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.