BAO Improvement Proposal (BIP) Process
Last updated
Last updated
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:
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.
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.
Moderator Approval - Approved BIPs are listed for community review.
Snapshot Vote - After a week, members can request progression to 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.
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.