veSPA holders will deliberate on protocol governance

Sperax has launched its off-chain governance process. On-chain governance protocol will be launched next. Through governance, community can make changes to the USDs protocol parameters, bring in new partnerships, new yield opportunities etc.

Sperax Off-Chain Governance Process:

The Sperax DAO governance process primarily utilizes the Sperax DAO Governance Forum. In order for a proposal to be accepted, it must go through the following phases:

Phase 0: Casual Ideation (Discord):

If you have an idea you’d like to share, please feel free to post it in #DAO-discussion channel on Sperax Discord, or, if you prefer to submit a proposal, you can use the SIP Template and submit your concept in the Proposal (Active Discussion) channel.

Ideation Flow:

  1. Start a conversation in the official governance channel in Discord.

  2. Gather feedback from the community.

  3. (Optional) Create a poll on discord to gauge community sentiment.

  4. (Optional) If you’d like to talk about your idea on a Sperax Community Call, feel free to contact a team member via Discord to coordinate.

Phase 1: Governance Proposal (On Forum)

If you are ready to submit a formal proposal, you may do so on the Proposal (Active Discussion) channel using the SIP Template. Here you’ll begin to receive constructive feedback from the community as well as the Sperax team. Discussion will continue for a minimum of 48 hours.

Make sure to add the correct tag to the proposal(see below for definitions):

  1. USDs parameter: Proposals related to adjusting/modifying USDs components.

  2. New Assets and Yield Strategies: Proposals related to adding new forms of collateral and yield strategy schemes/methodologies.

  3. Liquidity Mining: Proposals related to the improvement of Sperax farming & liquidity mining mechanisms.

  4. Product Feature: Proposals related to the improvement, addition, or modification of new & existing Sperax products.

  5. Partnership(s): Proposals related to inquiring & establishing potential partnerships with the Sperax Protocol.

  6. Other: Miscellaneous proposals that have yet to be assigned a defined tag/category.

Phase 2: Snapshot vote:

Once a proposal has gained traction, a snapshot poll will be created for voting. A Moderator will proceed to create the snapshot poll, link it to the corresponding forum post, and submit it on the Snapshot Voting channel on Forum. Votes can be cast directly through Sperax Snapshot Space.

All snapshot polls will last 3 days upon initiation. Votes will be weighed by the voters' veSPA balance. A snapshot poll will include 2 vote options (Yes/ No) by default. If proposal creator wants 3 vote options (Yes/ No/ Yes with modification) then they can inform that to the moderators while snapshot poll is created. If 'Yes with modification' option gets max votes, then the proposal is not subject to cooldown period.

Proposal Passing Criteria:

  1. Acceptance Threshold: Proposal must receive more than 50% in "Yes" votes

  2. Minimum Quorum: At least 200 Million veSPA should vote in the snapshot poll

Possible outcomes at this stage:

  1. Both the proposal passing criteria are met: the proposal passes and escalates to a Sperax Improvement Plan (SIP).

  2. Quorum is not met: The proposal does not meet minimum quorum and is marked “Defeated” by the moderators. The proposal undergoes a 7-day cooldown period. At the conclusion of this period, the proposer can resubmit the proposal and proceed with the governance process.

  3. Quorum is met but does not receive more than 50% in 'Yes' votes: The post is marked as ‘Defeated’ by the moderators.

    • If “No” votes > “Yes with modification” votes - The proposal must then undergo a 7-day cooldown period. Afterward, the proposer must then resubmit the proposal, along with any necessary modifications, and proceed with the governance process.

    • If “Yes with modification” votes >= “No” votes - The proposal can be returned to the deliberation phase for modifications and is not subject to the 7-day cooldown period. Once modifications are made to the proposal it can be elevated to a Snapshot vote once again.

Phase 3: Sperax Improvement Plan (SIP):

When a governance proposal passes the snapshot vote in the previous stage, the proposal moves to Sperax Improvement Plan. This will have the list of all accepted proposals. The Sperax engineering team will pick up proposals from SIP for implementation based on their priorities and bandwidth. Community can also help write the code for implementing proposals from SIP. All codes will have to be audited before implementation. Sperax Foundation will help in facilitating the audits.

Check the repository of all the winning proposals

Track the implementation of these proposals

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