Governor
Onyx Governor (Chain Governor)
The Onyx Governor, also known as the Chain Governor, serves as the governance module of Onyx, enabling a decentralized, on-chain decision-making process that ensures protocol upgrades, parameter adjustments, and policy implementations are collectively determined by the Onyx community. This governance framework is designed to provide transparency, security, and adaptability, allowing token holders to actively participate in the protocol's evolution while maintaining the integrity of its decentralized architecture.
Governance Proposal Requirements
Governance proposals can only be initiated by addresses that hold more than 100,000,000 XCN tokens at the time of submission. This requirement ensures that only stakeholders with a significant vested interest in the protocol can propose changes, thereby maintaining governance integrity and preventing frivolous proposals.
The governance system determines voting eligibility based on the voting weight at the proposal's initiation, which is retrieved using the getPriorVotes function. This function ensures that only those who held sufficient XCN before the proposal’s introduction can participate in the voting process, preventing manipulation by acquiring tokens post-proposal.
Voting and Decision-Making Process
Proposal Submission: A qualifying address submits a proposal detailing the intended changes, including smart contract modifications, governance parameter adjustments, or new integrations.
Voting Period: Once submitted, the proposal enters a mandatory 3-day voting period, during which all eligible token holders can cast their votes.
Vote Calculation and Quorum:
A proposal requires a majority of affirmative votes to pass.
It must accumulate a minimum of 200,000,000 votes in favor to be considered for execution.
Votes are weighted based on XCN holdings, ensuring equitable representation of stakeholder interests.
Proposal Queueing: If the required quorum is met and the proposal is approved, it is automatically added to the Timelock contract, a governance safeguard mechanism that enforces a delay before execution.
Implementation Delay and Execution:
Approved proposals remain in the Timelock for a mandatory 2-day delay before they can be executed.
This delay provides a safeguard period for security audits, community scrutiny, and, if necessary, reconsideration or intervention by stakeholders.
After the delay expires, the proposal can be executed, finalizing the governance decision and implementing the changes on-chain.
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