In today’s rapidly evolving blockchain world, governance is one of the key factors for the success of every decentralized protocol. As an important part of the Blur ecosystem, BLUR tokens give holders the governance rights over the protocol and promote community participation and development. This article will delve into the governance mechanism of the BLUR token and its impact on the ecosystem.
Governance rights of BLUR token
BLUR token holders have governance rights over the protocol, meaning they can vote and make decisions about the future of the protocol. The Blur Foundation was established to help drive community-led governance and help contributors grow and develop within the Blur ecosystem. Recently, Zeneca was promoted to the director of the Blur Foundation, which shows the importance Blur attaches to governance.
Governance Process: BLUR’s governance process is divided into several stages, including:
Off-chain proposals: Users can propose governance proposals.
Forum discussion: Community members can discuss proposals and express their opinions.
Snapshot voting: Conduct preliminary voting to determine support for the proposal.
On-chain proposals: Proposals that have passed preliminary review can enter the on-chain voting stage.
Execution: Proposals that ultimately receive sufficient support will be implemented.
Governance proposals can be divided into three categories: core, process and information. Core proposals usually involve matters that require on-chain action, such as financial allocations, and have requirements such as proposal thresholds and governance rights lock-in. Process proposals are aimed at changes to processes or implementations, including adjustments to procedures, guidelines and decision-making processes. Informational proposals are general suggestions or information provided by the community.
Proposal initiation and voting
To initiate an off-chain proposal, users need to have at least 100,000 BLUR tokens. Proposals must receive at least 30 million BLUR votes in support before entering the on-chain execution vote. After entering the on-chain execution voting, at least 120 million BLUR support votes are needed to execute the proposal.
According to Blur's governance information, a user's governance rights are proportional to the number of coins they hold, which to a certain extent encourages users to hold BLUR tokens. However, this may also lead to a concentration of governance rights, as the majority of currency holders may be more concerned about the value of the token than the governance itself, which may ultimately lead to a small number of representatives holding more governance rights.
role of committee
In order to streamline the governance process, Blur DAO has established several special committees to manage some businesses. These committees include:
Safety Committee: Ensure that all proposals follow the prescribed governance procedures and prevent proposals that do not comply with the procedures from being passed.
Market Committee: Facilitates upgrades to the Blur Market and Aggregator contracts, and implements governance decisions regarding community development, such as royalty adjustments.
Incentive Committee: Responsible for the management of incentives for Blur users and can use up to 10% of the total supply to support incentive programs.
The establishment of these committees not only improves the efficiency of governance, but also allows more factors to be taken into account during community and product updates, making the governance process more flexible and comprehensive.
Community participation and creator protection
On the Blur platform, royalty settings are customized by the buyer, which may result in high-quality creators not receiving the returns they deserve. However, thanks to the committee, Blur is able to create incentives to protect quality creators, ensuring their earnings on the platform are not compromised.
Such a governance mechanism can not only promote community participation, but also ensure that the rights and interests of creators are protected, further promoting the healthy development of the ecosystem. The active participation of community members can not only improve the transparency of governance, but also strengthen the cohesion of the community, making the Blur ecosystem more competitive in future development.
in conclusion
The governance mechanism of BLUR tokens provides holders with the opportunity to participate in decision-making and improves the efficiency and flexibility of governance through the establishment of committees. Although the concentration of governance power may bring certain risks, a fairer and more transparent governance process can be achieved through the joint efforts of the community. In the future, as the Blur ecosystem develops, the governance mechanism will continue to be improved to provide better protection for users and creators.