Symblox started out as a community-driven project, with no VC-backing, no pre-mine, and no ICO. Our goal is to create a financial infrastructure in which applications and developers can rely on, forever.
To get there, we intend to fully achieve decentralization for the Symblox protocol — removing any single point of failure (our team), and creating an indestructible, open protocol that can evolve in entirely new ways.
Today, we’re proud to announce a governance system that will replace the Symblox protocol’s administrator with community governance — allowing SYX token holders to suggest, debate, and implement changes to Symblox — without relying on, or requiring, our team whatsoever.
Participation starts with the Symblox token, SYX.
We’ve forked Compound’s governance framework, which is a set of battle-tested code and has worked well since they launched in June. This framework enables anyone to easily participate in shaping the direction of Symblox.
Here’s how it works:
Anybody with 1% of the current SYX supply (which is 191,705 as of the time of this writing) delegated to their address can propose a governance action; these are simple or complex sets of actions, such as adjusting reward ratios between the pools, support for a new asset, adding new pools, or changing any other parameter or variable of the protocol that the current administrator can modify.
Proposals are executable code, which means they will be automatically deployed and executed once they are passed. They are not suggestions for a team or foundation to implement.
All proposals are subject to a 3-day voting period, and any address with voting power can vote for or against the proposal. If a majority, and at least 4% of existing SYX supply votes are cast for the proposal, it is queued in the Timelock, and can be implemented after 2 days.
Lower Barriers to Entry
For anyone who doesn’t have a large amount of SYX, they can delegate their voting rights to the address of their choice: the owner’s wallet, another user, an application, or a DeFi expert.
Even better, anybody can participate in the Symblox governance by receiving delegation, even without needing to own SYX. The token also includes code to query an address’ historical voting weight, which is useful for building complex voting systems.
Governance will start with an initial sandbox period. SYX holders can delegate voting weight to themselves or the public as they see fit. As a fail-safe, our team will have the ability to suspend the governance system (though not the protocol’s 2-day Timelock) during the sandbox.
When the governance system is operating in a reliable, distributed manner, we’ll suggest that the fail-safe be removed. We’ll be releasing more details of this plan in the coming week — stay tuned!