👮Governance model

In the first phase, the first 2 months after launch, the governance will be managed by the founding team and early community contributors. This first stage is key to making sure the protocol parameters are well-suited in the stages Terra Vegas is most fragile. Also, it enables faster iterations to get the right balance of protocol parameters. We take security very seriously, so the phase-roll approach is the best option to make sure Terra Vegas is safe and useful to the community.

In this phase, proposals will be active for the community members to steer the roadmap and next steps of the Terra Vegas ecosystem. The best way at this stage is to hop into Discord and share your ideas in the relevant channels.

After 2 months, the founding team will start the progressive decentralisation phase. Hence, the governance function will be transferred to the Governance contract and decisions will be taken by community voting.

The Governance of Terra Vegas is divided into two main functions: choosing the Terra Vegas protocol parameters and managing the Terra Vegas Reserve Fund.

The Role of $VEGAS

Community members are able to govern the protocol via staking of the $VEGAS token. Voting power is directly proportional to the amount of $VEGAS each member (address, more specifically) has staked. To have a greater influence in the governance of Terra Vegas, users have to increase their staked amounts. This influence is exercised with a fully democratic process via open Polls.

Polls

Governance proposals in the Terra Vegas ecosystem are called polls. Polls are permissionless, meaning that anyone can create one through an initial deposit of $VEGAS tokens.

If a given poll does not reach the quorum, the initial $VEGAS deposit will be redistributed among Terra Vegas stakers. This mechanism sets incentives in place to ensure the high quality of the proposals.