Introducing Rise Governance!
The next chapter in Rise Protocol has arrived! Originally planned for launch in Q2 of 2021, we are incredibly pleased to announce that the full governance suite will launch on March 6, 2021, a full 3 months ahead of schedule.
This launch will include the following:
- Fully functional off-chain gas-less governance client. Voting is completely free and secure. Liquidity providers will also have their pooled RISE included in their voting power.
- RISE Governance Telegram Group. An exclusive Telegram group for those who hold at least 300 RISE.
- Request For Governance Proposal (RFGP) Form. A detailed template that must be completed to begin the initiation of a formal Governance Proposal.
- Governance Website Section. A new section on our website that will provide very thorough and detailed information about every parameter that can be altered with governance, as well as the formal governance process.
All governance proposals must successfully pass each of the following steps:
- Discussion in the RISE Governance Telegram Group.
- Anyone that holds at least 300 RISE will have the right to join this exclusive Telegram group.
- Membership and wallet balances will be managed by the Collab.Land bot. If at any point, your wallet balance drops below 300 RISE, you will be automatically removed from the Governance Telegram Group.
- Active and productive discussions within this group will serve as the first step in the governance proposal process.
- Submit Request For Governance Proposal (RFGP).
- Any member of the RISE Governance Telegram Group may fill out a formal request for governance proposal (RFGP).
- All sections of the RFGP must be successfully filled out. Detailed arguments for merits of a proposal must be included.
- RFGP must garner majority support within the RISE Governance Telegram Group.
- A RFGP must be supported by the majority of members within the RISE Governance Telegram group in order to proceed to the next phase.
- Majority is defined as over 50%. If there are 100 members in the Governance Telegram Group, 51 “Yes” votes must be accrued on the RFGP.
- Grace period must elapse before a new RFGP can be voted on in the Governance Telegram Group. More details below.
- Governance Proposal is created on the Rise Protocol Governance Platform.
- If an RFGP passes step 3, a formal Governance Proposal is then created on the official Rise Protocol Governance Platform.
- Anyone that holds RISE will have the ability to vote on the Governance Proposal. Your total RISE balance (includes RISE added to the liquidity pool) will serve as your voting power.
- Governance Proposal must garner 65% support in order to pass.
- Official voting will commence 12 hours after the Governance Proposal has been created. This will allow time for the community to debate and discuss the Proposal.
- Voting will last for exactly 48 hours.
- In order to pass, 65% of the voting power must support the Governance Proposal.
- Official project announcement to confirm the passing of a Governance Proposal.
- An official announcement will be made immediately following the conclusion of the voting period if a Governance Proposal passes with at least 65% supporting votes.
- Governance Proposal will take effect 48 hours after the official announcement.
- Changes introduced by the Governance Proposal will be placed into effect exactly 48 hours after the official announcement in step 6.
In order to prevent overly frequent changes to the protocol, which can confuse and destabilize the community, grace periods will be introduced into the Governance Proposal process. No Governance Proposals can be created or voted on during a grace period.
If a Governance Proposal is successfully passed, a 2 week grace period will begin the moment the changes are enacted. This means that no other Governance Proposals can be created or voted on during this time. The RISE Governance Telegram group can still discuss and complete RFGP forms. However, they cannot be voted on until the 2 week grace period has elapsed.
If a Governance Proposal fails to pass, a 1 week grace period will begin immediately following voting conclusion. No other Governance Proposals can be created or voted on during this time. The RISE Governance Telegram group can still discuss and complete RFGP forms. However, they cannot be voted on until the 1 week grace period has elapsed.
To introduce the RISE community to our governance platform and the voting process, we’ve created a sample proposal. This proposal has no real meaning, and is provided as a fun way for the community to engage with our governance platform before the full governance suite launches on March 6, 2021.
- Navigate to our governance platform: https://snapshot.page/#/riseprotocol.eth
- Click on the Active proposal: “What’s your RISE feature?”
- Click on Connect Wallet, top right.
- Select an option.
- Click on Vote. Confirm vote.
- Sign the message. Voting is 100% free!
With the full launch of governance on March 6, 2021, Rise Protocol will be taking a giant leap forward in establishing ourselves as the most adaptable, versatile, and fluid DeFi protocol in existence.
The rigorous and formal process for a Governance Proposal will help stabilize the protocol, and create a healthy and sustainable environment that encourages innovation without sacrificing stability. Creating detailed and well-thought-out proposals is at the heart of governance, and will allow us to consistently evolve and adapt to the mercurial crypto landscape.
It’s incredible to look back and see what we’ve accomplished in just 3 short weeks since our launch. The number of RISE holders has grown steadily each day, and our Telegram channel contains almost 1,700 organic members. This is just the beginning…….
Who’s ready to RISE with us?