Governance
Parallel protocol is designed to be a fully decentralized financial platform that can serve millions of users. On Parallel, there are 4 kinds of stakeholders:
- Development team and open contributors
- Investors with Parallel's native token
- A wealth of platform users
- Network maintainers
The governance process should incentivize each party to participate in the network activity and evolve the protocol to meet the broad users' requirements.
Parallel governance has been implemented through substrate pallets, and thus inherited Polkadot's custom governance which is composed of the following parts:
- Democracy
- Council
- Technical Committee
- Treasury
Any HKO/PARA token holders can propose and vote on essentially any possible modification to the system, more specifically:
- Runtime Upgrade
- Protocol Parameters
- Treasury Spending
- Council Member Nomination
Democracy/Council/Technical Committee play very different roles in this governance system. Democracy can be imaged as the Sudo of the blockchain.
If one proposal got enough votes, then the modification will be applied to the blockchainunless Council/Technical Committee finds harmful
In other words, council and technical committee serves for democracy. Technical Committee can also fast-track a proposal which makes it easier & quicker to pass. Token holders can nominate council/technical committee members to represent their rights.
Except the basis of governance, when token holders decide to submit changes to the protocol, they will also need to pay attention to the hard timeframe limitation:
- LaunchPeriod (1 Day)
- VotingPeriod (5 Days)
- FastTrackVotingPeriod (3 Hours)
- EnactmentPeriod (1 Day)
The minimum time needed for a proposal to pass is around 3hours, token holders will need to ask council to propose an external proposal. Afterwards, the technical committee will need to fast-track to make sure it enters referenda.
Stores a new market and its related currency.
Ref: https://api-docs.parallel.fi/rustdocs/pallet_loans/pallet/enum.Call.html#variant.add_market
Activates a market.
Updates the rate model of a stored market.
Updates a stored market.
Update platform's protocol fees ratio
Ref: https://api-docs.parallel.fi/rustdocs/pallet_liquid_staking/pallet/enum.Call.html#variant.update_reserve_factor
Update single nominator's max bonded cap
Ref: https://api-docs.parallel.fi/rustdocs/pallet_liquid_staking/pallet/enum.Call.html#variant.update_staking_ledger_cap
Create of a new pool.
Ref:
Create a new crowdloan vault.
Ref: https://api-docs.parallel.fi/rustdocs/pallet_amm/pallet/enum.Call.html#variant.create_pool
Update an existing crowdloan vault.
Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.update_vault
Open a crowdloan vault so that users contributions can be sent to relaychain via XCM protocol.
Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.open
Close a crowdloan vault so that users' contributions can be paused.
Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.close
Mark the associated vault as
Succeed if vault is Closed
Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.auction_succeededMark the associated vault as
Failed if vault is Closed
Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.auction_failedMark a crowdloans vault as expired so that users can redeem back their contributed tokens.
Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.slot_expired
Migrate pending contributions by sending xcm.
Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.migrate_pending
Refund users contributions for failed auctions.
Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.refund
Dissolve a crowdloan vault which has been dissolved on relaychain.
Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.dissolve_vault
Last modified 9mo ago