Element call for delegates & members of the GSC is now live.
Click here to nominate yourself!
At Element, we’ve been on a journey of exploration and discovery in the world of crypto for what seems like ages (almost a year since planting the seed). An open and self-sustaining protocol can only be achieved without any single point of failure. Element Finance is the core team of builders that founded this new land. But what we’re building is much greater than ourselves. The path to financial freedom and democratization requires building a wider community to govern and guide the protocol. Today we at Element Finance take the first step forward.
To tackle the arduous task of governing the Element protocol, we’ll need the trustiest of allies and stewards at our side (even Elrond didn’t go alone). That’s why today we’re opening The Way for aspiring adventurers to become members of the Governance Steering Council (GSC).
The Way
The gates are now open for you to take a step into the Elfiverse, the community growing around the Element protocol. A place where all are welcome, you choose your role. You can share stories around the campfire directly with the team on Discord, where we’ve started hosting AMA sessions. Or take the new path to engage directly in the governance of the Element protocol. Today we open up a brand new portal into the Elfiverse: community forums lovingly hosted using Commonwealth. By following the delegation nomination process and making a post in the appropriate thread, anyone can become eligible to receive delegated voting power. Empower your true elf, and join us in shaping the future of Element.
What happens next? After the nomination period, those with voting power will be able to delegate their votes to anyone from the list of delegates. Those following closely will know we haven’t yet revealed how voting power will be assigned. With so many options afforded to us by our flexible custom voting vaults, we’ll wait a few more days to announce those details, and maybe some other surprises for our community along the way. Keep checking in regularly.
While anyone can become a delegate, and being entrusted with wielding voting power on behalf of another is already a solemn responsibility, those with Lofty Ambitions may seek to gather enough voting power to become a founding member of the Governance Steering Council.
Lofty Ambitions
Those willing to take on a greater adventure, and the accompanying greater responsibility, will be automagically selected to join the Council upon reaching the required vote threshold (initially set to 0.9% of total voting power). The required threshold of delegated voting power must be met at all times, or risk losing your seat to the ruthless logic of the Council smart contracts. Don’t worry, we’ll still like you.
To begin with, GSC responsibilities will include proposing votes directly on-chain, managing grants, and using the treasury budget up to a specific limit. The DAO retains ultimate power to change these limits at any time, restrict the Council’s powers, eliminate it altogether, and even decide on new responsibilities for the GSC, such as:
- Governance Management
- On-chain voting
- Treasury Management
- Continuously Thinking About Protocol Improvements, Partnerships, and DAO Structures
- Security Maintenance
- Optimistic grants distribution
- Governance experimentation and incentives
You can read more details regarding the GSC structure and possible responsibilities in the GSC explainer here.
Stronger Together
This is just the beginning of a long path toward a fully community-governed protocol. We expect Element governance to evolve and become stronger over time but believe that selecting the best candidates to represent the interests of the community is an exciting start.
The initial group of delegates and elected GSC members will have the unique opportunity to lead the Element DAO from inception, contribute to shaping its vision, and play a vital role in defining the protocol’s roadmap. This is an open invitation to contribute to the future of the Element ecosystem and to leave a mark in the future of Web3.
Ready to Nominate Yourself as a Delegate?
If you’re ready to take an active role in Element governance, now’s your chance!
To propose yourself as a delegate and potential GSC member, the first step is to post on the Element forum following the delegation nomination process described in this thread.
Get involved and become a GSC delegate today. Start campaigning and good luck to all!
Join Our Community! 🧝
We want to hear from you! You can always ask questions in our Discord if you need any help, feedback, or just want to learn more about Element.