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Steer Protocol has a formal governance proposal process wherein all proposals prior to an on-chain execution vote go through a formal off-chain governance process. This includes a signal vote and an implementation vote. The signal vote provides a temperature check of community support. The implementation vote determines the implementation which will be executed. This is purposefully gated to ensure that proper discourse takes place before any vote.

Steer also has two types of governance for protocol growth:-

  • General Steer Governance - Controlled and managed by Steer token holders. All Steer token holders have the power to vote. To create proposal a threshold of Steer should maintained.

    • General Steer Governance Parameters :-

      • Voting Delay: The time between when a proposal is created and when it may be voted upon - 3 Days.

      • Voting Period: The time period of voting - 1 Week

      • Proposal Threshold: 10000 STEER

      • Timelock Period: The time between when voting ends and when, if the proposal passed, it is executed - 1 Week

      • Quorum: The minimum percentage of yes votes required for the proposal to be considered for execution - 40% yes votes needed.

    • Proposal execution Process:-

      •  A proposal can only be executed after the Timelock period has ended.
      • On execution of proposal two parameters are checked:
        • Total votes cast must be greater than or equal to minimum vote threshold.
        • Vote approval percentage must achieve Quorum.
        • If either or both of the above two conditions are not fulfilled when the voting period ends, the proposal is rejected. Otherwise, it is executed.
  • Arbitration Council - We plan on having proper controls in place in the event of a protocol vote which doesn’t favor the stakeholder's best interests. The Arbitration Council will have the power to cancel any faulty proposal made in general steer governance, even if the proposal has sufficient votes and passes quorum. The Arbitration Council will consist of core team members and council members elected and governed by the community.

    • Arbitration Council Parameters :-
      • Voting Period: - 1 Week
      • Quorum: - 51% yes votes needed.
  • Highlight of Steer Goveranace -

    • Delegation Support
    • Governor Bravo Support
    • Community Elected Arbitration Council
    • The governance module supports the following tools:
    • Tally, Snapshot, Sybil, Boardroom, Messari Governance

All the parameters are subject to change until the steer mainnet launch. Follow us on discord to stay updated.