideal world any holder could draft a proposal and the voting would then decide which ones bubble up to adoption

Cardano operates on this basis and their CIP system has worked well

Have a great day too and thank you for your help on twitter with trying to use the test net

2 Likes

First of all, thanks for the feedback.

For that we are going to create the “Governance Board” as suggested above.
We will obviously take the feedback into consideration to use directly more signers, but we think to gradually expand it after launch via the discussions here will make more sense.

The whole idea is that the Governance Board will act in the interest of the protocol, therefor also brings proposals to voting we as a team might not like but the community want. This means that even people might not have 10m voting power themselves to create a proposal, they can suggest it here and discuss.

The whole idea is to discuss proposals here before rather than someone just throwing it up for vote. As there can be actions that drastically adjust the protocol, like collateral factor change. Therefore it should always be discussed here first before it will be put up as proposal.

If you can’t get someone to support your idea here first then they will also vote on-chain against you.

Also keep in mind this are “initial parameters” that will be adjusted over time.

We also took a lot of inspiration from other leading blockchain projects and their configuration. For example compound requires you to have 0.25% of the supply in order to raise a proposal. We are currently at 0.1% from the initial supply with our parameter.

2 Likes

10M is extremely high especially when it requires such a long lockup.

You can can lock on shorter time, but need more PBX than. :slight_smile: