What is Governance
Governance for Beta Finance
At Omni, we are committed to decentralized governance, ensuring that the community holding BETA tokens plays a pivotal role in shaping the protocol's future.
Governance allows our community within the DAO (Decentralized Autonomous Organization) to propose and implement significant protocol decisions. These include modifying liquidity mining distributions, adding or removing market listings, adjusting lease terms, pursuing new yield-generating avenues, and enhancing protocol features.
To view past proposals, votes, and outcomes, please visit Beta Dao Snapshot page.
Governance Process
Stage 1: Proposal Initiation & Sentiment Check
If you have an idea you'd like to share, follow these steps to initiate discussion and gather feedback:
- Share your idea in the
#DAO-chatchannel on Beta Finance Discord to kickstart a conversation and receive input from the community. You may also create a poll on Discord to gauge community sentiment, although this is optional. - (Optional) If you prefer discussing your idea via call, reach out to a team member on Discord to coordinate.
| Duration | There is no specified time on how long a proposal remains in this phase |
|---|---|
| Who | Anyone can post |
| Where | #DAO-chat channel in Beta Finance Discord |
Stage 2: Beta DAO Proposal Template
When ready to formalize your proposal, submit it on the #DAO-proposal Discord channel using the Beta DAO Proposal Template. Here, you'll receive constructive feedback from both the community and the Beta Finance team. Discussions will continue for a minimum of 48 hours. Please note that a review from the team may take 3-5 days.
| Duration | Minimum 2 days (48 hours) |
|---|---|
| Who | Anyone can create a proposal with the template |
| Where | #DAO-proposal channel in Beta Finance Discord |
Stage 3: Final Voting (via Snapshot)
Once a proposal gains traction, a moderator will review it to ensure it meets all criteria. Subsequently, a snapshot poll will be created, and the link will be shared on the Discord. BETA holders have voting power can then cast their votes directly through Beta Dao Snapshot Space.
| Duration | 7 days (168 hours) |
|---|---|
| Who | BETA holders |
| Where | Snapshot |
| Requirements | Single-choice voting strategy: A successful proposal requires a majority of votes, with a minimum quorum of 1% of BETA tokens supply, and approval by 50% to pass. |
Stage 4: Post-Vote Processing
If a proposal passes, they will be queued for implementation. The Beta Finance engineering team will prioritize and implement proposals based on their bandwidth and project priorities. Additionally, community members are encouraged to contribute to code development for implementing proposals. All code must undergo internal or external auditing before implementation.
Voting Power
- 1 BETA token = 1 Vote
Please note that participating in snapshot voting requires holding BETA tokens at the time the snapshot is initiated. Therefore, if you purchase $BETA after a vote has begun, you won't be eligible to participate in that particular vote. This measure helps mitigate the risk of undue influence from large token holders and flashloan users.