What is Position Exchange Governance?
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Position Exchange Protocol is entirely governed by POSI token-holders, using three main components: The , Governance module, and Timelock*. Together, these contracts allow the community to propose, vote, and implement changes. Proposals can modify system parameters, support new markets, or add entirely new functionality to the protocol.
POSI token-holders can delegate their voting rights to themselves, or an address of their choice. For the first phase of the governance implementation, only the team will be able to make proposals and submit them to community voting (for now). Another sub-section will be available later for users to create their own proposals. The governance core function is to include all holders in the decision making process concerning the changes major changes related to the protocol and its smart contracts. From now on, any on-chain changes concerning the protocol and the smart contracts would require the votes of the holders.
The process is rather simple: 1. Proposal created - Review - 4 hours 2. Voting active - 24 hours 3. Voting ends - Succeeded or defeated 4.Timelock - Queued for execution - 20 hours Every changes on the contracts will take a total period of 48 hours. Each step will have a pre-defined and fixed number of days. The total process might take a week.
The voting will count the total balance of POSI in the addresses (including the staked tokens)
The governance is a fully on-chain process which serve as a very transparent and clear governing tool and includes all holders in the voting process.
The governance will only serve on-chain changes to the protocol as a first step (Example: Access to the locked Governor contract tokens, etc...).
The community proposal creations will be available in a sub-section soon.
Voting in the governance requires gas-fees as the process happens fully on--chain.
There is no minimum amount of POSI required to proceed to the voting.
The more POSI an address contains the more impactful is its vote (Example: An address with 1000 POSI has more voting impact than address with 10 POSI).
Voters will be able to earn POSI from voting.