Overview of Algofi Governance.
Algofi Governance decentralizes the Algofi Protocol, enabling the community to govern the Algofi Protocol and the Algofi Community Treasury. Learn more about the Algofi Community Treasury in Algofi Tokenomics.
Algofi Governance consists of a few key modules:
Users lock BANK in the voting escrow to attain veBANK ("Voting Power") to create proposals (for which there is a minimum veBANK amount) and vote on proposals. veBANK is equal to amount locked * duration of lock. As time progresses, a user's veBANK decreases since the duration is decreasing. Users can increase the amount locked and extend their lock to increase their veBANK.
veBANK is BANK locked in the Voting Escrow contract.
Users are encouraged to use the Temperature Check section to discuss concepts for proposals and the Proposal Staging section to refine them into finalized proposals for commentary before sending the proposal on-chain. Note: Proposals must be posted on the official Proposal Discussion section before posting on-chain.
After proposals are posted to the Proposal Discussion section of the Algofi Governance Forum, users with sufficient veBANK ("Proposal Creation Minimum") can create proposals on-chain, passing in the title and link to the forum post.
After the proposal has been launched on-chain, users vote via the Governance Portal. The size of a user's vote is equal to the veBANK amount at a given point in time.