UniLend Finance is governed and upgraded by UFTG (UFTG is obtained by wrapping UFT tokens) token holders. The Governance module contains the contracts that facilitate UFTG voting, proposal execution, and the voting security model of UniLend Finance protocol. UFTG holders receive governance power proportional to their balance.
There are 2 functions associated with governance token:
- The proposal power in order to create a proposal.
- The voting power is used to vote in favor of or against the proposal.
*Note: The proposal power is the total voting power an address has which is the sum of all delegations made on that address.
Our goal is to establish a working trustless governance system. All the community members are welcome to discuss the future of how the UniLend protocol should work.
Discussion regarding changes in the protocol happens on a variety of platforms such as:
The governance process begins in the Governance forum, where users can find proposals under consideration, and engage with others.
Once a proposal has made it through the process and is ready for voting, it will appear in the UniLend Finance Snapshot dashboard, along with all former proposals.
How to Wrap and Unwrap UFTG?
How to make a proposal?
If you have an idea to improve UniLend FInance protocol you can make a proposal on Commonwealth, an all-in-one platform for community discussion.
Follow the below steps to start a discussion on the forum:
- Login to the forum.
- Select “Create Thread”.
- Select the section “General” using the first drop-down menu.
- Enter the Title and fill out the description of your proposal. (Make sure you follow the format mentioned in the Proposal Lifecycle and UIP template when creating a new thread.)
- Finally, “submit” your proposal to publish it.
As a proposal gets traction in the community, it will be debated and moved for a vote. In the final stage of a proposal, a vote can be created on Snapshot, an off-chain voting platform. A minimum of 200k voting power is required for a user to be able to create a new proposal.
Below are the necessary steps in order to create a Snapshot vote:
- Connect your wallet to the UniLend Snapshot portal.
- Click on “New Proposal”
- Fill out the title of your proposal
- Fill out the large text field with your explanation of the proposal (follow the UIP template)
- Select the start date (Snapshot vote will last for a total of 5 days).
- “Publish” your proposal and sign the message via your wallet.
Vote on a Proposal
- Go to the UniLend Snapshot portal.
- Connect your wallet to the portal.
- Select the proposal you want to vote on.
- Click on the option you want to vote for.
- Sign the message via the wallet.