On the Everscale Governance upgrade

Preamble

Following the successful completion of the network upgrade to Rust nodes and update of the Global Governance with more active community members, we have approached the next logical step of the network evolution and decentralization: a real on-chain DAO.

After performing thorough testing and audit of its Octus Bridge governance system, the Broxus team has deployed its copy - Ever DAO - to serve the Everscale governance purposes.

The first community votings published on Ever DAO showed tremendous involvement: community members had staked more than 23M wEVERs to express and support their opinion. We believe it signals the readiness of the project to move to the next decentralization stage.

Proposal

We propose to make Ever DAO the official governance system of the Everscale network. It includes several stages of a gradual transfer of the voting power from the initial members to the community:

  1. Immediate action: transfer of voting from gov.freeton.org. Ever DAO will host the key proposals related to network development[1], but the execution of these decisions will remain on the current Global Governance members. Any new proposals published at gov.freeton.org[2] after accepting this one shall be considered void and have no power;
  2. After three months: automated payments. Ever DAO engine supports the direct call of smart contracts, making it possible to grant it control over a wallet and automatically execute the decisions. At this stage, we propose to start with a minor fund (up to 5M EVER) that can be used to execute the accepted decisions. Global Governance will still take care of larger payments.

Quorum and proposal thresholds

We propose to increase the current quorum threshold configured in Ever DAO from 500,000 WEVER to 5,000,000 WEVER to make an economical filter for accepting important network decisions.

The proposal threshold (100,000 WEVER) shall remain the same to provide broader audience access to proposing. However, it may be updated in the future if the community decides so.

Dedicated community groups who will host their mirrors of Ever DAO are free to configure the thresholds in line with their consensus.

Existing votings

Any votings published in Ever DAO before accepting this proposal by the Global Governance have no official power.

Roadmap, maintenance, and development

Although the developer and auditors carefully tested the contract system of the DAO, the interface requires further updates and improvements. We propose to form a working group under the guidance and funding of the upcoming Everscale Foundation with a strong leader that will elaborate and implement the DAO’s roadmap.

Governance token

The current implementation of Ever DAO uses the Wrapped EVER as a governance token. However, as most network funds stay in depools, we propose switching it to the Staked EVER (stEVER) once it is ready and audited.

Sustainability

To make the governance process genuinely decentralized, we encourage the community to host the DAO’s front-end and back-end mirrors using the same set of smart contracts, similar to Linux repositories.


  1. Separate community groups may host their own governance using the Ever DAO engine ↩︎

  2. It refers only to the proposals published in Global Governance. Dedicated community groups’ governance processes remain the same until such groups adopt their own DAO systems. ↩︎

9 Likes

Fully support this Governance system!:fire::fire::fire:

4 Likes

My full support for this upgrade

4 Likes

Full support for this proposal that the whole community has been waiting for since the network launched. Congrats. :tada::partying_face::clap::confetti_ball:

3 Likes

The true start of DAO. Another great chapter of Everscale begins.

1 Like

Most wanted proposal ever! Full support. This will allow active participation of the whole Everscale community.

Fully support! Greatest thing for ever.

1 Like

Neutral. All decisions made will depend on the large holders of tokens. It is not excluded that there may be collusion to promote their projects or partners. In fact, the control will smoothly go to the whales, which will eventually become even larger.

Excellent proposal. This is a true upgrade.

1 Like

Voting with Governance token is something we have talked about from 2 years ago. Since it was never happening, we were not sure if it would ever happen. Now it is arising right here!

More reasons to keep tokens instead of selling on the market)))

1 Like

I support this proposal and would like the developers of DAO to consider “my 5 cents”:

I think it is pretty clear to all who participated in first voting on current DAO that switching to Staked EVER voting is a must.

Also I asked myself a question: whether a person who has an ordinary stake in DePool with instance liquidity should have the same number of votes as a person who locked its tokens for some period of time which could be quite long, i.e. 4 years? In some block-chain projects (for example “Internet Computer”) person can lock its tokens up to 8 years, but its voting power is considerably increased. Locking EVERs in DePool helps to support coin price and also shows person’s long term trust and interest in the project.

So, it would be reasonable that Staked EVER:

  • should be minted against both ordinary and locked stakes
  • the number of Staked EVERs should increase proportionally to the term of a lock.

For example:
100 EVER ordinary stake = 100 stEVER
100 EVER lock 3 month = 120 stEVER

100 EVER locked for 4 years = 400 stEVER

Technically it can be done easily: you should get stEVER automatically when you make a stake, and in order to withdraw stake you need to send stEVER back to DePool.

1 Like

Before doing that the Staked Ever must be developed and audited, as stated in the proposal. Hopefully, there will be some progress in this

1 Like

Disagree! Without the support of DeBot technology, it is possible to recognize this system as official only temporarily

1 Like