FinNexus Community Governance Discussion Kickoff

I’ve just written down my thoughts on how to get governance started. Please let me know your thoughts and suggestions!!!

Governance Rollout Stages:

Stage 1: Exploratory Phase – Starts now (December 2020)

  • This phase is focused on deciding governance rules and procedures through public discussion
  • During this phase the community shall have an open discussion concerning governance rules and procedures with the goal of reaching general consensus
  • Informal “community” Snapshot proposal voting based on simple FNX balances can be used to aid the decision making process
  • During this period the core team make “core” Snapshot proposals in order to aid in decision making by getting rough votes from FNX token holders

Stage 2: Soft Launch

  • During this phase, some elements of governance will be open to the community, but the core team will retain final control over all decisions
  • Discussions will continue in the official forum
  • Voting will be open to all ecosystem participants through Snapshot, the core team commits to following the results of votes on approved proposals
  • Funds will be managed by the core team

Stage 3: Hard Launch - on chain enforcement

  • During this phase, the core team will give up control of the protocol to the community
  • Funds will be managed by FNX token holder vote
  • Protocol methods can be called by token holder vote
  • Proxy contracts can be updated by token holder vote

Stage 1: Exploratory Phase - December 2020

In this phase, we will open up the official FinNexus forum and Snapshot voting to the community. Users may discuss and make proposals / vote on proposals freely, however community proposals will not have any enforceability during this stage. This stage is focused on settling governance rules through community discussion and consensus.

Points of discussion which must be settled before soft rollout:

  1. How should vote scores be calculated? How should different FNX be weighted? FPO? Uniswap? Unlocked in wallet?
  2. What is the process for the core team to approve community proposals for voting?
  3. What is the minimum total score a vote needs to pass?
  4. What is the minimum “for” percentage needed to pass?
  5. Others?

How to participate:

The main way you can participate is by taking an active role in the discussion on the official Forum. Start new forum discussion topics on governance issues. Contribute in discussions on the forum. Some of the discussion may also take place in the official Telegram or Discord of course for a more dynamic conversation, but try to make certain to post any important suggestions / discussions from the chats in the forum in the appropriate category in order to ensure it is logged and visible for all.

  1. I think we can give different weights for various participants in the FNX ecosystem. E.g.,
    (How many voting power/score 1 FNX may get)
    FNX in the wallets:1
    FPT-A in USDC Pool: 0
    FPT-B in FNX Pool: 2
    FPT-C in WAN/FNX Pool: 2
    FNX in Uniswap: 3

    FNX not in circulation as on the dashboard will not have any voting power.

  2. I suggest at this exploratory Phase, all enforceable proposals and votes go to the ‘core’ section.

  3. The proposal decision with the highest voting score is the one that passes.

  4. The minimum “for” percentage needed to pass is 5% of the total circulating FNX voting power/score, calculated with the weights above.