Governance

All community discussion can be done at the Selenium Protocol Forum.

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

There are no admin keys with privileged access. After the initial bootstrapping of contracts, the Governance Contract is set to be the owner of the Selenium Protocol core contracts and all changes must be made through the governance with the procedure defined in this section.

Selenium Token

The Selenium Token (SELE) serves as Selenium Protocol's governance token. Only users that hold a Selenium position can vote on proposals, and each user receives voting power weighted by their amount of SELE. Users with higher SELE holding will therefore have more influence when deciding in governance proposals.

Although a user receives 1 vote per SELE for every proposal, voting in proposal does not have any effect on the user's current balance.

Procedure

The following steps outline the governance procedure:

1. A new proposal is created with an initial deposit that meets proposal_deposit

2. The proposal enters the voting phase, where it can voted for by anybody with a SELE position. Users can vote yes, no.

3. The voting period ends after voting_period blocks have passed.

4. The proposal's votes are tallied and passes if both quorum (minimum participation ) and threshold (minimum ratio of yes to no votes) are met.

5. If the proposal passes, its contents will be executed after effective_delay blocks have ended. The proposal must be executed prior to expiration_period, otherwise it will automatically expire and no longer be considered valid.