Governance

The decentralization of protocol governance needs to be phased due to development prioritization. Upon protocol launch, the highest priority is to ensure positive performance and efficient adaptation to the ever-changing market. Leading the governance allows the Borabora dev contributors to implement constant improvements faster, further helping the protocol build a steady foundation.

When the protocol reaches a broad user base and can stably provide optimized experiences for all trades, elevating the degree of decentralization will be the new priority. Voting will be progressively introduced to the governance process, starting from major protocol updates polling, then expanding to comprehensive protocol modifications. In future phases, trust will be minimized as veToken holders are onboard to govern and shape the protocol into a better state.

Borabora Protocol Governance Scope

Borabora DAO multi-sig currently governs the Borabora protocol smart contracts, and the scope includes general operation, maintenance and emergency actions.

General Operation

• Upgrade this smart contract

• Set underlying asset symbol string

• Set underlying asset initial margin rate

• Set underlying asset open / close fee rate

• Set the address of on-chain oracle

• Set fee rate for removing liquidity

• Set who can execute emergency functions

• etc

Maintenance

• Collect and distribute protocol fees

• MMR%

• Slippage Parameter

• etc

Emergency

• Enable / disable trading of specific assets

• Enable / disable using specific assets as underlying assets

• Enable / disable using specific assets for opening positions

• Enable / disable using specific assets for shorting

• Enable / disable using specific assets for adding liquidity

• Set underlying asset maximum open interest cap

• ect