The Future of MSIP Governance

We are committed to the vision of having a community-led DEX. We are implementing changes to our governance system, allowing more control to the community. This is being done with the deployment of Compound’s Governor Bravo Contracts. Here is a quick explainer as to what these contracts are, what they do, and what it means for MilkySwap!

What are these contracts?

These are governance contracts forked over from Compound’s Governor Bravo governance module. They provide a scalable and decentralized method of governance, allowing addresses that hold a certain amount of tokens to propose changes and allowing the community to vote on said changes.

How does it work

Addresses that hold a minimum amount of governance tokens within the protocol have the ability to propose protocol changes. Once a measure is proposed, it requires a minimum amount of votes reach a quorum. The voting period can last between 3 and 14 days depending on the speed we think is best for the DAO. The governance contracts are upgradeable, which allows the team to gradually hand more and more control over to the DAO.

What does it mean for MilkySwap

We intend to incorporate this system for tallying votes on all future protocol proposals. Proposals will require 400,000 CREAMY to reach a quorum. If the majority votes to pass a measure, it be implemented within 3 days after the voting period is over. As MilkySwap decentralizes over time, these contracts will have more control over the protocol, putting MilkySwap well ahead of the curve on community-led governance on Milkomeda.