BAO Improvement Proposal (BIP) Process

BIPs are proposals by the community to improve or enhance the Bao Finance and ecosystem. They allow the community to evolve the project in a transparent, decentralized manner.

There are 4 stages to the BIP process:

Stage 1: Concept Creation

This initial stage involves developing the idea and gathering feedback before drafting a formal BIP.

  • Idea Initiation - Come up with a concept for a potential BIP.

  • Detailing - Provide models, specifications, and other details to flesh out the initial idea.

  • Community Feedback - Engage community to refine and improve the proposal.

  • Polling - Use forum polls to gauge sentiment and support for the idea.

Stage 2: Drafting the BIP

After a week in the Concepts section, a full BIP is drafted in the forum.

  • Transition - Draft the complete BIP in the corresponding forum thread.

  • Feedback Loop - Request review by mods and potential categorization.

  • Proposal Details - Ensure the BIP has all necessary info for easy implementation.

  • Moderator Review - BIP is moved to Governance Proposals and assigned a number if deemed comprehensive.

Moderators assess completeness, not agreement. Well-written BIPs fosters community confidence.

Stage 3: Official BIP Listing

  • Moderator Approval - Approved BIPs are listed for community review.

  • Snapshot Vote - After a week, members can request progression to voting.

Stage 4: Voting

  • Achieve Quorum - Proposers promote BIP to achieve minimum 10m veBAO votes.

  • Decision - If quorum unmet, multisig holders decide on BIP.

  • Veto - Multisig can veto; forced revote if vetoed.

Revote Criteria

  • Successful revote requires 2/3 majority.

  • Must have 25% of total voting power.

  • Veto reasoning provided with 1 week for rebuttal.

The 4 stages enable the productive, decentralized evolution of Bao Finance.

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