Berachain Governance
Governance on Berachain is dictated by $BGT token voting. Berachain's governance mechanism is styled after OpenZeppelin's Governance module.
The Berachain governance module has a wide scope of powers, including control over:
- PoL asset whitelisting (e.g. new staking assets, whitelisting incentive assets)
- $HONEY minting parameters (e.g. eligible collateral assets, minting rates)
- Native dApp governance (e.g. changes to Bend's interest rate model)
- Berps
- Bend
- Bex
Proposal Lifecycle
The lifecycle of a governance proposal is simple:
- A proposal is created
- A waiting period occurs (6 hours), after which a snapshot of token holdings is taken
- The vote begins, lasting for 6 hours
- A majority vote over quorum triggers the proposed changes after a 6 hour timelock
$BGT Voting
$BGT token balances in users' wallets are used to determine voting power: 1 $BGT = 1 vote
Therefore, the more $BGT one holds, the more governance power they hold in the Berachain ecosystem. $BGT holders are able to delegate their voting power to arbitrary addresses.
On the bArtio testnet, governance is currently conducted on Tally.