BIP#69 Adjust Voting Rights to Include BEND

Summary

This proposal aims to adjust the voting mechanism for BendDAO governance. Currently, only veBEND holders have voting rights. This proposal introduces the ability for BEND holders to participate in governance voting, while also allowing veBEND to be converted into equivalent BEND voting power for governance purposes.

Background

Since the implementation of BIP#55, veBEND holders only retain voting rights. Additionally, the total veBEND supply has been gradually decreasing as it is being unlocked over time.

Motivation

• Enabling BEND holders to participate in governance voting ensures broader community engagement.
• This adjustment creates a more balanced system where both BEND and veBEND holders can contribute to the development direction.

Implementation

• Both BEND and veBEND holders will have voting rights in BendDAO governance.
• veBEND will be converted into BEND voting power. The quorum will be calculated based on the sum of circulating supply of BEND and the amount of locked BEND (veBEND).

Conclusion

This proposal ensures BendDAO governance remains inclusive, representative, and aligned with the interests of both BEND and veBEND holders. By implementing these adjustments, it aims to strengthen community participation.

Voting

Voting Quorum: Approximately 359M BEND (10% of the total circulating supply + veBEND locked amount). Pass Rate: Over 70% approval. The voting will last for 3 days.