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In this article, we’re going to explore the features of the Bumper DAO, the governance model of our most bodacious protocol.
The Bumper DAO grants BUMP token holders the ability to actively participate in protocol decision making and upgrade proposals, whilst rewarding users for staking and participating in votes. Let’s dive in…
You wanna vote? You need voting power dude! We call it vBUMP. It’s not a token by itself, but is derived from your existing BUMP tokens.
In order to get vBUMP, you need to stake your BUMP tokens in the Bumper DAO. For every token you stake, you get 1 vBUMP.
Want more voting power? No problem, once you’ve staked, you can choose to lock BUMP for up to a year to multiply your vBUMP voting power.
There's also the option of delegating your vBUMP to another user, allowing for more flexible governance.
Before a proposal is created, a BRC is opened on Discourse for community discussion. It's like a brainstorming session, where potential changes to the protocol are discussed, and a sentiment vote is taken via Snapshot. This gives the proposer some idea as to whether it’s likely to get approval from the community or not, and the best bit is it’s conducted off-chain, so there’s no gas fees.
A Bumper Improvement Proposal (BIP) is born from the dialogue in the BRC.
This is a formal proposal which is created by a user with sufficient vBUMP on the Bumper DAO page. Not got enough BUMP but have a great idea? Cool, this is where you’d be encouraging people to delegate BUMP to you via the BRC.
A newly created proposal begins as an initial proposal (or iBIP) which is then passed to the Technical Steering Committee.
The Technical Steering Committee (TSC) reviews the initial BIP (iBIP), ensuring that it meets technical and roadmap criteria.
Upon approval, the iBIP becomes a full BIP, and the warmup period begins. During the warmup period, users have the opportunity to delegate their vBUMP to another user (or recover their already delegated vBUMP). It also gives you time to purchase and stake or lock tokens to increase your voting power. Rad!
Bumper’s DAO comes with perks! Bumper offers rewards to incentivize token holders to participate in governance. The more tokens you stake or lock, the more BUMP you earn. There may be much easier ways to grow your stash, of course, but we’re not betting on it.
Rewards can be claimed, daily, making it a no-brainer for BUMP token holders to stake or lock into Bumper’s DAO and grow your stash as well as gaining voting rights.
Bumper DAO's voting system is as straightforward as a John Hughes plotline.
After the warmup period, the voting period takes place.
BUMP token holders can flex their vBUMP muscles and vote directly either for or against the proposal - or, if you’ve delegated your vBUMP, you can let your proxy cast votes on your behalf. Voting makes use of the total amount of vBUMP you have in your wallet (including delegated vBUMP)
Voting requires a quorum of available vBUMP to be reached, and in order for a proposal to be approved, a supermajority of the vBUMP cast must have been in favour.
If a proposal cannot reach either a quorum, or meet the supermajority threshold, it’s considered to have failed and won’t go any further.
Sometimes, just occasionally, a vote might pass, and then some clever Trevor notices there’s a flaw. No bother, as Bumper’s DAO allows for an abrogation vote to take place once the main voting has concluded.
If an abrogation vote passes, this effectively also kills the proposal from going further.
The Bumper mainnet goes live on 1 August, 2023, and the DAO is a major step in our development, allowing token holders a say on how the governance and decision making in the protocol.
If you want to be able to participate, you need BUMP tokens, and you need to lock or stake them into the DAO.
If you want to find out more about Bumper, we highly recommend checking out our documentation and joining the Bumper community on Discord.
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