BSC Governance Overview¶

governance

BEP-297 introduces the native governance module for BSC, drawing inspiration from the OpenZeppelin Governor. Here are the key features of BSC Governance:

Proposal and Voting Rights: Staking credit holders can propose and vote on governance matters.
Continuous Rewards: Voters can keep earning staking rewards during the voting period.
Flexible Delegation: Users can delegate their voting rights, enabling others to participate in governance.
Secure Execution: Proposals undergo a time lock period before execution once passed.

Workflow Overview¶

Submit Proposal¶

Initiation: Any staking credit holder can submit a proposal following the user guide.
Details Required: Proposer address, target addresses, values, function signatures, calldatas, and a comprehensive description.
Requirements: A minimum stake of 200 BNB and no pending proposals from the same delegator.

Cast Vote¶

Engagement: Voters cast their votes through the castVote transaction on the Governor contract.
Information Needed: Voter address, proposal ID, and support value (True or False).
Flexibility: Voters can adjust their support value throughout the voting period, current set at 7 days.
Voting Power: Voting power is the staking credit amount a voter holds when a proposal is submitted.

Execute Proposal¶

Execution Quorum: The percentage of voted staking credit to total staking credit should be no less than the governance quorum, currently set at 10%.
Tally Threshold: The voting power percentage for Yes should be no less than that for No and should meet the tally threshold, currently set at 50%.
Execution Timelock: When a proposal meets the execution conditions, there is still a necessary delay before it can be triggered, currently set at 1 day.

Delegation of Voting Power¶

Staking credit holders can delegate their voting power to participate in governance if they lack time or expertise. Delegating to a trusted party like a validator or a professional service allows them to benefit from expertise and avoid losing rewards by not voting.