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Governance

Decentralization is at the core of Supernovas values and vision and reflected accordingly in the governance and decision-making mechanisms. However, DAO’s have proven to be precarious for the communities they represent. Issues in governance mechanisms from short-term profit maximization, bribes, sybil attacks, voter apathy and lack of agency to outright scams have all contributed to dysfunctionality or the dismantling of many DAO’s.
This is why Supernovas will take a three-phased approach to governance decentralization. The platform will evolve from more centralized governance to a structured decentralization as a more sustainable state of operations and community is reached.

Initial governance

In the first phase, lasting from token launch to product V2 launch, the core team will reserve the right for governance with a community voting mechanism for suggested proposals to be approved by the team. Once a community-initiated vote reaches a quorum of 10% tokens in favor of proposal passing, the core team will assess the feasibility of the proposal and transparently communicate the outcome and reasoning of the assessment.

Future governance

In the second phase, 12 months following product V2 launch, the governing body is divided into five categories:
  • Core team
  • Token holders investors
  • Creators and Collectors (transaction participants in the previous 6 months)
  • The accepted roadmap and operational plan at the beginning of the phase
  • The established norms, or status quo, at the time of proposal
At this time, every member of the community is able to make proposals for voting on topics, such as technical features, development plans, pricing, DAO treasury management and Supernovas fund management. The proposal will be separately voted on in each of the first three categories, where a majority vote decides, reaching a quorum in each category with 20% of tokens in favor of proposal passing. For the latter two categories, the proposal is a binary yes or no, assessed by the core team. For a proposal to pass, three of the five categories must accept it.
In the third phase, the decision-making power of the core team is dissolved and instead a community-elected governing body will take its place.
The voting mechanism for critical decisions (e.g. team decisions, product features, high-impact monetary decisions) in each category is done by a quadratic coin lock voting, with the amount of tokens used for voting being locked for trading. The voting mechanisms will be further reviewed at the beginning of each stage.