Governance
Governing DeFi with Community in Command
Last updated
Governing DeFi with Community in Command
Last updated
Maven Finance's governance system is at the heart of our decentralized platform, cooperatively operated by various Satellites (similar to validators for a Proof-of-Stake blockchain).
It encourages active community participation in decision-making through a unique, multi-tiered system. This system includes the following aspects:
Main Governance Protocol
Emergency Governance Protocol for crisis management
Threshold Governance Protocols for time-sensitive decisions
Maven Finance Council for handling multifaceted responsibilities.
The main Governance Protocol forms the core of Maven Finance's governance system.
Satellites, as representatives of the wider Maven Finance community, have the power to propose changes and upgrades to the system.
As stewards of governance, Satellites exercise voting rights on behalf of their delegators, ensuring democratic participation.
Users maintain control over their representation by having the option to delegate or re-delegate their voting rights to Satellites whose views align with their own.
For instance, if a Satellite votes in favor of minting more MVN for a Farm but a user disagrees, the user can re-delegate their staked MVN and voting rights to another Satellite.
The range of proposals that Satellites can make is broad, extending from adjustments to smart contract parameters & business decisions, to the creation of new farms and data aggregators or the inclusion of new lending & collateral assets.
Any user can trigger this system by initiating an emergency governance action, detailing the cause for the emergency vote in a form for the ecosystem to understand the urgency.
Maven Finance's governance system also features two specialized Threshold Governance protocols that cater to decisions requiring a swift response.
It provides a crucial centralized point of contact for several specific functions, ensuring the security and longevity of the Maven Finance platform while maintaining the ethos of decentralized control.
All changes, upgrades, and financial requests are fully transparent and are executed on-chain by the Governance contract once a proposal successfully passes through the Proposal, Voting, and Timelock .
Maven Finance features an protocol which can trigger a "break glass" event to temporarily pause Maven Finance's smart contracts and address potential critical flaws within its contracts.
The first protocol, , facilitates the approval of financial requests directed from the Maven Council and voted on by Satellites.
The second protocol, , focuses on the regulation of Satellites and oracles within the Maven Finance ecosystem.
The serves as a transparent, community-controlled multi-seat entity that executes the community's decisions over a specialized, small set of off-chain parameters.
