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Aelin governance explained
Aelin's success depends on the coordinated efforts of its community to maintain and improve the protocol. This system will provide the community with the means to achieve desired outcomes, such as proposing new features, rewarding DAO participants, and managing routine affairs. By having a clear framework in place, the community can work together to ensure Aelin's continued success.
The Aelin Council is a vital governing body that ensures the continued development of protocols, the proper management of the treasury, and active engagement with the greater community. This Council is made up of 5 members who are elected by AELIN token holders through a snapshot process. Only AELIN tokens that are staked and in LP tokens will be allowed to vote. The number of AELIN tokens in the staked LP tokens will be calculated at the time of the snapshot, which will be taken in the week before a vote.
Elections will occur every 3 months. Before an election, any interested party can post their biography along with their Ethereum address in Discord to be included in the next snapshot vote. New candidate nominations can be submitted up to 48 hours before an election. The 5 top candidates from each election will serve on the Aelin Council for the next 3 months. If a member needs to leave the Council for personal or health reasons, or for failing to perform Council duties, the candidate with the next highest number of votes in the election will replace them; if there are no available candidates from the prior election, a new snapshot will be created for the community to vote on a replacement.
The Aelin Council will oversee the community treasury funds for the long-term benefit of the protocol. These funds will be used for ecosystem incentives and inflationary rewards, to pay core contributors, external developers/ auditors, and Council stipends. The Council may launch Aelin pools to diversify treasury assets at their discretion. A multisig voting mechanism will manage the treasury. A supermajority of Council seats is the required number for a decision to reach consensus.
When an AELIP is under review by the Council, it will be discussed in the Council's weekly meeting. Each member is expected to participate in the voting process for each AELIP once it enters the voting stage. A supermajority of Council seats (N) (N/2 + 1 - if N is even or to Ceiling(N/2) - if N is odd) is the required number for a decision to reach consensus. Once the voting stage has commenced, Council members will have no more than one week to vote on any single proposal.
Any proposals relevant to the operations and governance of the Council that are meant to go into effect within the current 3-month period will need approval from all Council members to go into effect. Proposals impacting Council operations which go into effect in the following period only require a supermajority.
An Aelin Improvement Proposal (AELIP) outlines changes to be made to the Aelin protocol. These are submitted to the Aelin council for voting and require a majority to pass.
Here is an example of the process an AELIP would follow to be implemented.
- 5.Present the AELIP in Aelin's Discord to the Aelin Council and the greater Aelin Community
- 6.If a majority is reached, the AELIP will handed over to Core Contributors for implementation. If the AELIP fails, it is properly labeled and dropped from the AELIP process.
- 7.Once the necessary code has been written and testing feedback is impemented, the code would be pushed to production.