Democracy and good governance are very important to us. Float Protocol has been a fair launch from the start as we garnered the support of active and engaged defi participants via our Democratic Launch. We then went on to build our own weighted voting system to cater to Community choice of the 2nd Phase of our BANK distribution.
We plan to move forward to a fully fledged DAO potentially using Gnosis SnapSafe and Yearn Coordinape for community incentives. For the time being here are the procedures for governance:
If you want to propose something within Float Protocol, the stages are as follows:
The proposer starts a discussion in discord under the #🗳governance channel.
If there is sufficient interest (as reasonably defined by the person suggesting the idea), the proposer should start a discussion on our Forum. This proposal should last at least 3 days.
If there is sufficient interest on the forum, the Float team will schedule an official vote on Scattershot where users can vote with their BANK. For now, before the team has their tokens, the team will have discretion over which proposals proceed to a Scattershot vote. (Note, right now anyone can propose a vote on Scattershot and this will remain the case. However, votes not initiated by the team will be considered ‘temperature checks’ on whether there is community interest for a properly structured proposal — for example https://snapshot.org/#/snapshot.floatprotocol.eth/proposal/QmVb3xxbGTMpLDJXnAmiEm5Wg4CpdmRMMyNdTMFw6dooDA).
The Scattershot will always last at least 3 days. There is a quorum of at least 10% of BANK needed for a vote to be valid (this may change over time).
After the vote has finished, if successful, the results of the vote are executed by the team and approved by the multi-sig.