SKALE On-Chain Governance Proposal Published For Feedback

The proposal aims to implement a simple but robust system of on-chain governance that can be iterated over time.

SKALE On-Chain Governance Proposal Published For Feedback

A new proposal for an on-chain governance system for the SKALE Network has been published on the SKALE Forum. Community members—especially SKL token stakers—are invited to read the proposal and provide feedback.

SKALE Chains are secured on Ethereum mainnet by a shared pool of validators, who stake tranches of SKL tokens. Smaller SKL holders can delegate their tokens to a staking node to help secure the network and earn SKL rewards.

SKALE Network validator model
SKALE Chains are secured by the same pool of validating nodes, but there is currently no system of on-chain network governance.

At present, though, there is no on-chain governance method to update network parameters such as SKALE Chain pricing, minimum stake required, staking rewards, and so on.

Key Features

Written by TheGreatAxios, a long-term SKALE community member and Lead Community Developer for the Calypso NFT Hub, after consultation with a wide range of different stakeholders, the initial governance proposal describes a straightforward system that can be iterated over time. Its scope and key features include:

  • Universal network parameters; governance of individual SKALE Chains is (and always will be) a matter for dApp projects.
  • Technical governance only. Separate community DAOs can be set up to cover marketing, business development, and other non-technical goals.
  • Voting will take place on Ethereum mainnet via the Snapshot tool.
  • Vote weight will be proportional to the amount of SKL tokens staked.
  • The initial minimum threshold of voting power required for a proposal to be passed is 33.334% of staked tokens, with 50% of these voting YES.
  • Voting rules and mechanics can be modified through governance proposals.

The primary aim of the proposal is to implement a simple, robust system of on-chain voting that is effective but that minimizes risk and complexity.

Please swing by the SKALE forum to offer your thoughts and feedback!

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