The Bend economy is driven by a governance forum (Snapshot Space) and uses BEND to approve Bend Improvement Proposals (BIPs). This process is designed to ensure that proposals are extensively discussed before being pushed on-chain. All BENDs in the market can be used to vote on BIPs or delegated to Bend protocol politicians to vote on your behalf.
- Community Created BIP.
- The community evaluates the BIP, collects feedback, and refines the BIP.
- The community signals the implementation of the proposal.
- The founding team implements the proposal and submits it to governance.
- Governance evaluates implementation and approves or rejects proposals.
The threshold is based on the quorum and support of votes for/against an BIP.
The quorum means total "yes" and "no" votes of an BIP.
The supoort means total "yes" votes of an BIP.
For example:
1. If the quorum is 30% and the support is 60%, the "yes" is 18% and "no" is 7% of the total votes, the BIP will not be passed, because 18%+7% = 25% < 30%.
2. If the quorum is 30% and the support is 60%, the "yes" is 23% and "no" is 8% of the total votes, the BIP will be passed, because 23%+8% = 31% > 30%, and 23% / (23% + 8%) = 74% > 60%.
We invite those eager to participate in discussions of any of the concepts above to join our governance forum or Discord, as readers like you will shape the Bend protocol of tomorrow.