Governance
Every protocol change goes through an on-chain vote of NTX holders. There is no admin key: parameters, markets and network upgrades cannot be changed around governance.
Who votes
- Voting weight. Equals staked NTX.
- Delegator. Inherits the vote of their validator unless they vote themselves. The delegator's own vote replaces the validator's vote for their stake.
How a proposal is accepted
- Submission. A proposal is submitted with a deposit of at least 20% of the minimum.
- Deposit. Within 2 days the deposit must reach 1,000,000 NTX. Anyone can add to it.
- Voting. Lasts 3 days.
- Tally. The proposal passes if all three conditions hold:
- at least 33.4% of staked NTX voted;
- Yes is more than 50% of the votes, not counting abstentions;
- veto is below 33.4%.
Expedited proposal
- Terms. A deposit of 2,000,000 NTX, 30 minutes of voting, and 66.7% Yes needed to pass.
- If it fails. It continues voting as a regular proposal.
What happens to the deposit
| Outcome | Deposit |
|---|---|
| Passed or rejected | Returned |
| Quorum not reached | Returned |
| Minimum deposit not reached | Returned |
| Veto of 33.4% or more | Burned |
| Cancelled by the proposer | 50% is burned |
What governance decides
- Parameters. The parameters of every module: trading, risk, oracle, vault and programs, and the network's block parameters.
- Markets. Listing, parameter changes and delisting.
- Risk controls. Pausing oracle pairs, lifting the circuit breaker, halting and resuming trading.
- Insurance fund and bad debt. Topping up the fund and writing off recorded debt.
- Program roles. Appointing the promo distributor and the missions curator.
- Network upgrades. Through
x/upgrade. - Community pool. Spending funds from it.