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Governance

The Mantle ecosystem and MNT token are currently undergoing a governance approval process to determine key aspects, including the token address, token design, and initial token distribution. This process involves key proposals and discussions such as the BIP-21 Merger Proposal and MIP-22 Token Design Proposal.

Summary

Mantle Governance follows a primarily off-chain governance process. Discussions are initiated by the Mantle core contributor team or community members and are then introduced to the broader Mantle community through a forum discussion. Discussions that generate sufficient interest and positive sentiment may progress into formal proposals 'MIPs', which are subsequently voted upon by $MNT token holders. Once a proposal is ratified, various core contributor team members will support its implementation according to the terms outlined in the proposal. This approach is considered an "off-chain" governance process because the result of the governance vote does not automatically trigger code updates to products or automatic treasury actions.

Current Parameters

** Note these items are subject to a transition pending the outcomes of key proposals and discussions such as the BIP-21 Merger Proposal and MIP-22 Token Design Proposal.
Category
Component
Comment
Status
Discussion
Soft proposals and discussions**
Guidance
Discussion
Forum discussion period
Minimum 7 days
Guidance
Voting
Voting Module (Governance Module)**
Official
Voting
Governance Token**
Official
Voting
Delegated Voting**
Enabled for Delegate All only.
Token holders must delegate before voting (can delegate to themselves). https://delegatevote.mantle.xyz/
Official
Voting
Snapshot Strategy**
1 delegated $MNT = 1 vote weight
Official
Voting
Proposal Threshold**
200,000 $MNT
Official
Voting
Vote Duration
Minimum 7 days
Official
Voting
Vote Threshold (Quorum)**
100,000,000 $MNT
Official
Custody
Mantle Treasury
Safe (previously known as Gnosis Safe), Multi-sig
Official

Definitions and Details

Discussions (Discourse Forum)

The recommended forum for discussing the Mantle ecosystem is: https://forum.mantle.xyz/. A community member may draft a soft proposal or initiate a discussion that may leads to an official Mantle Governance vote. Such proposals act as a “temperature test” or a poll but do not guarantee implementation.

Governance Module (Snapshot)

The official governance voting solution is Gnosis Snapshot and the official Snapshot Space can be found at https://snapshot.org/#/bitdao.eth. Snapshot is an off-chain vote aggregation platform and was chosen to make governance simple and transparent for our users. It is a proven solution with a user-friendly interface and is used by many industry-leading projects such as Balancer, Yearn Finance, SushiSwap, Uniswap, Bancor, The Graph, and Aave.
Snapshot-based governance, commonly referred to as off-chain governance, doesn't automatically implement the voting results. It often requires a core contributor and administration team to perform subsequent actions.

Governance Token ($MNT)

TBD - pending the outcomes of key proposals and discussions such as the BIP-21 Merger Proposal and MIP-22 Token Design Proposal.

Delegated Voting

Token holders cannot vote or create Snapshot proposals until they delegate their voting rights to an address. Delegation can be given to one address at a time, including the holder’s own address. More details can be found here: https://docs.mantle.xyz/governance/parameters/delegation.

Snapshot Vote Strategy

The Snapshot Vote Strategy defines how vote weight is calculated. The current setting is that 1 MNT token equals 1 vote weight when delegated.
Multiple vote strategies can be implemented to recognize different vote weights derived from various tokens and other vote weight modification schemes. Any modifications to the vote strategy must be approved by Mantle Governance.

Snapshot Proposal Threshold

This threshold specifies the minimum amount of vote weight required to create a proposal. It is typically implemented to mitigate spamming of proposals.

Snapshot Vote Duration

Snapshot Vote Duration refers to the length of time between the start and end of the voting period. It is the period during which token holders can cast their votes on a proposal.

Snapshot Vote Threshold / Quorum

The Snapshot Vote Threshold specifies the minimum amount of vote weight required for a vote on a proposal to be considered effective. If this minimum threshold is not met, the vote is unsuccessful, even if the majority of voters voted in favor. This threshold is sometimes referred to as the "quorum".

Mantle Treasury (Safe)

The official asset custody solution is provided by https://safe.global/ (previously known as Gnosis Safe). Mantle Treasury uses a direct implementation of Safe. Safe is a widely used standard for enabling multi-sig control over an Ethereum address. Safe utilizes an extensive testing suite, bug bounty program, and security audits. For additional information regarding the contract, please refer to the Safe documentation.

Implementation

Mantle Governance follows a primarily off-chain governance process. Discussions are initiated by the Mantle core contributor team or community members, and are then introduced to the broader Mantle community through forum discussions. Discussions that generate sufficient interest and positive sentiment may progress into formal proposals (MIPs), which are subsequently voted upon by $MNT token holders. Once a proposal is ratified, various core contributor team members will support its implementation according to the terms outlined in the proposal. This approach is considered an "off-chain" governance process because the result of the governance vote does not automatically trigger code updates to products or automatic treasury actions.