🌀Proposal Epoch
Governance is organized around a structured month-long cycle known as an "epoch," which is designed to facilitate organized participation and streamline the decision-making process. This cycle is crucial for ensuring that all proposals are given adequate time for review, discussion, and voting by the community. Here’s a breakdown of the monthly cycle:
Date: YYYY-MM-DD
Time: UTC
Phase 1: Submission - 1st - 3rd of each month
During the initial Submission phase, eckoDAO Lead members can submit proposals for other DAO role evaluation. Initially, and to avoid too many proposals being pushed at the same time, each eckoDAO Lead member can only submit a single proposal per epoch. Currently, only binary-choice proposals will be allowed.
Note: the submitter of a proposal cannot vote on it.
This is a simple time slot for the proposal to be included in the System. The proposal can be drafted beforehand. Templates and guidance are duly provided to users.
Phase 2: Review - 4th - 6th of each month
Following the submission period, the proposal review is conducted by the eckoCORE members. This review period allows for the assessment of each proposal, with the potential for vetoing proposals deemed unsuitable/malicious in the current eckoDAO structure. To reject a proposal, a minimum voting participation rate of over 50% from eckoCORE is required. In the context of the current Governance Committee structure, this equates to at least ⅗ members.
Should a proposal not be either accepted or rejected within this four-day review period, it will retain its pending status and be automatically resubmitted for review in the subsequent month.
Phase 3: Discussion - 7th - 13th of each month
During the Discussion phase, all users are encouraged to engage in constructive discussions with other DAO participants to foster the proposals discovery process. This will happen via a designated forum for each proposal.
This phase does not aim at selecting which proposal will move onto the following phase, but it is meant to explain and deepen the understanding of current existing proposals, providing everyone with the opportunity to ask additional questions and raise constructive points.
The Discourse forum, which provides an overview for individual proposals, is hosted on the DAO website, granting all users a platform to participate in discussion actively.
Phase 4: Election - 14th - 20th of each month
The Election phase is a crucial part of our governance process, where eligible participants, excluding the proposal owner, determine the fate of a previously discussed proposal based on their accrued voting power through the eckoDEX Governance Mining program.
Presently, a participant's voting power is computed utilizing the Quadratic formula
Approval of a proposal is granted upon the attainment of a simple majority, otherwise referred to as a quorum. If such a majority is not reached, the proposal is declined. For an election to be considered valid, the quorum should reflect the risk of the proposal to a maximum of 15% of the total outstanding voting power.
To maintain fairness and impartiality within the voting process, proposal owners are prohibited from voting on their own submissions. This precautionary measure helps to prevent conflicts of interest and potential skewing of the voting process.
The voting process is conducted directly on the eckoGOV webpage, ensuring on-chain transparency and easy accessibility for all participants.
Phase 5: Rank Update - 21st - 26th of each month
Upon the conclusion of each epoch, a snapshot capturing users' accumulated voting power is taken to update roles for the subsequent epoch. The process unfolds as follows:
• On the 24th of every month, a snapshot is captured, documenting the voting power of existing DAO members and prospective candidates.
• On the 27th of every month, the comprehensive voting power ranking, which serves as the foundation for role assignment within the DAO, is updated and published.
Here's an example to illustrate this: If a new applicant for the upcoming epoch has higher voting power than the current eckoLEAD members as of the snapshot day, a rank swap occurs. The current eckoLEAD member with the lowest voting power is swapped out, and the new applicant is assigned the eckoLEAD role.
The phases of the epoch, i.e., submission, review, discussion, election, and rank update, are executed through the frontend of the eckoGOV Portal.
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