🔮
NONbeta Governance
The NONbeta Organization is ruled by $SOON.
$SOON holders directly govern its finances and development, in an entirely on-chain, decentralized and granular way.
NONbeta is the first ever Ethereum organization to be governed 100% on-chain. To be more specific, all structural changes and financial decisions are made, without exception, through the automated, unmediated execution of code via on-chain voting. $SOON holders vote by staking tokens to support the options put forward by Proposals. Tokens can be withdrawn at anytime, but beware—if withdrawn before the Proposal is validated, the vote won’t count. 1 $SOON = 1 vote.
Validation of a Proposal, and the execution of its code, depends on the type of Proposal it is. Proposal types are discussed in detail below.
Regardless of the type (OS-UP/Surveyless/Survey), both at the Root and Governance layer, all the proposals once passed automatically execute code without any reliances on anything off-chain.
NONbeta is, as a result, the first ever organization to be truly decentralized.
Governance is done through a granular, permission-based, dual-layer system, discussed below.
This is designed to allows the team and $SOON holders to govern the underlying protocol together in a secure and decentralized way (although $SOON holders always have the final say); and for $SOON holders to make all financial decisions independently from the team, who can’t influence such decisions at all.
The Root Layer is governed by both the Host—in this case, the NONbeta development team—and token holders—in this case, $SOON holders.
This is where the underlying protocol of the Organization is governed. Here, the NONbeta development team can make Proposals to:
- Add New development features
- Upgrade the Organization architecture
- Bug Fixing
To pass, all OS-UP (OS Update Proposals) must be supported by $SOON holders.
Proposer | Type | Quorum | MaxCap | Duration | Bomb |
|---|---|---|---|---|---|
Host | OS-UP | 10% | 15% | 7 Days | 9 days |
Proposer
Only the NONbeta development team can make Proposals at the Root Layer. However, Proposals can only pass with the support of $SOON holders.
Quorum
At least 10% of the current total $SOON supply must be cast for a Proposal for it to be pass.
MaxCap
If 15% of the current total $SOON supply is cast in favor of a Proposal, it will end immediately, regardless of what its duration was set as.
Duration
This is the period during which token holders can vote in a Proposal.
Bomb
This is the period during which a Proposal can be executed after it ends. The bomb period begins at the same moment as the duration period.
The Governance Layer is governed exclusively by $SOON Holders.
This is where the finances and economics of the Organization are governed. Here, $SOON holders can vote on a series of Proposals that are determined at the Root Layer, which in fact governs the structure of the Governance layer. The team has no governance powers here; only $SOON holders can vote on Proposals.
A Governance Proposal can be a Survey or Surveyless.
$SOON holders can vote to alter the per annum inflation rate of $SOON. This is very important, and holders should account for both the inflationary and deflationary factors that influence of the $SOON supply when casting their votes.
The fee rate options are: 0.5% / 1% / 3% / 5% / 8% / 15%
The current rate is 8%.
Some Factories take a fee as a percentage of the value that is transacted when clones of their model contracts are used. The FoF Percentage Fee is a fee of that fee.
The fee rate options are: 0.03% / 0.08% / 0.3% / 0.8% / 1% / 3%
The current rate is 0.08%.
Some Factories take a fee as a burn of a specified token whenever they are used. The FoF Burn Fee is a percentage fee of that fee.
The fee rate options are: 0.03% / 0.08% / 0.3% / 0.8% / 1% / 3%
The current rate is 0.08%.
The Routine Factory takes a fee as a percentage of the value that is transacted when clones of its model contract are used, including ours.
The fee rate options are: 0.03% / 0.08% / 0.3% / 0.8% / 1% / 3%
The current rate is 0.08%.
The Farming Factory takes a fee as a percentage of the value that is transacted when clones of its model contract are used, including ours.
The fee rate options are: 0.03% / 0.08% / 0.3% / 0.8% / 1% / 3%
The current rate is 0.08%.
The Farming Factory takes a fee as a burn of $SOON whenever clones of its model contract are used, including ours.
The fee rate options are: 0.05 / 0.1 / 1 / 5 / 10 / 100
The current rate is 5 $SOON.
Users of the Farming Factory can choose to pay either the Percentage Fee or the Burn Fee.
The Delegation Representative who wants to create a Delegation must first stake a $SOON amount as insurance. If the Delegation behaves maliciously, the NONbeta Organization can vote to ban the Delegation. If banned, the staked $SOON is burned and the Delegation is detached, no longer being able to access grants reserved for Delegations.
The insurance options are: 75 / 250 / 250 / 750 / 1000 / 5000
The current insurance amount is 250 $SOON.
Every time it receives ETH, the Investment Fund buys a basket of four tokens. $SOON holders can vote at any time to change which tokens these are.
The current four tokens are: $GTC / $ENS / $MVI / $DPI
The Fund also buys $SOON, which it immediately burns.
Once a week, the Investment Fund sells a percentage of five tokens that are currently in its portfolio for ETH. $SOON holders can vote at any time to change which tokens are sold and the percentage of the holdings of each that are sold.
The current five tokens are: $GTC (1%) / $ENS (1%) / $MVI (3%) / $DPI (3%) / $USDC (5%)
Text | Type | Quorum | MaxCap | Duration |
|---|---|---|---|---|
$SOON Inflation Rate | Surveyless | N/A | 25% | N/A |
FoF % Fee | Surveyless | N/A | 15% | N/A |
FoF Burn Fee | Surveyless | N/A | 15% | N/A |
Farming Factory % Fee | Surveyless | N/A | 15% | N/A |
Farming Factory Burn Fee | Surveyless | N/A | 15% | N/A |
Routine Factory % Fee | Surveyless | N/A | 15% | N/A |
Delegations Grant Insurance | Surveyless | N/A | 15% | |
Investment Fund buy tokens | Survey | 10% | 20% | 7 Days |
Investment Fund sell tokens | Survey | 10% | 20% | 7 Days |
Quorum
If a quorum is set, the defined minimum percentage of the OS supply must be cast for a Proposal for it to be validated, although it can’t be executed until the duration ends.
MaxCap
If a MaxCap is set, if the defined minimum percentage of the $SOON supply is cast for a Proposal, it will be validated and executed immediately, regardless of what its duration was set as.
Duration
This is the period during which token holders can vote in a Proposal.