Define the C.R.E.A.M. governance process. From idea to implementation, including days per stage, key stakeholders, quorum, and thresholds.
C.R.E.A.M. Governance Request: someone posts an open question in governance forums. The forum post should include a link to the associated Snapshot poll. IF PASSES THEN:
C.R.E.A.M. Improvement Proposal: a CIP (C.R.E.A.M. Improvement Proposal) is then created. IF PASSES THEN:
Execution: a two-day Timelock period before proposed code is executed
As part of these changes, we also proposing lowering the C.R.E.A.M. balance needed to submit a Governance Request or Improvement Proposal to 250 CREAM.
Implement a 3-step governance proposal lifecycle from idea to implementation with specific parameters settings, while also lowering the C.R.E.A.M. balance needed to propose Governance Requests and Improvement Proposals.
Currently, there is no clearly defined governance proposal lifecycle. This decreases community participation in governance. Most other Tier 1 DeFi protocols have adopted a well thought governance process to foster innovation and community participation.
Additionally, the $CREAM required to propose a vote is too high – it’s currently well over $100,000, pricing out many active community members
Several governance venues are available to C.R.E.A.M. governance, each serving its own particular purpose.
- forum.cream.finance is a Discourse-hosted forum for governance-related discussion.
- Snapshot is a simple voting interface that allows users to signal sentiment. Votes on snapshot are weighted by the number of CREAM delegated to the address used to vote.
 C.R.E.A.M. Governance Request (CGR) — Discourse/Snapshot
The purpose of the CGR is to determine if there is sufficient will to make changes to the status quo.
To create a CGR:
- Ask a general, non-biased question to the community in the CGR Discussion on forum.cream.finance about a potential change (example: ”Should C.R.E.A.M. implement EPNS decentralized notifications?”). Forum posts should be labeled as follows: ”First Check - [Your Title Here]”. The forum post should include a poll in it.
- CGR posts should be labeled as follows: ”CGR - [Your Title Here]”
- Voters use Snapshot to indicate their interest in bringing it forward to the next stage.
Snapshot poll lengths should be set to 2 days.
Quorum: At the end of the 2 days, a majority vote with a 15k CREAM yes-vote threshold wins.
If the First Check does not suggest a change from the status quo, the topic will be closed on the governance site.
The proposal should be based on the winning outcome from the CGR and can consist of one or multiple actions, up to a maximum of 10 actions per proposal.
To create a CIP:
Create a topic in the Proposal Discussion category on forum.cream.finance titled ”CIP — [Your Title Here]” and link to any relevant Snapshot polls/discussion threads as well as the code audit report. Topics that begin with ”CIP” that have not successfully passed through the First Check stages will be removed by moderators.
Use feedback from the First Check post and create a new Snapshot poll which covers the options which have gained support. This poll can either be binary or multiple choice but you are required to include the option ”Make no change” or its equivalent. Set the poll duration to 5 days.
Make sure that the discussion thread links to the new Snapshot poll and the First Check thread
Reach out to your network to build support for the proposal. Discuss the proposal and actively solicit delegates to vote on it. Be willing to respond to questions. Share your view point, although try to remain as impartial as possible.
Users must have 250 CREAM in their wallet in order to submit a vote.
The voting period should be coupled with communications of CIPs via Twitter and Discord.
Quorum: At the end of the 5 days, a majority vote with a 40k CREAM yes-vote threshold wins.
If the Snapshot vote does not meet a 50% majority approval then the vote is rejected and no changes will be enacted.
Authors of proposals that are rejected may resubmit their proposal, but should include significant changes that address issues that may have prevented the CIP from passing during the initial vote.
- If the proposal has passed successfully, a two day timelock will follow before the proposed code is executed.