Proposal Round
Fostering Community-led Innovations
Last updated
Fostering Community-led Innovations
Last updated
In Maven Finance's multi-round governance model, the Proposal Round is the crucial first phase in a Governance Cycle, and will last for approximately 5 days.
At the start of a Governance Cycle, there is a snapshot of the total staked MVN supply and snapshots taken of the total voting power of all the Satellites.
This is the round where the seeds of future platform development are sown, an open forum where new ideas are tabled and the path for Maven Finance's evolution is mapped out.
It's the time when Satellites — representatives of the wider community—put forth proposals for changes, enhancements, or upgrades to the Maven Finance ecosystem.
Proposals can encompass a wide array of topics, from adjustments to smart contract parameters to more complex amendments such as the inclusion of new collateral assets or the creation of new farms and data aggregators.
Transparency is a cornerstone of Maven Finance's governance, and it's no different in the Proposal Round.
All proposals are publicly available and encapsulated in byte code, allowing every member of the community to scrutinize them before the voting round begins. Additionally, there entire Governance process is transparently provided via the Maven Finance website.
Crafting a proposal involves providing a comprehensive background, which includes a title, description, and a link to the source code for thorough transparency and verification.
It may necessitate some technical acumen, as Michelson code is employed to facilitate changes, updates, and upgrades within the ecosystem.
Satellites may also request financial compensation for additional costs incurred during proposal development, reimbursing themselves and their partners for their efforts.
Upon finalizing a proposal, satellites are responsible for locking it if no additional modifications are needed.
Locking a proposal is a permanent action and is a necessary prerequisite before other Satellites are allowed to vote for the proposal.
Moreover, to guard against potential spam or malicious activities targeting the Governance protocol, Satellites are restricted to creating a finite number of proposals within each round.
During the Proposal Round, Satellites have the opportunity to cast their votes for proposals they find compelling, useful, and innovative.
Their votes serve as a gauge of interest, assessing whether the proposal is worth pursuing further for advancement to the Voting Round next.
Satellites retain the flexibility to adjust their votes for any proposal throughout the duration of the Proposal Round.
For a proposal to progress to the Voting Round, it must garner the highest number of votes and meet the threshold vote, determined as a percentage of the total staked MVN supply (initially set at 67%).
If these prerequisites are not fulfilled, the Governance Cycle restarts, ushering in a new Proposal Round.
A Satellite's total voting power is calculated as the sum of their total staked amount and the total delegated amount from all his delegates, subject to the delegation ratio.
The delegation ratio determines upper limit of Satellite's total voting power, in the event that the Satellite is over-delegated.
For example, if the delegation ratio is set at 10%, and a Satellite has staked 10K MVN tokens, the maximum total voting power he can have is 100k, regardless of his total delegated amount.
This mechanism encourages Satellites to increase their stake, thereby gaining a larger voting power and potentially earning greater rewards when participating in governance and other Satellite activities.
Maven Finance maintains a comprehensive and accessible history of governance proposals, allowing all users to review past submissions.
This encourages the cultivation of innovative ideas by enabling the revisiting and refining of previously rejected proposals.
It also reinforces the platform's commitment to transparency, promoting an open and inclusive governance environment.
This phase underscores the community's role in steering Maven Finance's direction and emphasizes the commitment to collective decision-making.
The Proposal Round sets the tone for the governance cycle, sparking discussions, debates, and negotiations that will shape Maven Finance's future.
It's a testament to the power of decentralized governance, where every voice matters, and major decisions are made with the consensus of the community.
Satellites also have to pay a small submission fee of 10 tez for each proposal they create; this fee will be transferred to the .
However, with the publicly available Maven Finance Governance package, , Satellites can conveniently specify their intended changes and generate the requisite Michelson code in bytes.
