Governance

Governance is the democratized process through which proposals for change in NEPRI TFA Protocol are introduced and accepted by the community through voting.

There will be no admin keys with privileged access. After the initial bootstrapping of contracts, the Gov contract is set to be the owner of the NEPRI TFA Protocol contracts and all changes must be made through the governance with the procedure defined in this section.

NEPRI TFA Token

The NEPRI TFA Token (NEPT) serves as NEPRI TFA Protocol's governance token. Only users with a staked NEPT position can vote on polls, and each user receives voting power weighted by their amount of staked NEPT. For every poll, a user can choose to allocate up to their total staked NEPT. Users with higher NEPT stake will therefore have more influence when deciding in governance polls.

Although a user receives 1 vote per staked NEPT for every poll, voting in polls does not have any effect on the user's current staking balance.

Polls

New governance proposals in NEPRI TFA are called polls. Any user can create a poll by paying an initial deposit of NEPT tokens. If the poll fails to pass the minimum voting quorum, the NEPT deposit is given to NEPT stakers and distributed proportionately according to their relative stake.

Polls consist of a text description of the proposition (with perhaps an external link to further resources/ discussions) and include an executable message encoding the instructions to be run if it passes. The message will be executed with the privileges of the NEPRI TFA Gov contract, which has the power to invoke any function defined by the other NEPRI TFA smart contracts.

Once submitted, a poll can be voted on by the community until its voting period has concluded. If the poll passes quorum and threshold conditions (defined below), it is ratified and its contents can automatically be applied after a set period of time. These changes take effect without requiring updates to the core NEPRI TFA Protocol contracts.