Hubble's Beta-Governance Process Overview

Hubble’s governance process is in its nascent stages. At present, our most immediate efforts are directed at driving community involvement in our decision-making process as much as possible. At the same time, the protocol needs to remain agile in adjusting its parameters as required.

For the time being, we are implementing a hybrid model of governance, where community decisions will compliment protocol decision-making. This will enable us to determine what the most effective governance structures/processes are going forward. Our aim is to transition into a full DAO in the future, and it is our view that the best way to do so is by taking each step with the certainty that it will remain sustainable going forward.

To introduce governance, the initial stages of interaction in the forum will be in the form of discussions, which will be centered around:

  • Requests for feedback on proposed structures for governance itself (eg. our Collateral Onboarding Process proposal which is already live and open to discuss)
  • Pertinent topics within the community
  • New integrations
  • Upcoming/proposed updates

In terms of governance, we want to open the funnel for user ideas to improve the protocol. This will be centered in the Governance Category, where users can start governance Discussions, or get straight into submitting Proposal Ideas for community feedback. A Proposal Idea will be the first step in our Governance Process.

We will gradually transition from a discussion-based forum model towards voting on certain topics. This will be the first phase of actual governance, and should be implemented in May 2022.

In this first phase, voting will be on predetermined topics presented by the project staff, as well as evergreen votes that will occur weekly or monthly. The first of the weekly recurring votes will be to determine Stability Fees, which will go live within the next month. The initial topic-specific voting will be to introduce new collateral to the platform, which will also become available within the next month.

Stability Fee Votes

Stability Fee voting will occur weekly in the Formal Proposal section. The votes will be identified as: HIP1v{vote #}. So, for example, for our first SF votes, the identifier will be: HIP1v1. Voting will occur on a weekly basis, and will remain open for 48 hours. For a clear idea of what the Stability Fee is, and how it impacts the protocol, read through the in our docs.

Collateral Votes

Collateral Votes will also occur in the Formal Proposal section, and will be identified as a HIP2, as follows: HIP2v{vote #}-token symbol/token symbol. For example, if there is a vote to decide between adding BNB or AVAX, and it is the third collateral vote of the protocol, the identifier will be as follows: HIP2v3-BNB/AVAX

Collateral votes will consist of two or more collateral assets determined by the protocol according to community feedback, on which the community can then vote. Once a vote is conclusive, the devs will implement the collateral, reporting on the progress and the parameters of the collateral implementation in the Collateral Feedback section.