B.Protocol went live almost 6 months ago, and currently has over 300 users and TVL of over $100m. The control over the protocol was handed to users from day 1, with a 6 months timelock in order to give time for the community to be established. This timelock ends on April 26th.
During this 6 month period, users accumulated non-transferable voting rights (score), and we made it clear the score is not a token.
It was always our intention to have non tokenized governance, based on the actual usage of the platform.
However, it is not our decision to make.
Handing over 100% of the genesis voting power to the users excludes the team from the ability to vote. Over the recent month a discussion has been carried out on B.Protocol’s Discord server, and it became apparent that some community members might prefer having a tokenized governance (post the April 26th Genesis vote).
Given the Genesis vote is only a few weeks away, we believe that now is the time for the community to reach a decision about it.
We welcome community members to convey their opinions in this thread, and in parallel an off-chain Snapshot vote (according to user Score) will be used to weigh the community wishes.
About the vote
How to vote
In the voting page, you can vote by:
- Connect your MetaMask with the same account you use for B.Protocol (where your mScore/cScore is kept).
- Choose your vote (Yes/No).
- Sign the vote on MetaMask - the signature is free and has no fees or gas costs!
The vote will start at April 8th, 3 AM UTC, and will last for 1 week
What is the meaning of the vote outcome?
As we described in an earlier post, towards the genesis vote, off-chain votes will be used to signal the community opinion. However there is no way to guarantee that the on-chain vote will reflect it.
Nevertheless, it will lay the ground for further and more detailed discussion on the governance structure post the Genesis vote.