The final goal of governance on Beyondfi is to become a Decentralised Autonomous Organization (“DAO”). However, the initial stage of launch can be delicate with some degree of centralized control required to ensure that the project can grow into a self- sustaining ecosystem.
As such, Beyondfi will be led through benevolent dictatorship by the core team. Through our established community channels, users can submit feedback and contribute to the project which will be evaluated and implemented by the team. After the ecosystem gains critical mass, the team will begin to transition to a new decentralized governance model. This initial centralization of BYN will enable the team to develop faster and keep the system safe in the early stages.
To participate in Beyondfi Governance, each stakeholder must have at least 50,000 BYN tokens actively staked within their wallets. This enables the stakeholder to have a BYN-weighted vote, where 1 BYN token is equal to 1 vote. Stakeholders are incentivized to actively participate in governance through added reward given for active voting. This also helps to reward the stakeholders for associated cost (e.g. gas fees on the Ethereum network) for participating in governance.
A governance portal will be created to specifically manage discussions and execute all governance related matters for stakeholders.
Beyondfi Improvement Proposal (“BIPs”)
BIPs can be submitted at all phases of the Beyondfi project. In the initial phase, all submitted BIPs will be evaluated by the core team. In later stages, the Beyondfi DAO will evaluate and review the submitted BIPs.
Submission of BIPs can be done on the governance portal and the format for BIPs is based on Ethereum Improvement Proposals (“EIPs”). We expect that the BIPs will primarily focus on decisions relating to issues such as the creation of new synthetics, adjustments to reward structure of Beyondfi, trade front-running protections, new feature implementations, among others.
BIP proposal page is divided into multiple related sections, such as; new asset pair creation, reward & distribution ratio change, addition of new functions, UI improvement suggestions etc. This will help to establish more organized proposal management, as well as prevent irrelevant list of proposals running all over the page.
Beyondfi Governance Discussions
Through the governance portal, stakeholders can also schedule for community calls to discuss via video conference or live chats to discuss BIPs in detail. The core team will also participate in all these calls in the early stages given the extent of control that the core team has. The plans in the long run is for the Beyondfi protocol to be fully run and managed by the DAO.
Beyondfi Grants and Bounty
To ensure continual development and security of the project, a treasury fund controlled by the DAO will be implemented. This treasury fund will be initially seeded by the core team as there may be uncertainty on the value of BYN tokens in the early stages. In the long run, a portion of newly issued BYN tokens will be sent to the treasury fund (subject to a cap of 1,000,000 USD worth of BYN tokens).
This treasury fund can be used to give grants to developers who are actively contributing to the BYN ecosystem, be it through the form of one-off grants for the building of complementary third-party software to the BYN ecosystem or other related costs of maintaining ongoing services for BYN.
The treasury fund will also be used for bug bounties and the payout depends on the severity of bugs discovered.
Additional details on the process for grants and bounties will be released soon.