Governance

Active participation of the Nexus community in governance discussions and proposals is critical to the long-term future of Nexus Protocol.

Following the initial deployment of Nexus Protocol's smart contracts (which are open-sourced), any changes to protocol parameters must be initiated through the governance module. The governance contract of Nexus Protocol has been assigned as the owner of itself and all other smart contracts used in protocol operations.

Use of the $Psi Token

While anyone may discuss or propose changes to Nexus Protocol on our forums, it is up to $Psi governance token holders to propose and vote on any changes.

$Psi governance token holders must first stake their tokens in the governance module of the Nexus Protocol WebApp. Users then receive voting power proportionally to the amount of staked $Psi tokens. In effect, users with more tokens staked have a greater degree of influence in deciding whether a proposal passes or not.

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Polls

The initiation of changes to protocol parameters can be done so via "Polls".

Proposing a new poll

In order to initiate a new poll, a user must supply an initial deposit of 10,000 $Psi tokens to the contract. This deposit will be returned to the user only if the vote reaches minimum voting quorum, regardless of the poll's outcome. Else, the $Psi token will be distributed to all $Psi stakers on a pro-rata basis. This provision ensures that submitted polls are of a level of quality worthy of the community's time. We encourage all users to carefully consider proposals and discuss them with the community at large (through our Forum or on Discord) before submitting an official poll.

Voting on a poll

When voting on a poll, please note that the amount of tokens committed to a vote cannot be withdrawn until the time allocated for voting (on that particular poll) has finished. Voters also need not apportion tokens to participate in multiple polls; the same pool of tokens can be used for multiple governance polls.