JustLend DAO governance is mainly composed of JST tokens, governance module (Governor Bravo) and Timelock. Together, these contracts allow the community to propose, vote, and implement changes through the governance functions of jToken or Comptroller. Proposals can modify system parameters, add new markets, or add entirely new features to the protocol, etc.
The governance is first discussed in the forum. If there is no-contentious, then it is conducted through voting. Any users who hold more than 200 million JST can initiate a proposal on the platform, and other users can participate in the vote. If and only if the number of votes in favor of the proposal exceeds the number of negative votes and meanwhile exceeds 600 million, the proposal can be passed and implemented two days later.
JST tokens enable holders to collectively act as managers of the protocol, enabling them to vote and propose. The process of submitting a proposal and voting is as shown below (before entering the lock phase, you can cancel the created proposal at any time by proposal)
- JST holders call governance contracts to create proposals. After a proposal is successfully created, it will enter a 2-day review period. Voting rights are recorded and voting begins after the review period.
- JST holders get votes and choose to support or oppose the proposal according to the content. One JST one vote. The voting period is 3 days.
- After the voting is over (the voting deadline is reached), the governance contract will judge whether the proposal is passed or not based on the number of votes. If the vote is not passed, this proposal will end. Otherwise, the process goes to step 4.
- If the proposal is passed, the proposal will enter a lock-up period of 48 hours. After the lock-up period ends, the proposal will be in a pending state, and the proposal will take effect immediately after the execution.
Taken together, in general, a full proposal will take at least a week.