Propose upgrades and changes to Moonwell
Through the proposal process, the Moonwell community is able to recommend, discuss, vote upon and implement changes to the Moonwell protocol without requiring any sole individual or contributing team to activate those changes.
In general, proposals should start with a post in the Moonwell Governance Forum. Before submitting a proposal to the forum, please consult the proposal guidelines. If you’re unable to distill your idea down into a focused and structured proposal, share it first in the ideas subcategory of the forums or in the #governance channel of our Discord. Anyone can register for an account on the forum or join the Moonwell Discord. The community welcomes thoughtful proposals and discourse about those proposals from everyone, whether or not they are a WELL or MFAM token holder.
For proposals that will result in substantial changes to the Moonwell protocol, it is recommended that the proposal author first gauges community interest by capturing an off-chain “signaling vote.” Signaling votes are non-binding, since they don’t have the ability to directly change the protocol, however, they are a valuable means of measuring sentiment on substantive issues. Signal voting and voting on proposals that do not require upgrades or changes to the Moonwell Artemis code base utilize the Snapshot Voting Portal.
The process of implementing changes to the Moonwell protocol begins with a proposal, known as a Moonwell Improvement Proposal, or MIP. These on-chain proposals possess both a description and code that will be executed on the Moonbeam network following its passage. The Governance Portal makes it easy to browse and vote upon MIPs that are currently undergoing active voting. The full proposal process has been illustrated in the diagram below.
A Moonwell Improvement Proposal can be created by any wallet that has enough voting power to meet the proposal threshold, which is currently set at 400,000 votes for Artemis and 500,000 votes for Apollo. The proposal author must submit the description and code, which consists of a set of up to 25 operations that will be executed if the proposal passes. Once the proposal has been created, the active voting period begins after a small delay of 60 seconds.
At the end of the voting period, a proposal will be considered to have succeeded if it meets the following criteria:
- Proposal has received a majority of Yay votes (greater than 50%
YAYwhen compared to
Quorum is a measure of all
ABSTAINvotes on a proposal, therefore it is possible for
ABSTAINvotes to assist a proposal in reaching quorum and passing successfully. If a proposal does not achieve both of these requirements during the 3 day voting period, it will be considered defeated, and cannot be executed.
After a proposal succeeds, it will be queued in the Timelock, which introduces a mandatory 24 hour delay before the proposal is able to be executed. This is intended to give the community time to react to a proposal before it is executed.
Once the Timelock delay has elapsed the proposal can now be executed by any account on the Moonbeam network, at which point all of the operations included in the proposal will be performed.