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To help the Swingby community propose, discuss and execute changes they'd like to see in the network, this is the governance framework that we have designed.
Voting Power (vSWINGBY) is given to SWINGBY holders who stake their tokens on the DAO platform (https://dao.swingby.network). vSWINGBY is a representation of your voting power in the DAO, not an ERC-20 token that is tradable.
To reward tokenholders who are aligned in the long-term success of SWINGBY, those who lock up their SWINGBY for longer periods of time will receive bonus vSWINGBY linearly. 1-year lockups will give you a 100% bonus, whereas 6-month lockups will give you a 50% bonus.
Your vSWINGBY voting power will be taken into account for Snapshot voting (signalling) as well as On-chain voting on the DAO platform.
- 1.Social Ratification Proposals: These proposals require the agreement of the DAO, but are mostly social proposals that cannot be enforced & executed on-chain. For instance, this could include petitions to the DAO or development suggestions. These proposals will go through off-chain voting via vSWINGBY on our Snapshot space.
- 2.On-chain Proposals: These proposals can be executed on-chain by the DAO, including arbitrary smart contract calls or a token transfer. These proposals will go through on-chain voting via the Swingby DAO platform.
- 3.Governance Proposals: These proposals involve changing the DAO parameters and governance processes. These proposals can be executed on-chain and will go through on-chain voting via the Swingby DAO platform.
The following process has been designed to seek community feedback & alignment early on and ensure that proposals undergo adequate voting/governance before they are passed.
All Social Ratification Proposals will need to complete Phase 1 to 3 , while Governance & On-chain Proposals will need to complete Phase 1 to 4.
- Purpose: Create a proposal draft & seek community feedback to refine Proposal details
- Proposal Types: All Proposals
- Actors: Proposers to update Github Issues & Discord threads respectively
- Platform: SWIPs Github Repository & Discord #governance channel
- Duration: 48 hours
- Milestone: A Discord emoji poll with 60% approval rate
- Purpose: Formal on-chain voting on the DAO UI
- Proposal Types: On-chain & Governance Proposal
- Actors: Proposers to create Proposal & token-holders to vote
- Platform: dao.swingby.network
- Duration: 12-16 days
- Milestone: A DAO vote with 45% quorum and 60% votes for the Proposal
Here is a lifecycle diagram of a Proposal across the 4 stages. In the next section, we will run through each phase in greater detail
Life Cycle Diagram: Swingby Governance Framework