The Governance.
Last updated
Last updated
Epoch Island is governed by a two-division system: Elders and Islanders
Epoch Elders are the guardians and governors of Epoch Island. Their main responsibility is to make proposals that increase the GDP of the Island. There are currently two primary benefits of becoming an Elder:
1) Make Proposals
To help increase the economic activity of the Island, Epoch Elders can make proposals to the Islanders for approval.
2) Earn EPOCH
Each time an Epoch Elder makes a proposal that gets passed, they are eligible to receive a portion of all newly minted EPOCH.
Epoch Islanders are the native inhabitants of Epoch Island. Their main responsibility is to vote on proposals that increase the GDP of the Island. There are currently three primary benefits of becoming an Elder:
1) Vote on Proposals
To help increase the economic activity of the Island, Epoch Islanders vote on vital proposals made by the Epoch Elders.
2) Earn EPOCH
Epoch Islanders can pair their EPOCH up with ETH to mint vEPOCH. All Islanders who hold vEPOCH receive EPOCH rewards.
3) Treasury Ownership (Pending)
Epoch Islanders can burn their EPOCH to redeem a proportional amount of tokens from the Treasury (ETH, USDC, etc).
Epoch Island is 100% managed by vEPOCH holders who vote on how to use the EPOCH treasury. Proposals can be passed through a two-step process.
Step 1) Submit a Proposal
Currently need 1% of supply to make sentiment check
Much reach 5% quorum
Proposal is live for 6 days
Must reach 50%+ approval
Step 2) Challenge Period
Any passed proposal has a 3-day waiting period for governance to confirm proposal is valid and to have time to submit any disputes
