Proposals & Voting
Vote on major decisions for the Mean DAO protocol
To vote you must be an existing MEAN token holder either directly or through one of the derivative instruments where MEAN is locked. The governance mechanism is designed to be flexible and upgradeable over time.
You can exercise your vote in the MeanDAO Governance Portal by voting Against or In-Favor of the published Mean Improvement Proposals (MIP). Some examples of Mean Improvement Proposals (MIP) voted on are:
- Changing protocol and app fees (entry, exit, repayment, deposits, etc.)
- Price oracle changes (where pricing comes from)
- Risk parameters (i.e. liquidation ratio, debt value)
- Incentivized rewards for MEAN tokens
- Upgrades to the foundational protocols and smart contracts (like supporting a new blockchain, pool, protocol, community implementation partner, etc.)
Before voting on a MIP, one must exist. Here's how we go from proposal to voting and execution:
Before a proposal is set for a vote, it will be sent to the community on Discord. This will begin a period of discussion about the proposal: whether it should be voted on, how it should be amended, what options should be voted on, and how the results of the vote will be interpreted (quorum standards). Soft proposals will be sent to the community a minimum of 3 days before a MIP snapshot is taken.
If a vote is critical, impacting the protocol considerably, there will be a community town hall on Discord to discuss the proposal in depth. Community members can and are encouraged to hold independent townhalls on the Discord. To set one up, users can contact team members.
After the community has discussed how the proposal will be voted on and what the contents of the proposal will be, the proposal will be posted on the Mean DAO Governance Portal to be voted on. To participate in voting users must have positive voting power.
Following the MIP, the team will announce the results of the vote and begin implementation. If new and material information was omitted from the MIP, the vote could be launched again. This is to ensure that community members have all the necessary information they need to make a decision.
All major decisions are made by the community by voting on Mean DAO Improvement Proposals (MIP). Each member can vote according to their MEAN Voting Power. The higher the Voting Power the more votes you can cast for a MIP.
The Mean Voting Power of an individual account is based on:
- 1.The total MEAN holdings, and MEAN TVL on Mean DAO approved derivative instruments like liquidity pools, farms, staking pools, etc.
- 2.Your merit and reputation scores are earned through your participation in the Mean Community. Read more here.
Voting power can be increased by either acquiring more MEAN or boosting one’s existing MEAN by locking it on the MeanFi Staking page. The longer a user locks MEAN, the more their MEAN Voting Power will be boosted.
There are many types of votes for MIPs and community operations. These are the most common ones in use by the Mean DAO:
- 1.Most Voted: where the option with the most votes is considered a quorum.
- 2.Majority Vote: where 50% + 1 of the voting power is needed for a quorum.
- 3.Supermajority Vote: where 2/3rds (66.6%) of the voting power is needed for a quorum.