Governance
RAAC is operated and governed by the community. Token holders have governance power proportional to their deposits, where 1 $veRAAC equals 1 vote.
Governance is used to vote on key decisions, such as:
Protocol parameters
Addition of new gauges
Governance Process
Forum Discussion
Before an official proposal is made, proposers may submit an initial outline of their proposal to the governance forum for discussion. This will make it easier for voters to understand the proposal and increases the likelihood of tokenholders participating in governance.
Anyone can create a new forum proposal.
Formal DAO Proposal
The governance proposal is then formally submitted for a token vote.
While anyone can create a forum proposal, only token holders with at least 120 $veRAAC (0.01% of circulating supply at TGE) can send a proposal for a token vote.
After the proposal is submitted, there is a 3-day proposal review period. During this time, interested parties can read up on changes, hold discussions, and gather support.
Voting Process
Token holders and delegates vote off-chain via Snapshot.
Token holders are allocated 1 vote per 1 $veRAAC. Token holders can delegate their votes, allowing community members to assign their voting power to other token holders who vote on their behalf.
Voting will remain open for 14 days, and will be extended by 3 days in case of a late quorum. For example, if a voter causes a proposal to reach quorum right before the end of the voting period, the voting period is extended by 3 days.
Types of voting decisions There are two types of decisions, depending on the potential impact of the vote. Major decisions require a simple majority (51%) a quorum of 15%, minor decisions a simple majority and a 10% quorum.
Major Decisions:
Protocol parameters
Changes to Governance
Minor Decisions:
Addition of new gauges
Abstentions count toward the quorum but are not considered in the majority calculation.
Security Council
The security council is made up of five individuals, each holding a key for a 5-member multisig that requires a 3-of-5 approval for implementing proposals, and 2-of-3 for emergency fixes.
The security council implements passed proposals.
The security council can also respond quickly to address critical risks that are too urgent to be left to the ordinary proposal process. If required, it can take emergency actions without the need for a vote.
Emergency actions include addressing critical security vulnerabilities that put user funds at risk or could damage the integrity of the protocol.
The initial security council members were selected by the RAAC team according to their qualifications, including experience in risk management, experience in blockchain security, and knowledge of the RAAC Ecosystem. The security council may include members both inside and outside the RAAC team.
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