Governance

It is intended that CYBER holders, stakers and delegates will have authority over Cyber L2 and CyberConnect Social Graph, along with their underlying protocols.

CYBER stakers and CYBER holders are responsible for submitting, deliberating, and voting on governance proposals. CYBER holders can either vote directly or delegate their voting power to an eligible third party. CYBER stakers can vote directly using CYBER staked. However, this should not be the case indefinitely. When decentralized node operators (previously mentioned AVS operators) go online, they should vote using all the CYBER staked to them respectively.

Specialized councils are formed with high-context delegates to streamline processes and make high-context judgments. The first council created is the Grants Council. A well-constructed grants program is a great way to accelerate the ecosystem's growth and attract high-quality builders. The Cyber Ecosystem Grants program has been set up, with a dedicate $2M worth of CYBER tokens, to support builders in growing a thriving social L2 ecosystem and accelerate the overall adoption of onchain social and web3. This program will establish a Grants Council of 4 members with a CharmVerse program manager. All grant proposals will follow a separate process different than described below.

All non-grant governance proposals must fall within one of the following categories:

1. Community Treasury
2. Protocol Upgrades
3. Council member designation and removal

Anyone can submit a proposal to governance. Proposals are rejected or accepted using a voting process. The proposal must be one of the valid proposal types listed below.

All governance proposals go through a two-week cycle.

Week 1

The proposer submits a new discussion thread in the appropriate category. By the end of the week, 1 of the top 30 delegates must give explicit approval on the discussion thread and move the proposal to a vote.

Week 2

All CYBER stakers, CYBER holders, and delegates are invited to vote on proposals. A snapshot to determine voting power for stakers, holders, and delegates

The proposal is approved if it satisfies the following minimum vote thresholds:

1. Quorum: The minimum number of total votes required to be cast. A quorum is measured as a % of the non-excluded votes. CYBER holders can exclude their vote by delegating to a special address. The primary use case is the CYBER community treasury.
2. Approval Threshold: The minimum number of votes to be cast in favor of approving a proposal. The approval threshold for each proposal is measured as % of votes cast to approve relative to the total number of yes/no votes cast in connection with a proposal.

Upgrades to L2 and the bridge may be subject to The Law of Chains