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We’re thrilled to share our Governance Technical Architecture Overview!
Element’s governance system introduces new ways to manage the delegation of voting power and the execution of proposals while keeping it simple!
Read more below!
medium.com/element-financ…
We’re thrilled to share our Governance Technical Architecture Overview!
Element’s governance system introduces new ways to manage the delegation of voting power and the execution of proposals while keeping it simple!
Read more below!
medium.com/element-financ…
2/ If you’re not familiar with our governance system, we encourage you to go over our previous thread 🙌
https://twitter.com/element_fi/status/1418645903032963075
3/ Element takes a different approach to how voting power is allocated by introducing different options to execute transactions at various security levels. More granularity opens a world of possibilities 🚀🚀🚀!
4/ The Core of Element’s Governance System is a set of smart contracts which can only execute a call if there’s a vote in place. Like in Maker and Compound, votes must be collected and thresholds have to be met before smart contracts calls can be made 🧐.
5/ But, unlike Maker and Compound, in Element you don't have a static threshold! Our system allows thresholds to be changed by governance via a transaction to itself, effectively introducing Custom Quorums that the core voting contract can identify 🤯.
6/ Additionally, the core voting contract can queue its most security-critical votes through a timelock, which adds extra minimum review time to each proposal. Upgrades, major spending, and protocol/governance incentives must be executed from the timelock 🤝.
7/ But that’s not it! The core voting contract indicates what the voting power of a user is, after checking the number of votes that the contract says the user has, allowing votes to be allocated in highly customizable ways 😏.
8/ Since these contracts are external and modular, many possible vote allocation strategies can run in parallel. The system will start with only a few standard voting vaults but could quickly expand to do many custom vote-counting strategies 🥳.
9/ The initial voting vaults that Element’s system will include will sound familiar to anyone involved in DAO governance:
Locking vaults 👉🏽 allow users to lock their tokens in exchange for voting power.
Vesting vaults 👉🏽 allow vesting positions to have voting power.
Locking vaults 👉🏽 allow users to lock their tokens in exchange for voting power.
Vesting vaults 👉🏽 allow vesting positions to have voting power.
10/ Finally, the Governance Steering Council is the group in charge of facilitating off-chain processes! But do have special on-chain powers too 👀.
11/ The council can propose on-chain votes directly and without meeting the threshold, as long as it follows the proposal process properly 🧙🏻♂️.
And it will have the ability to make calls for actions such as providing grants, operational gas refunds, and bug bounty payouts 🙌.
And it will have the ability to make calls for actions such as providing grants, operational gas refunds, and bug bounty payouts 🙌.
12/ Audits in progress!
We are undergoing audits of the core voting system, voting vaults, and initial features from both @rv_inc and @ChainSafeth !
We are undergoing audits of the core voting system, voting vaults, and initial features from both @rv_inc and @ChainSafeth !
14/ We’re excited about the future of governance and want to hear from you! Join our #governance discord channel and get involved in the discussion!
discord.gg/C62DzdZZ
discord.gg/C62DzdZZ
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