With the recent Mimo Governance Framework Proposal approval, the Parallel protocol and its governance are officially laid out, voted on, and put into action.
While Parallel, since its inception, has operated by holding decisions to a vote, the updated framework brings a much clearer picture of how governance will take place and what this means for the protocol moving forward.
Posting a proposal on the governance forum and discussing it there and on discord first allow to get a sentiment check and some valuable feedback about the community ideas and upcoming snapshot votes. We could open a channel for each proposal on discord and archive it once voted.
Each proposal should be posted on the governance forum for at least 48 hours before posting the snapshot, which allows the community to give some feedback, propose changes, and vote on a community sentiment poll.
Each proposal must be easily identifiable and correctly classified.
- Type: MIR - MGP - MIP. This will be detailed in the second part of the proposal
- Name: The name must be the same on the forum post and snapshot (Max 10 words)
- Number: Each proposal must have a number that represents the post order on the forum and on snapshot
Type: MIR - MGP - MIP. This will be detailed in the second part of the proposal
Summary: Short description of the proposal (1-2 sentences max)
Rationale: Detailed explanation of the proposal and milestones for its execution.
Means: Resources needed for this proposal
- Human resources: Special skills required (dev or others)
- Treasury ressources: Proposal cost (in MIMO and in $), % of the treasury required
Technical implementation: Highlight the technical implementations of this proposal if any
Voting options: Mention the options that will be included on the snapshot vote, including an “Abstain” one.
MIRs are proposals to add a token as a Mimo Vault collateral option. The surrounding decisions to be worked through include minimum collateral ratio, collateral & liquidity gauges, and any short term partnerships.
Each request will require some information and details about the integration like the name of the token, audits, chain(s) requested, and any appropriate links.
All integration requests go through a risk assessment process where we consider things like counterparty risk, smart contract risk, and community size.
Voting takes place for 3 days after discussion in the Discord.
MGPs are about common governance. These are topics related to the treasury of the protocol and the DAO organization. MGPs may include things like liquidity mining votes, long term partnerships (i.e. DAO swaps), treasury allocation and budgets.
The proposal also outlines how more conservative parameters are best for MGPs since they relate to the treasury.
MIPs are the most important modifications regarding both governance and the protocol directly.
These proposals are going to provide context and explain in detail what this means for Mimo as a whole. Examples of MIPs could be new version, smart contract modifications, governance framework updates, or updating signers on the treasury multisig.
Since these are more critical to the protocol, it’s also important to include as much as the community as possible and increase the quorum so it’s a full and fair vote. These also include longer voting periods of 7 days.
In addition to the new and improved frameworks, the process and governance model also became much more streamlined in how we discuss & collaborate with the team and the Mimo community.
You can see this for yourself over on our Discord where we have proper channels and lines of communication unlocked for each new proposal. Every decision regarding the actions Mimo continues to take and the technical integrations we’re planning to implement are open to the community.
To get more involved, don’t forget to lock MIMO & join Telegram and Discord for general information.
Last modified 1mo ago