Initial Governance Implementation

All relevant protocol parameters and the fee split are set by default at launch. A governance council manages the treasury via a Safe multi-sig (3-of-5 with signers from the core team and investors).

A governance council will operate another multi-sig to implement changes to the protocol. Token holders will be able to propose changes to the protocol by submitting NIPs (Nabla Improvement Proposals). Each NIP needs to pass a discussion period in the forum and reach some social consensus before it gets submitted to a vote by a DAO representative. A NIP then needs to pass a Snapshot vote and reach a certain quorum (initially set to 1%) for the team and the DAO to implement the changes. Voting power depends on the amount of $sNABLA and the boost. Voting can be delegated to other $sNABLA holders.

The governance council retains veto rights for proposals for about 1 year after launch before the protocol is fully controlled by the DAO.