Sperax Governance Process

About the Sperax Governance Process:

The Sperax DAO governance process primarily utilizes the designated governance category on the Sperax Forum.

In order for a proposal to be accepted, it must go through the following phases:

Phase 1: Casual Ideation (Discord):

If you have an idea you’d like to share, please feel free to post it in #DAO-discussion channel on our Discord, or, if you prefer to submit a proposal, you can use our SIP Template and submit your concept in the Sperax Improvement Proposal channel.

Ideation Flow:

  1. Start a conversation in the official #DAO-discussion in Discord.
  2. Gather feedback from the community.
  3. (Optional) Create a poll on discord to gauge community sentiment.
  4. (Optional) If you’d like to talk about your idea on a Sperax Community Call, feel free to contact a team member via Discord to coordinate.

Phase 2: Improvement/Governance Proposal (On Forum):

If you are ready to submit a formal proposal, you may do so on the Sperax Improvement Proposal channel using the SIP Template.

Here you’ll begin to receive constructive feedback from the community as well as the Sperax team. Discussion will commence for a minimum of 48 hours.

Sperax Improvement Proposal flow:

  1. If you haven’t done so already, follow the SIP Template and submit the formalized proposal in #governance.
  2. Make sure to add the correct tag (see below for definitions):
  • USDs parameter: Proposals related to adjusting/modifying USDs components.
  • New Assets and Yield Strategies: Proposals related to adding new forms of collateral and yield strategy schemes/methodologies.
  • Farm/Liquidity Mining: Proposals related to the improvement of Sperax farming & liquidity mining mechanisms.
  • New Product Feature: Proposals related to the improvement, addition, or modification of new & existing Sperax products.
  • New Partnership(s): Proposals related to inquiring & establishing potential partnerships with the Sperax Protocol.
  • Other: Miscellaneous proposals that have yet to be assigned a defined tag/category.

Phase 3: Snapshot vote:

Once a proposal has gained traction, a snapshot poll will be created for voting. A Moderator will proceed to create the snapshot poll, link it to the corresponding forum post, and submit it on the Snapshot Voting channel

A snapshot poll must include 3 options:

  • Yes
  • No
  • No with modification (not subject to cooldown duration)

All snapshot polls will last 3 days upon initiation.

Below we have included the requirements needed in order for a proposal to pass along with possible outcomes.

Proposal Passing Criteria:

  • Acceptance Threshold: More than 50% of the votes must be in favor of For or Against to Pass or Fail.
  • Minimum Quorum: 20 Million veSPA

Outcomes of this stage:

  1. Quorum is not met: The proposal does not meet minimum quorum and is marked “Closed” by the moderators. The proposal undergoes a 7-day cooldown period. At the conclusion of this period, the proposer can resubmit the proposal and proceed with the governance process.
  2. All proposal passing criteria are met: the proposal passes and escalates to a Sperax Improvement Plan (SIP).
  3. Quorum is met but does not receive +50% of votes in favor (For or Against): proposals that obtain the minimum quorum but does not surpass the +50% acceptance threshold are marked as “Defeated” by moderators. The proposal must then undergo a 7-day cooldown period. Afterward, the proposer must then resubmit the proposal, along with any necessary modifications, and proceed with the governance process.
  4. Quorum is met but the majority of votes are for “no with modifications”. In this case, the proposal can be returned to the deliberation phase for modifications and is not subject to the 7-day cooldown period. Once modifications are made to the proposal it can be elevated to a Snapshot vote once again.

Phase 4: Sperax Improvement Plan (SIP):

When a governance proposal passes the snapshot vote in the previous stage, the proposal moves to Sperax Improvement Plan. This category will have the list of all accepted proposals. The Sperax engineering team will pick up proposals from SIP for implementation based on their priorities and bandwidth. Community can also help write the code for implementing proposals from SIP. All codes will have to be audited before implementation. Sperax Foundation will help in facilitating the audits.