Interim Governance Rules¶
In order to get FinNexus governance kicked off, we have established interim governance rules.
Governance rules will change and evolve over time according to community proposals and votes. While the long term goal is 100% community controlled governance, during this interim period, the FinNexus team will take a more hands on role in making certain that governance gets off on the right foot.
These rules have been set as temporary rules by the FinNexus team in order to get governance kicked off, they will evolve over time based on future proposals and votes.
Governance will take place primarily through the official discussion forum and through Snapshot. Proposals must be made on both the Ethereum Snapshot and Wanchain Snapshot pages. Proposals must be identical for each Snapshot, and the voting time should be set to occur on a block which occurs at roughly the same time on both chains.
The governance process begins on the FinNexus Governance Forum where proposals are first submitted for discussion. If the community signals its interest and any necessary modifications to the proposal are made, the proposal is submitted to Snapshot for voting.
During the interim governance period, only Core proposals are binding. Core proposals are those made by addresses whitelisted by the FinNexus team.
If a Snapshot proposal passes and no code is required to be implemented, the approved action will be taken directly by the team. If code deployment is required, the code will go to audit if necessary, and there will be a period for public review of at least one week before the code is deployed.
Criteria for a Valid, Binding Vote¶
- Proposals will only be considered valid if at least 5% of circulating FNX participates in the vote.
- Votes will be scored as 1 FNX = 1 VOTE. This includes FNX in the address of the voter as well as any FNX locked in FPO, or in the FNX/ETH Uniswap pool.
- Votes on Ethereum and Wanchain snapshot will be counted and added together.
- After meeting conditions of rule 1, a simple majority is required for a winning vote.
- Proposals must be posted on both the Wanchain and Ethereum Snapshots, and the start and ending times must be the same plus or minus 12 hours.
- The voting period must be at least 5 full days, and recommended to be no longer than 7 days.
- Proposals must be in English. Any other translation is welcome.
Estimating Block Times¶
For Ethereum, you can assume 1 block is 13.5 seconds. Therefore one day is 6400 blocks (60 * 60 * 24 / 13.5). Use this to estimate which block to choose.
For Wanchain, you can assume 1 block is 5 seconds. Therefore one day is 17280 blocks (60 * 60 * 24 / 5). Use this to estimate which block to choose.