Community Governance Process

Governance Process

  1. Post the proposal

    • The proposer needs to post the proposal on gov forum (https://gov.perp.fi/)
    • Relevant implementation details must be provided in the proposal, such as parameters change, what chain to use, appropriate timeline, etc.
  2. Temperature check

    • Once the post is published, submitter with more than 4000 PERP voting power can start the temp check vote anytime
    • Votes are held in the Temp Check snapshot space
    • Voting format: Yes / No
    • Voting period: 3 days
    • Temperature check quorum is 200k voting power (any combination of PERP and vePERP)
  3. Discussion period

    • Discussion period: 7 days
    • Optionally start a discussion in a Discord thread, community call, or Twitter space with meeting notes in order to collect feedback
    • The core team will confirm the technical feasibility and participate in the period
  4. Official vote

    • Requirements:
      • The core team needs to confirm the technical feasibility of the proposal before the vote
    • Criteria and process:
      • Voting period: 7 days
      • Vote must achieve a quorum of 10% of all voting power to pass
    • Voting rules:
      • Voting power is calculated according to the state at the snapshot block
      • Voting power is the sum of PERP and vePERP (see details below)
      • After launch, a vote cannot be halted except when the vote content unintentionally differs from the proposal content, e.g. major typos, omitted sections.
  5. Implementation
    Currently the foundation team will be coordinating the implementation, if any technical issues are encountered, the proposal may require modification or revision.

General Guidelines

  1. About the quorum
    All governance will be handled by PERP and vePERP holders. In line with industry standards, we propose the following methodology:

    (1) Calculate the total amount of voting power at the snapshot block (Ethereum Mainnet), which is the sum of circulating PERP and vePERP
    (2) For the official vote, there’s a minimum quorum requirement of 10% of the total voting power calculated in (1)
    (3) The relevant quorum information will be posted under the proposal

    For an explicit example: If there is 1M circulating PERP and 9M vePERP, then the quorum of 10% is 1M votes required. These votes can be in any combination of PERP and vePERP.

  2. Conflicting or interrelated proposals
    If proposals are made simultaneously that contain overlapping, interrelated or conflicting actions, effects or goals, they will be voted upon in the sequence the proposals were posted to the governance forum, and earlier votes must complete before later votes can begin. If an earlier proposal is blocking a later proposal due to feasibility issues or is abandoned by the proposer, it can be superseded by a later vote.

  3. Re-launch of proposals
    Following industry standards, all proposals will be treated as new and must complete the launch process again.

Checklist for an official vote

The following is the checklist for a launch of an official vote. The core team will be in charge of coordinating the steps with the proposers.

  1. Make sure the proposal content has been reviewed by the core team and confirm it’s technically feasible

  2. Make sure it’s been 7 days in gov forum and includes active discussion

  3. Make sure it passes the temp check

  4. Request proposer to post vote info to the forum

    • Title
    • Description
    • Vote options
    • Proposer address (for whitelist)
  5. Launch vote

    • Add proposer address to whitelist
    • Request proposer to launch vote, provide instructions / coordinate via Discord ticket if needed
    • Remove proposer address from whitelist
  6. Get quorum info

    • Get snapshot block
    • Get timestamp of snapshot block
    • Get voting power with script according to timestamp
    • Update quorum in Snapshot
    • Paste snapshot data from script to the forum under the proposal
  7. Announce the new vote in Discord #community-news

Pilot governance vote

In order to test the process and make sure it runs smoothly, we will launch one vote (Perpvangelist Funding Proposal) using the process described here. Next, we will hold a vote to ratify this voting method to be used in all future votes.