Please follow the below guidelines to participate in Biconomy governance.
Step 1 – Temperature & Sentiment Check on Discourse Forum
- Anyone can start a thread on the Biconomy Forum to seek a grant. Please ensure that you post the thread in the “grants” category with the “temperature-check” tag. This helps to differentiate proposals from temperature checks.
- There’s no format for temperature check threads. Just go with the flow here.
- If there’s sufficient interest and activity on the thread, we can proceed to create a formal grant proposal on the forum.
Step 2 – Create a Biconomy Grant Proposal (BGP) on Discourse Forum
- If the temperature check goes well, a Biconomy Steward will reach out to you to help you create a formal Grants Proposal. Also, since the forum is open, you can create a grant proposal and put it to forum voting.
- The Biconomy Grant Proposal should follow the specified format and be posted in the “Grants” category with “bico-grant-proposal” as the tag. This gives more structure to the proposal.
- The grant proposal must include voting options in the end (as also mentioned in the format).
- The community should be given atleast three days to discuss more on this proposal and analyze the risks and rewards from all possible angles (technical, risk, financial, and reputation) and cast their vote.
- The proposal is pushed forward for Snapshot voting only if at least 20% of the total members on the forum vote in favor of the proposal [measured by forum voting].
Step 3 – Snapshot Proposal and Voting
- If the grant proposal passes the forum voting, Biconomy stewards will create a Snapshot proposal to allow the token holders to cast their vote.
- Initially, to bootstrap, the quality and engagement on Snapshot only whitelisted addresses can create a proposal. Moving forward, we will allow general token holders to create proposals as well.
- To vote on a given proposal, you need to have atleast 1 BICO token. One BICO equals one vote. You will only have to sign the vote (transaction) on Snapshot, meaning that your BICO will stay in your wallet, and you will spend nothing on the gas fees.
- A link to the corresponding Snapshot poll must be pasted into the proposal post on the forum.
- After the proposal is created, there will be a cool-off period of 24 hours, post which the voting can begin. The poll will be open for five days.
- The proposal is considered passed if approx 12.5% of the circulating supply of BICO votes in favor. The current circulating supply of BICO is 115M tokens; hence the quorum is at 15M BICO tokens.
Step 4 - Grant Payout and Monitoring
- The payout for the approved grant proposals will be executed by the Governance Council, assuming five days as a minimum timeline.
- Biconomy Stewards and General Council will stay in touch to monitor the progress and problems and help wherever they can.
Biconomy will gradually decentralize its decision-making to the community but will start small and gradually figure out the best way to involve community members and token holders in protocol and treasury governance. We will continue to evolve the process and governance.
Lastly, there are a few things you should know before jumping into the discussion. Please read the FAQs here, as they contain a lot of advice for being a productive community member.
Also, we request you to keep the posts in English. While we welcome discussions in other languages on our Discord, we don’t have the resources to handle multi-language support here as of now.
your friendly neighborhood mod