🏨Protocol Governance

Quick Summary

  • All veSINGLE holders can take part in the governance (1 claimed veSINGLE = 1 vote)

  • In current phase, protocol stakeholders can vote on the direction of business & product development of Single Finance and AutoSingle

  • Normal voting period for each Single Improvement Proposal (SIP) is 96 hours, quorum has to be passed

  • Visit our Governance page to review and vote on the SIPs (NO GAS is needed)

Introduction

The Protocol Governance of Single Finance covers governance mechanisms, business direction, product development and financial incentives, aiming to share a vision of alignment between various stakeholders within the Single Finance ecosystem.

The establishment of whole governance consists of 3 phases:

  • Phase 1 - Protocol stakeholders can vote on the direction of business & product development of Single Finance & AutoSingle

  • Phase 2 - Significant veSINGLE holders can initiate an improvement proposal on different aspects including product features upgrade, parameter optimization, protocol enhancement, etc.

  • Phase 3 - On top of Phase 1 & 3, a debating forum will be set up, in depth discussion and temperature check are required before formal on-chain voting

Voting Mechanism

In order to vote, you need to have claimed veSINGLE tokens. (Guides to acquire veSINGLE)

One claimed veSINGLE will be considered as one voting power.

The different voting options can allow the users to:

  • Choose only one option (Single-choice Voting)

  • Spread the votes over multiple options (Weighted Voting)

  • Approve a certain number of options (Approval Voting)

  • Rank the different choices in the order of preference (Ranking Voting)

Procedures

  1. Go to the "Governance" section in the app and select the relevant proposal

  2. Select the ongoing SIP, read through the proposal and ensure you have full understanding what is being proposed

  3. On the right hand side, select the vote you would like to cast

  4. Confirm your vote

You can change/adjust your vote at any moments before the end of the voting period. Your previous vote will automatically be cancelled.

For your vote to be valid, your balance of veSINGLE must be maintained at the same or higher level throughout the entire proposal voting and validating period.

Proposals

You can find the details of all the current & previous SIPs here:

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