Proposal Process

OVN token holders control the Overnight protocol through on-chain (primary chain) and off-chain (other chains) proposals and votes via Snapshot. Proposals that generate majority support are implemented:
  • on primary chain by executing transations
  • on other chain by a 3-member multi-signature wallet, and 2 out of 3 wallet signers must sign for a change to be implemented.
OVN holders must have 0.5% of available OVN tokens to create a proposal.

Discussion

Discussion regarding changes in the protocol happens on a variety of platforms, such as:
  • Governance Forum
  • Discord
Getting as much feedback as possible from the various communication channels is recommended before introducing a formal proposal. The governance forum and Discord server have dedicated channels for specific topics.

Voting

Primary chain:
Staking OVN in the following places will enable you to vote:
  • Balancer OVN/stMatic LP token
  • Beethoven OVN/OP LP token
  • etc.
Other chains:
Holding/staking OVN in the following places will enable you to vote:
  • Wallet
  • Balancer OVN/stMatic LP token
  • Beethoven OVN/OP LP token
  • etc.
Proposal
Quorum
Voting period
Timelock
Ratify Brain+, Dev+, Ops+, Tx+
51%
Quorum | 1 day
6h
Ratify Farm+
85%
Quorum | 1 week
2 day
Add/delete strategy
25%
КвQuorum | 6 hours
6h
Other improvements
51%
Quorum | 1 day
6h

Implementation

Primary chain
As soon as the vote passes and timelock is over, anyone can execute the proposal
Other chains
Once a Snapshot votes have passed, changes will be signed by the multisig.