DAO
Decentralized Governance
EBEN token holders have ownership and control over BenSwap (smartBCH). The Green Ben (EBEN) token grants the community the power to manage and oversee the platform. Through various on-chain and off-chain governance methods, EBEN token owners can exercise their influence over the platform.
The current voting power of a given user equals to the sum of EBEN balance in:
- User Wallet
- BenSwap EBEN-BCH LP in User Wallet
- BenSwap EBEN-BCH Farm
- BenSwap EBEN Pool
The Temperature Check procedure assesses the level of support for changes to the status quo. Participants can gauge sentiment by conducting surveys through our Telegram group, governance forum, or utilizing third-party tools.
The Consensus Check process takes into account the results of the Temperature Check and initiates formal discussions around a potential proposal. Participants are free to use any available tools and methods until a substantial agreement is believed to have been reached. To advance to the next step, a wallet with a minimum amount of EBEN as stipulated by the current threshold must submit a proposal through SnapShot. It is noteworthy that the threshold itself can be adjusted through this governance process.
A Governance Proposal must reflect the feedback obtained from the Consensus Check and is accompanied by a weighted voting mechanism that can be executed (SnapShot). In order to submit a Governance Proposal, the initiator or a delegate must hold a minimum amount of EBEN, as determined by the current threshold.
The BenSwap team is responsible for providing a formal response regarding the implementation of the change, along with the necessary steps, based on the outcome of the Governance Proposal. Unless the voting result is a definitive rejection, the BenSwap team must respond accordingly.
This voting system is used for subjects that necessitate repeated voting and display changing outcomes over time.
The outcome of this vote will determine the distribution of yield for community farms. Any liquidity pair on BenSwap DEX that accumulates enough votes becomes eligible to establish a farm.
How it works:
- 1.The community farms are reweighted every two weeks based on the voting result.
- 2.The voting result is changed automatically in accordance with the EBEN balance change of each voter.
- 3.During each voting epoch, a snapshot is taken at a random time, which dictates the result of the next reweighting.
- 4.The time of reweighting occurs at 0:00 UTC time on Thursday.
- 5.The total multiplier of community farms is determined by a separate voting topic.
- 6.Each liquidity pair gets a fraction of the total multiplier based on the number of supporting votes.
- 7.A liquidity pair can only secure a farm if it is among the top 50 voted pairs, and its voting result produces a multiplier greater than x0.01.
TBD. The current total multiplier is hard coded as x5.
Last modified 1mo ago