Protocol governance
Initially, the founding team will govern the project, but will do so in close collaboration with the community. This is a hard decision to make, but seeing how other tokens have had widespread difficulties with community governance on day one, the safest route seems to be keeping Oceanpoint under the team's wing immediately after launch and gradually implement smart contracts that enable us to turn governance completely over to the community.
At launch, the co-founders from the Blocksquare team have jurisdiction over the rewards. As Oceanpoint transitions to community governance, the jurisdiction will move to a multisig wallet governed by members of the team, advisors and community representatives.
The decentralization plan involves moving governance to a multisig wallet, e.g. Gnosis Safe, once the Governance Board is established.
New products and strategies can be proposed by any holder with 1% of the issued sBST supply. You can hold these sBST tokens yourself, have other sBST holders delegate tokens to table your proposal, or a combination of both.
On day 1, before any meaningful portion of the supply has been issued, proposals will be initiated by the Oceanpoint team. We are eager to transition to community governance, at which point BST community members will be able to create formal proposals for a new pools, products, or other changes to the ecosystem. The sky's the limit to how Oceanpoint can evolve, and we are excited to see how the community will be able to drive growth.
How do I vote?
All sBST tokens are eligible to vote. Users can acquire sBST tokens by staking their BST in the Governance pool. All Oceanpoint Improvement Proposals (OIPs) that are backed by 1% of the total sBST supply will be voted upon by the the community of sBST holders. You can learn more about the voting process in the Voting and Participation section.
Last modified 7mo ago