Governance
Last updated
Last updated
joi governance tokens grants holders the right to propose and vote on changes to the platform. joi governance supports voting based on token holdings.
Proposals must pass a given threshold and percent of yes votes based on the type of proposal. joi tokens can be used to make or vote on governance proposals, or be delegated to other Ethereum addresses.
joi holders will have immediate and irreversible control over:
Allocating ecosystem growth funds
New token listings on the platform
Risk parameters for the platform
Capital allocations to DEXs in strategies
Adding new DEX strategies to the platform
Determining safety strategy payouts in the event of a loss
Changing any of the rewards and strategies existing at launch
Governance contracts themselves
There are four types of proposals with different parameters that affect the length and execution of a proposal. An executor must validate each type of proposal:
The Short timelock executor can execute proposals that generally change Rewards and Incentive contracts or the ecosystem growth funds that require quick intervention.
The Long timelock executor can execute proposals that change parts of the joi ecosystem that affect governance consensus.
The initial governance parameters are as follows:
Overview of the joi improvement proposal (jip) lifecycle.
After an on-chain jip is created, the proposal enters a pending state for a period defined by the voting delay, which is currently configured to 6570 blocks or approximately 1 day (assuming 13.2 seconds per block). In other words, user snapshots are recorded 1 day after the jip is created, at which point the proposal transitions to an active state.
After the voting delay, the voting period is activated. The voting period length depends on the proposal type.
The following chart shows a jip state flowchart:
