Governance

BarnBridge DAO is an initiative, which grants voting rights to the BOND holders and lays the foundation for the BarnBridge products. The BarnBridge DAO is the only source of minting products on top of the blockchain and launching them into the wild.

BarnBridge DAO is governed by the BOND tokens and empowers the community by enabling decentralized decision making on the BarnBridge protocol.

BarnBridge DAO

BarnBridge DAO is controlled by the BOND community. The BarnBridge DAO have full control over the protocol and the features that are built into it. We are doing this through the use of the Diamond Standard (EIP-2535), which allows us to upgrade the protocol without having all the members remove their tokens and switch to a version 2 of the protocol that time arises. The BarnBridge DAO have full control over the Diamond which provides amazing flexibility in the web3 space.

DAO Specifications

Lock BOND

Users can lock BOND for a period of up to 1 year and get bonus vBOND.

Bonus

The bonus is linear - max 1 year, max 2x multiplier.

Bonus decay

Bonus has a linear decay relative to locking duration.

Lock more

Users can lock additional BOND with the same or extended lock period.

No lock stake

Users can stake BOND tokens without locking them. No bonus is applied

Withdraw your BOND

Users can only withdraw their BOND balance after the lock period expires.

Redeem

Users can redeem their BOND tokens at any time.

Stake more

Users can stake more BOND and get the same amount of vBOND

One delegate

There can be only one delegatee at a time.

Delegate actual balance

Only actual balance can be delegated, not a bonus.

Stop delegate

Users can take the delegated vBONDs at any time.

Architecture

The voting on the DAO will be performed with the non-tradable vBOND tokens. To get vBOND, users will have to stake or lock their BOND tokens.

Proposal creation threshold

To create a proposal you will need 1% of the BOND staked in Barn (DAO Staking smart contract).

Quorum & acceptance

The minimum quorum is 40% of staked BOND. The minimum acceptance is 60% of the votes.

How does
a proposal work?

Users that hold enough vBOND can create a proposal. A proposal creator can only have one active proposal at a time but can vote on other proposals.

Proposal has a maximum number of 10 actions that can be executed. When the proposal is executed, either all actions are executed or none of them. If one action reverts, the whole proposal execution reverts.

After being created, proposal enters the Warm-up state to allow people to stake their BOND.

After Warm-up, any user can vote. The voting period starts immediately. At the first incoming vote if the creator’s balance falls below the 1% threshold the proposal is cancelled automatically or it can be cancelled by calling a function.

Once a proposal becomes executable, any users can call the execute function. If the proposal is not executed during the Grace period, it is marked as expired and cannot be executed anymore.

Once a proposal is accepted, it will have to wait in a queue before it can be executed. During this time, it can be canceled by:

the creator;
anyone if the creator’s balance falls below the 1% threshold;
cancellation proposal.

Proposal is formed of:

ID
Title
Description
List of Targets (Addresses)
List of Values
List of Signatures
List of Calldata

Each proposal should include some documentation, etc.

Proposal states

Warm-up

Voting

Failed

Accepted

Queued for execution

Grace period

Expired