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Participating in Governance

Stakeholders can participate by bonding their tokens into a governance smart contract. Bonded tokens accumulate voting weight over time, represented by soul-bound NFTs on the blockchain. These NFTs may become tradable at the discretion of governance to allow the transfer and sale of stakes.

Key Aspects:​

  • Bonding Tokens: Bonded tokens are represented as NFTs, which record the duration of the bond. These NFTs can be distributed with cliff and vesting periods using RIZE tokens from the treasury.
  • Unbonding Process: Stakeholders can choose to unbond by burning the NFT, returning the bonded tokens to the user. An unbonding period ensures that stakeholders remain engaged long enough to see the impact of their governance decisions.
  • Liquidity Considerations: Both Rizenet tokens and Rizenet LP tokens from any blockchain can be bonded, each with different voting weights to maintain adequate liquidity.

Governance Vote Delegation​

Stakeholders can delegate their governance voting weight to another participant for a more hands-off approach. However, the delegator always retains the right to cast their own vote if they disagree with the delegate's decision.

Off-Chain Governance Process and Security​

Effective governance requires safeguards to ensure that the process is democratic, efficient, and secure. To achieve this, the governance framework for the community will be structured in three key steps:

1. Initial Community Feedback: Request for Comments​

The governance process begins with community discussions. A Request for Comments (RFC) will be posted on a community forum, where all members can provide feedback. This phase helps surface relevant information, gauge interest, and refine the proposal.

  • The RFC stage allows the community to engage with the proposal before it becomes official.
  • Proposals lacking development, clarity, or support can be filtered out during this phase.
  • If there’s a lack of interest, it signals that the proposal is unlikely to achieve quorum and may be halted.

2. Official Governance Proposal on Governance Platform​

Once a proposal has been refined through community feedback, it will be submitted to an official governance platform, such as Snapshot.

  • Only trusted members will be allowed to formally submit proposals.
  • These trusted members will follow strict guidelines to ensure that proposals contain accurate and unbiased information.
  • Voting will be open to the entire community for a specified period, which may vary based on the proposal's importance.

3. Proposal Execution by the MS Committee​

Once voting closes, there are three possible outcomes:

  • Quorum not met
  • Proposal refused
  • Proposal accepted

For accepted proposals, the MS Committee is responsible for execution. The committee has a veto power to prevent the implementation of malicious or illegal proposals that may have bypassed earlier safeguards.

  • Malicious proposals are those that harm the protocol, token holders, or the community’s interests.
  • Illegal proposals are those that violate laws or regulations (e.g., international trade restrictions).

In summary, this governance process ensures that proposals are thoroughly vetted by the community, and only well-formulated, relevant proposals proceed to the voting stage. After the vote, the MS committee will ensure that accepted proposals are implemented in a way that protects the ecosystem.

This structure makes sure that proposals are discussed, refined, and secure before any major decisions are implemented.

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