This is a post designed for the community to begin to discuss governance within the Hifi protocol.
Hi Everybody! Everyone keeps talking about the token swap ratio, so why don’t we start talking about it here. Maybe that should be our first proposal? Thoughts?
Hey! I like how you take ownership of this. So glad we can now use this forum, this is great!
I feel like there should probably be a specific thread about token swap. Also, we will probably get initial guidance on those matters by the admins.
I think the first proposals will be officially created by the Hifi team first, before we’re able to. But hey, this is live now and we can use it!!
@muchfungible Good point. I created a separate “token swap ratio” thread.
Something of tremendous value is being able to look to other protocol governance and see what has worked and what has not worked for these protocols by running through what their votes have been. I encourage other community members to take the time to look through some of the other protocols’ governance that they’ve experienced. If we’re able to apply some of the lessons, it’d be great to do so. For instance, there was discussion today on what the minimum $mft should be to put together a proposal and there were critiques and then when we learned that it helped to prevent spam; many seemed much more receptive to the concept. Additionally, look at “Sushiswap” governance votes – the spam there is apparent and that’s an example of a lesson we can learn from and apply here. I think it’s less motivated to be elite and more designed out of respect for everyone’s space and time. We take pride in Hifi and by working collaboratively (which does not mean we have to agree on everything), we can accomplish some great governance and move the protocol forward together.
In order to move forward and avoid making the same mistakes in our decentralization process, it seems that we need to learn some basic lessons about governance from all these protocols. Below are a few things to keep in mind while transitioning to governance.
When protocols become more mature, the transition from a team of ten to a community of hundreds becomes more important. To make this work, community members need to feel strongly motivated to act in good faith.
Community members with influence are bound to exist, but measures must be taken to minimize their control over the network. Therefore, limiting their ability to capture the system and form cartels.
There are two primary governance risks for crypto protocols: Regulators shutting down a centralized feature, or whales squatting on a network and taking control through native governance tokens.
Regulation is a final concern with DeFi protocols. A majority of decentralized platforms do not require users to provide any form of identification or other personal information.
By evaluating governance in this way, three key aspects help determine where a project stands in terms of its decentralization:
Consensus-based decision-making is based on the views of a community and enforced by a formal process. Using a decentralized autonomous organization (DAO) is the easiest way to accomplish this.
Encourage the community to vote fairly. In this way, the individual’s desire for profits is aligned with the protocol’s interests.
It is important to ensure that tokens are distributed fairly so that no one can concentrate and capture the network.
Out of date question…
Just wondering if someone can explain how and how much token is needed for a vote ?
Public information about that has not yet been released. More details are coming up.