A community-managed treasury opens up a world of infinite possibilities. We hope to see a variety of experimentation, including ecosystem grants and public goods funding, both of which can foster additional Ballast ecosystem growth. Ballast has set the standard for automated liquidity provision: it is now time to set the benchmark for responsible but radical, long-term aligned on-chain governance systems.
These grace periods provide the Ballast community enough time to familiarize itself with the governance system, bring in a diverse and high-quality set of protocol delegates, and begin discussions and communications around potential governance proposals.
BLT holders are responsible for ensuring that governance decisions are made in compliance with applicable laws and regulations. To help facilitate this, the fee switch has been initialized to a contract BLT holders can use to vote on tokens for which they will collect fees. The community is encouraged to consult knowledgeable legal and regulatory professionals before implementing any specific proposal.
The Ballast team will continue to have no involvement in protocol development, auditing, and other matters. Similarly, team members will not participate directly in governance for the foreseeable future, although they may delegate votes to protocol delegates without seeking to influence their voting decisions.
Initial governance parameters are as follows:
- 1% of BLT total supply (delegated) to submit a governance proposal
- 4% of BLT supply required to vote 'yes' to reach quorum
- 7 day voting period
- 2 day timelock delay on execution