🏛️Governance & veH1
This document explains the role of governance on Haven1 and visualises how you as a network participant can decide the future of the Haven1 network
Important Note
Governance on the Haven1 Testnet is non-binding. This phase serves as an educational tool to familiarize the community with the governance processes expected on the mainnet. It's important to understand that votes cast during this phase are solely for learning and do not affect the live network.
Haven1 Governance Framework
Haven1 is committed to progressively expanding the rights of veH1 holders as the network stabilizes
Initially, the governing council, comprising seven validator partners, holds the veto power to override proposals deemed harmful. This council's composition may evolve, with positions becoming electable by veH1 holders.
Governance Participation
veH1 token holders actively shape the Haven network through the governance products. These include but not limited to
Distribution incentives through the Governance Fund
Grants provided to Builders of 3rd-party hApps on Haven1
Compensation for core contributors
Fee split between builders and the network
Voting for core hApp (hSwap, hLend, hPerps, hNFTS, hDomains) updates
This transparent and fair decentralised governance model ensures the representation of $H1 token holders’ interests. Governance rights extend to core hApps such as: hSwap, hLend(borrowing and lending), hPerpetuals, NFT marketplace and hDomains.
How to get veH1 voting power
Step1: Obtain H1
Post mainnet, you can obtain H1 via one of the DEXs or CEXs where it is listed
Step2: Convert H1 to esH1 and Stake esH1
You will have to convert H1 into esH1 to be able to lock your tokens for staking
Your voting power for any proposal is based off snapshot that is taken every Thursday. This means if you obtain veh1 today, you will only be able to participate in governance from the following Thursday onwards.
Reviewing Proposals
You can easily view all on-going and past proposal in the All Proposal section by going here
To review a proposal, simply click on the Proposal. You can vote only on proposals that have Status as ongoing. On this proposal, detail page, you will see proposal details as well as the voting options.
You should read through the proposal details. Governing the network comes with this responsibility. To cast your vote simple click on your desired selection.
Quorom indicates the voting power that should be needed to implement the changes being proposed. Currently all proposal have a 30% quorom by default. As the governance matures, different quorom settings may be introduced depending upon criticality of the proposal
You will be prompted to sign a request to confirm your vote.
Whichever option has higher votes is the result of the proposal as long as proposal achieves quorom. This is called voting differential. In the beginnning, there is no minimum voting differential to execute a proposal. Simply having more votes is the winning option.
As governance matures, more mature voting differentials options will be launched based upon criticality of proposal
Submitting a Proposal
Click on New Proposal
Carefully fill in the Title, Description and optional Discussion link
As a proposer, you are responsible for explaining the proposal in detail and with complete clarity
Note that any major changes will be required to be discussed with the community through the discussion forums before submitting a formal proposal. We will launch a forum where such discussions can be held in next few weeks.
You can then select the voting system Basic Voting or Single Choice Voting
Basic Voting (For vs Against) - The option with the highest number of votes is considered the winning option
Single Choice Voting - You can add custom options. The option with the highest number of votes is considered the winning option
Fill in the proposal choices and other info
Note that Start Period and End Period is not editable
Voting Period is currently fixed to 7 days. Over time, we will create a few different templates where urgent proposals don't need to wait 7 days. at the same time foundational changes have a longer voting period than relatively inconsequential ones
When you submit the proposal and you will need to sign a transaction and pay a 1$(paid in H1) application fee
Current Proposal prerequisites & timeline
Submit Proposal: Must have 1000 veH1 power
Review period: 3 days
Voting period: 7 days
If a Proposal achieves quorom, it goes to next stage
Next stage is 7 day challenger period
Council can veto during the challenger period if the proposal is malicious or harmful to the network as a whole.
After challenge period then the proposal is executed
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