Governance and xCOFFIN
Users can, and are tin-fact encouraged, to propose changes to the protocol if they hold a certain amount of XCOFFIN (50,000 as of now though subject to change. ). After releasing xCOFFIN, please allow us, only the development and executive teams to continue making proposals for at least one month longer.Please read this article also. https://coffinfinance.medium.com/good-day-current-status-and-new-plan-about-coffin-finance-a8c23d81b414
Proposals can modify system parameters, can improve the token ecosystem, or can add an entirely a new functionality to the protocol.
Note that only the community members who hold relevant amounts of xCOFFIN at the time of the creation of the Snapshot block number would be able to vote on the proposal.
Once a proposal is submitted, it goes through a validation voting period. At the end of this voting period, whichever choice comprises of the majority of the votes are in favor of the proposal is chosen. At least 200,000 XCOFFIN are are required to be in favor of the proposition, the change will be queued into the Timelock and will be implemented within 24-48 hours. ( subject to change).
The XCOFFIN implementation is not applicable in the beginning stages of the protocol, though XCOFFIN and DAO will be released roughly 4 weeks. after launch.
The release date is updated. please read below articles.
We use snapshot.org for voting. Snapshot is a decentralized voting system.
Note that only the community members who hold relevant amounts of tokens at the time of the creation of the Snapshot block number would be able to vote on the proposal.
Until releasing of XCOFFIN and DAO governance, the Coffin Finance development team will be glad to hear from you, the community, and maintain full responsibility, making decisions to launch safely, securely and successfully.
Please see the below Roadmap for more information: