Information about the lifecycle of a Merit Circle improvement proposal (MIP)
The Merit Circle DAO is governed by MC tokenholders who vote on proposals that decide what actions the DAO will undertake. A proposal may be submitted by a Merit Circle DAO stakeholder in the governance category of the governance forum, provided that it is relevant to Merit Circle DAO, follows the applicable community guidelines and is in accordance with the proposal template.
The proposal process is subject to change according to Merit Circle DAO governance.
Prior to making a formal proposal, proposal creators are encouraged to exchange thoughts and ideas with the wider Merit Circle DAO community through the discussion category or through other channels for the purpose of gauging community sentiment. The main discussions are held in the following channels:
Proposals are created on the governance forum in the governance section according to the template that can be found below. To ensure that the governance forum rules and guidelines are followed, each new proposal intended to be published on the governance forum shall be reviewed by the forum moderator(s) before being published.
A valid governance proposal approved by a moderator shall enter into a review and discussion period in the governance section of the Governance Forum. The discussion period shall last for a minimum of two days, counting from the time it is published.
It is the proposal author’s responsibility to obtain engagement for the proposal. The author is encouraged to ensure that questions asked in connection with the proposal are responded to.
Simply head over to vote.meritcircle.io and see which proposals are open for voting. Proposals are subject to a two-day voting period.
For a proposal to pass, the relevant quorum and majority requirements must be met. A quorum for a vote on a proposal is reached if voting power equaling 2 million MC tokens has been used to vote on the relevant proposal. The majority requirements for a proposal are met if more than 50% of the votes cast are in favor of the relevant proposal.
Any proposal that either fails to meet the quorum requirement or obtain the relevant majority requirement shall be considered a failed proposal. If a vote does not form a quorum, a repeated vote may take place if the author(s) of the proposal consents and the proposal received more votes for it than against it during the vote that did not meet the quorum requirements.
Once a proposal has passed, changes will be implemented by Merit Circle DAO's protocol or contributors and signed by the relevant multisig team (to the extent applicable), provided that the outcome of the proposal can be enforced either on-chain or otherwise. Any proposal results that cannot be enforced are utilized for sentiment signaling purposes and not "binding".