Governance Process

Proposals undergo discussion in Discord before being formally submitted on Snapshot by eligible veEXTRA holders. After a pending period, proposals enter a voting phase where quorum must be met. Approved proposals are reviewed, scheduled, and implemented following a time lock.

1. Proposal Submission Process

The proposal submission process begins with a discussion phase in the Discord “convos” channel, typically lasting 1-3 days. This allows the community to provide feedback and refine the proposal before formal submission.

Once the discussion period is complete, eligible veEXTRA holders (those with more than 30,000 veEXTRA) can submit the proposal on Snapshot. The proposal will remain in a pending state for 1 day, after which a three-day voting period will commence, allowing the community to cast their votes and ensure quorum is met.

1. Roles and Responsibilities

$veEXTRA holders play a crucial role in governance through Snapshot.

• By holding >1 $veEXTRA, holders can participate in voting.

• By holding >30,000 $veEXTRA, holders can initiate proposals.

1. Voting Mechanism

• Voting Power: $veEXTRA holders receive governance powers proportional to the sum of their balances on Optimism mainnet.

• Voting Type:

  • Single Choice Voting is typically used for proposals related to protocol development. These proposals are considered successful if they receive a majority of “For” votes (more than 50% “For” compared to “Against”).

  • Approval Voting is generally used for proposals such as launching new pools. A proposal of this type is considered successful if any option receives more than 50% of the votes.

  • For other types of proposals, methods like Weighted Voting may be used, with the success criteria outlined in the specific proposal.

1. Quorum

All votes require a quorum of at least 50,000 veEXTRA to be deemed valid.