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Samurai Governance introduces a formalized path to the decentralization and autonomy of the Samurai Protocol. Covering governance mechanisms and incentives, it aims to share a vision of alignment between various participants within the Samurai ecosystem, protocol functionality and the xHNR token & nodes as a core element of the Samurai Protocol.
The underlying purpose and enhanced utility of the xHNR tokens is to share economics of, align incentives around, govern parameter changes and on-chain upgrades to the relevant smart contract systems. The xHNR governance token can thus effectively aid in determining the new software and amendments that the Samurai Protocol adopts and serve as a form of active stewardship of the Samurai protocol.
The Shogunate Rules
The ones by which all the Samurais must abide by:
Governance mechanisms in decentralized protocols stem from the interplay of community participation, incentives, self-regulation and policy management, all adjusted to live through and alongside the market.
Samurai Governance consists of the proposition and decision-making process for the different risk parameter changes, improvements and incentives that constitute the policies, and upgrades to governance itself. All future decisions governing the protocol will be enacted through this procedure.
The xHNR token empowers holders to collectively act as governors of the protocol by enabling them with the capability to vote and propose. xHNR governance tokens shall not be deemed as a pro rata claim on any of the protocol's PCV - protocol controlled value (i.e., governance tokens do not function as a stock in a trust or foundation).
Samurai Governance is an exciting new evolution of on-chain governance, allowing unique features, rapid protocol upgrades via short time lock executors, and governance upgrades via long time lock executors. This ensures the protocol can rapidly adjust to changing market conditions, as well as upgrade core parts of the protocol as time goes on.
Governance proposals experiencing a notably high engagement and participation, surpassing the quorum requirements by at least 100% and strongly favoring a particular voting option by over 70%, become inviolable and irrevocable, impervious to any future governance proposals, votes and attempts at overturning, voiding, nullifying, or removing them.
xHNR token holders receive governance powers proportionally to the sum of their balance. There are initially two powers associated with each governance token
The voting power which is used to vote for or against existing proposals. Proposal
The proposal power that gives access to creating and sustaining a proposal.
Frequently Asked Questions
What do I need to vote?
In order to vote you need to have xHNR tokens. The amount of tokens will be summed up in your voting.
How do I change my vote?
You can easily change your vote by following the steps above and casting your desired vote. Your previous vote will automatically be cancelled.
Can I move my xHNR while the vote is in progress?
You can move your tokens as long as the amount you have in the wallet used to vote remains equal or higher than the tokens used to vote. Reducing your token amount to lower than the amount of tokens used for voting would cancel your vote.
Can I add more tokens to my vote?
Yes, voting again will reflect your new amount of tokens.
What are the current governance parameters?
Proposal validation requires 100 000 xHNR tokens. Voting delay is set to 1 hour. Quorum is set to 500 000 xHNR tokens. Voting period is 48 hours and leverages single choice voting mechanism. These parameters are subject to change.