Be Launch Ready: A Guide to Create Effective Governance Proposal
The UniLend Finance governance process takes place at our governance forum. There are no requirements for participating in the governance discussions however creating proposals does require specific eligibility criteria. Anyone can sign up for the UniLend governance forum and converse.
How to Create an Effective UniLend Governance Proposal?
Stage 1: Discussion
The purpose of this stage is to discuss the ideas with the UniLend community. Each idea should have its own thread and be as narrowly focused as possible. Anybody can partake in this period of administration and it is altogether off-chain. The agenda of the stage-1 discussion is to get a rough consensus from the community members and refine the thought before formalization. The thread’s author should acknowledge all the comments and consider them.
Forum Tag: Stage-1
Stage 2: UIP Formalization
In this stage, the thought is formalized into a UIP that incorporates every one of the rules determined in the UniLend Improvement Proposition (UIP) Format. A single UIP contains a single proposal and must be a reasonable and complete depiction of the proposed upgrade.
The forum is the formal arena to discuss the benefits of each UIP. Once the UIP has been drafted, the author must post it on the UniLend governance forum and use the tag Stage-2.
In this phase, the author of the proposal is free to make modifications based on feedback from the community.
Stage 3: Snapshot Vote
All the UIPs are affirmed or dismissed via an off-chain Snapshot vote. The snapshot vote must link to the phase-2 UIP discussion and incorporate its full text. To create a snapshot vote, the user must have at least 200k delegated voting power. Once the Snapshot vote is created, the forum tag should be changed to Stage-3.
The Snapshot voting period must be 5 days exactly. During this period, addresses with voting power can vote for, against, or abstain from voting on the proposal.
Voting power is proportional to the number of governance tokens UFTG held or delegated to an address. A minimum of 200,000 voting power is required to create a Snapshot vote.
For a vote to be considered successful, both of the following criteria must be met:
- A minimum quorum of 2 million votes (2% of the total supply) must be cast.
- A majority of votes must be “Yes”.
Mark your calendars — 4th September as we embark on this exciting journey towards a decentralized future, keep your eyes peeled for upcoming updates. We’re thrilled to have you with us as we shape the future of UniLend together.