Last week, Astroport contributors deployed a massive upgrade that enabled anyone to stake ASTRO tokens for xASTRO tokens.
It was Phase 1 of the two-stage rollout of Astroport governance.
Today, Phase 2 is live.
Enabled by the launch of staking, any xASTRO holder anywhere in the galaxy now has an open door to Astroport’s governing body: the Astral Assembly.
This upgrade marks a momentous milestone for Astroport and includes:
- Migrating complete control over the protocol’s smart contracts to the Astral Assembly.
- The ability for any member of the Astral Assembly (xASTRO holders) to propose and vote on upgrades or changes to the Astroport protocol.
- The transfer of the full community allocation of ASTRO tokens (488,105,586.577864 tokens equal to nearly 49% of the total token supply) from a 3 of 5 multisig to the Astral Assembly.
- The transfer of leftover ASTRO that was not claimed from the airdrop (7,975,185 tokens) from a 3 of 5 multisig to the Astral Assembly.
Moving forward, the smart contracts for all new pairs created on Astroport will automatically have the Astral Assembly set as admin. For Astroport’s 141 existing pairs, contributors are in the process of migrating admin control to the Astral Assembly. This is expected to take up to three weeks.
Additionally, the following contracts require a successful on-chain vote before they can be migrated from the multisig to the Astral Assembly:
After approval by the community, these proposals will mark the complete transfer of control over the protocol. Now, let’s look at how the proposal process will work.
The Astroport governance process
All Astroport upgrades and coordination are designed to flow through the Astroport Improvement Proposals (AIPs) process.
This multistep approach (outlined in Github) gives all xASTRO holders the ability to create, provide feedback, and vote for or against proposed changes to the protocol. Below is a high-level summary of the AIP process.
The Astroport Improvement Proposal (AIP) Process
- Conceive and document an idea.
- Post the idea in the Astroport Forum as an Astroport Request for Comment (ARC) and solicit community feedback for at least 7 days.
- Edit the original text of the proposal based on community feedback (if desired).
- “Freeze” or leave the proposal unchanged for at least 2 days.
- Submit the proposal for an on-chain vote. The proposer must lock 30,000 xASTRO tokens in Astroport’s smart contracts for the duration of the vote in order to submit a proposal. These tokens will be returned after voting ends regardless of the outcome of the vote.
- The voting period commences and runs for ~4 days (57,600 blocks).
- If successful, the proposal should be implemented within ~2 days (28,800 blocks). If deferred, the unaltered proposal can be resubmitted for an on-chain vote up to 3 times without having to go through a comment and freeze period again.
The Astroport voting process
Creating a votable on-chain proposal can be done by interacting with Astroport’s smart contracts or submitting the proposal via the UI at app.astroport.fi/governance.
To be eligible to vote, an Astral Assembly member must have held xASTRO at least 1 block before the on-chain proposal was submitted. Proposers cannot vote on their own proposals. All votes must be executed on-chain; if desired, the UI at app.astroport.fi/governance offers a convenient interface.
For a vote to pass, it must meet the following parameters:
- Quorum: At least 10% of all votable tokens (xASTRO in circulation + locked builder allocation) must participate.
- Threshold: A simple majority (at least 50% + 1 of all cast votes) of participating voters must vote in favor of the proposal.
Closing thoughts
With the full launch of governance, Astroport now belongs to chads, frogs, humans and extraterrestrials everywhere so long as they hold xASTRO.
Where we go from here rests in all of our 🙌. Let us explore the boundaries of the possible together by entering the Astroport Forum now.
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DISCLAIMER
This article does not constitute investment advice. Before interacting with Astroport, review the project disclaimers here.
