Proposals & Voting

Proposal Lifecyle

Who can submit: Daos are nothing without their proposals, that’s why we’ve decided to introduce a required amount of staked OOE in order to be eligible to receive rewards, this is currently set at 12,000 xOOE. However we have also decided to introduce a secondary method for introducing proposals, this is aimed at the smaller user and will instead require submitting their proposals for a public Discord review process but will ultimately require no staked OOE. In addition to the review process for those proposing with no OOE, we will still be focusing on using Discord to arrange, sort and discuss the proposals with our community.
We believe that in order for a more simple and consistent approach proposals made to the OpenOcean DAO need to take into mind a particular set of considerations but also should share a similar design in their submission. We believe it is best for everyone for proposals to follow and consider the following process. In the current stage, OpenOcean's official Discord server is the main hub of OpenOcean DAO.

Phase 1: Idea Initiation & Discussion

We are open to absorbing ideas from everyone. Each unique idea deserves its own post in the OpenOcean Discord Forum. This phase aims to raise ideas for discussion and further build rough consensus in the community. The ideas should be narrow in its focus. The discussion period will last 3 days.

Phase 2: Formalization

Once the idea is elaborated, the proposer needs to formalize the idea based on the template with more details. After the proposal has been formalized, it must then involve the community in Discord with active discussion surrounding the topic that is covered by the proposal.

Follow the below framework to formalize your proposal:

  1. 1.
    Summary: A brief description of the whole proposal.
  2. 2.
    Abstract: Present the proposal in more detail, including the background context, what issues does it solve, what are the benefits it brings to the community or the protocol, and the execution methods. This should be a clear and easy-to-read version.
  3. 3.
    Any potential risk (if any): State the potential security related concerns if there’s any.

Phase 3: Snapshot Voting

Once the proposal has been vetted by the community and a general consensus has been reached the OpenOcean team will move the proposal on Snapshot for voting. The subject of the proposal on Snapshot must be using the format: OIP- # added as the prefix. (OIP: OpenOcean Improvement Proposal)
xOOE stakers can vote for the proposal with following two options:
  • Yes (Support the proposal)
  • No (Against the proposal)

To consider if the proposal is passed, the following two requirements must be met:

1. A minimum quorum weighted votes must be cast:
  • For core functions and tokenomics update: 1% of circulating supply
  • For parameters and product improvements: 0.5% of circulating supply
  • For new trading pairs and chain aggregation: 0.1% of circulating supply
2. A majority (at least 51%) of the votes must be (Yes).

Phase 4: Implementation

After the voting period has concluded, the OpenOcean team needs to implement the proposal. OpenOcean will judge the implementation period according to the difficulty of the proposal and further classify proposal difficulty in the following way:
Level 1: Implementation can be completed in 3 working days after the vote is passed. These proposals are mostly about adjusting certain project parameters.
Level 2: Implementation can be completed within 1 month after the vote is passed. These proposals are usually regarding adding or deleting a borrowing pool, or a specific type of asset, and possibly adding a certain parameter.
Level 3: Implementation will require longer than 1 month. These proposals usually revolve around adjusting certain mechanisms, adding new features, or an initiative that requires long-term operation such as buybacks.