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  • Voting & Execution
  • Execution Conditions
  • Creating Proposals
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  1. User Manual
  2. Governance

Proposals

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Last updated 8 months ago

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The OptSwap DAO Governance contract is the main hub of all governance activity on-chain. The only way to make changes to the protocol are through Governance Proposals which are voted upon by OptSwap DAO Members with Voting Power, i. e. holders of veOS* tokens.

Voting & Execution

After a proposal is created, there is a voting period during which members may cast their votes. This is followed by a timelock period during which the proposal cannot yet be executed but is publicly notable as having being passed for execution by the DAO. After the timelock period ends, the execution grace period begins within which any "Passed" proposals must be executed on-chain, otherwise they move into an "Execution Failed" state.

Execution Conditions

Proposals become "Executable" only after voting has ended and the following criteria are met:

  1. A minimum Quorum of 67% of the total Vote-Escrowed token supply was achieved.

  2. The total number of "Yes" votes were greater than the "No" votes.

  3. The "Yes" votes were greater than 50% of the total supply of Vote-Escrowed tokens.

  4. The Execution Timelock period has passed after the end of the vote.

  5. The Proposal Execution Grace Period has not yet passed after the Timelock has ended.

This ensures that all proposals are always passed by a majority of Vote-Escrowed token holders or not executed at all. While the Quorum may be set to a value greater than 67% for any proposal, it cannot be set to below this value to ensure that all decisions taken by the DAO are unanimously agreed upon.

Creating Proposals

Each sub-section within the "Govern" area of the DApp has a Menu on the top-right which allows any member to create proposals related to the sub-section. Each type of proposal has different parameters which must be provided by the proposer and these are registered on-chain (see ). To prevent spam, governance has the ability to set a "Governance Proposal Fee" which may or may not be refundable to the proposer; as well as the ability to redact proposals.

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Proposal Statuses

Proposals may exist in any one (and only one) of the following statuses at any given time:

  • Voting: The proposal is currently available to be voted upon by members.

  • Failed: The proposal failed the quorum or voting requirements after the voting phase ended.

  • Passed: The proposal is past the voting phase, has passed the quorum and voting requirements.

  • Executed: The proposal has been executed successfully on-chain with no errors or reverts.

  • Executable: The proposal has passed, is past the timelock period and is ready to be executed.

  • Error: The proposal reverted or had an error during execution.

  • ExecutionFailed: The proposal was Executable but the execution transaction wasn't run on-chain before the execution grace period finished.

  • Redacted: The proposal has been redacted by governance.

Proposal Types