Proposals & Voting
Who Can Propose
DAOs rely on proposals to thrive, and at BaseBank, we've established clear criteria for proposal submission. To be eligible for rewards, a minimum of 30,000 BBANK must be staked. However, we've also designed an alternative route to accommodate smaller users. This avenue allows users to submit proposals without staking BBANK, subject to a public review process on Discord. Regardless of the proposal's origin, our community-centric approach remains consistent as we utilize Discord for proposal organization, discussion, and community engagement.
We firmly believe that a streamlined and uniform approach to BaseBank DAO proposals is essential. Proposals submitted to the DAO should adhere to a specific set of guidelines and share a cohesive submission structure. We are committed to ensuring that all proposals, regardless of their source, align with this process for the benefit of the entire BaseBank community.
Voting
Phase 1: Idea Initiation & Community Discourse
At BaseBank, we encourage idea contributions from everyone. Each unique concept deserves its dedicated post in the BaseBank Discord Forum. This phase is designed to introduce ideas for community discussion and foster an initial consensus. The ideas should maintain a narrow focus, and the discussion period extends over 3 days.
Phase 2: Formalization
Once an idea takes shape, the proposer is tasked with formalizing it using a prescribed template with comprehensive details. Following formalization, community engagement on Discord is crucial, with active discussions centering around the proposal's subject matter. To structure your proposal effectively, adhere to the following framework:
Summary: A concise overview of the entire proposal.
Abstract: A detailed presentation of the proposal, encompassing background context, problem-solving aspects, benefits to the community or the protocol, and execution methods. This section should offer clarity and readability.
Potential Risks (if applicable): Identification of any potential security-related concerns.
Phase 3: Snapshot Voting
Once the proposal undergoes community vetting and garners a general consensus, the BaseBank team will advance it to Snapshot for voting. The proposal's subject on Snapshot must be formatted as follows: "BIP #," serving as the prefix (e.g., BIP #3: Expanding Supported Tokens). BBANK stakers hold the power to cast their votes for the proposal, with two options:
Yes (Support the proposal)
No (Oppose the proposal)
To deem a proposal successful, it must meet the following criteria:
A minimum quorum of weighted votes must be cast, based on the proposal type:
For core functions and tokenomics updates: 1% of circulating supply
For parameter adjustments and product enhancements: 0.5% of circulating supply
For new trading pairs and chain aggregation: 0.1% of circulating supply
A majority (at least 51%) of the votes must be in favor (Yes).
Phase 4: Implementation
Following the conclusion of the voting period, the BaseBank team proceeds with the proposal's implementation. The implementation timeline is assessed based on the proposal's complexity and is categorized as follows:
Level 1: Implementation can be finalized within 3 working days after the vote's approval. These proposals typically pertain to adjustments in project parameters.
Level 2: Implementation can be accomplished within 1 month post-vote approval. These proposals commonly involve the addition or removal of a borrowing pool, specific asset types, or parameter adjustments.
Level 3: Implementation requires more than 1 month's time. These proposals typically involve alterations to certain mechanisms, introduction of new features, or initiatives necessitating extended operational periods, such as buyback programs.
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