Upon the inception of Furucombo, the team’s vision was to create an interface that would enable users/participants to interact & compose transactions amongst multiple protocols at once. Beginning initially with basic,primitive cubes (‘strategies’) such as: Supplying Liquidity to Dai pool for passive income or Swap using Uniswap.
As a natural evolutionary step towards scalability, the $COMBO governance token was launched in an effort to stimulate utilization rates across the protocol. Initially, this effort was a great success but over time it has dwindled as the market has slowed its momentum.
The value proposition is transaction composability - which is something that isn’t available anywhere else in the crypto-space (so far).
The addition of the ‘explore’ page was a step in this direction - providing users a quick, one-tap solution towards decent APYs.
The subsequent phase would be to implement LP/Liquidity Mining/Yield Farming opportunities. The last and potentially final step would be automated participation; meaning, if an APY of a particular combo drops below a threshold then the contract will automatically transfer the user’s funds to the next highest APY pool (this, of course, would be done if the user grants the contract permission to execute such a transaction).
However, before we can reach these milestones, COMBO-holders (the community) should be able to exercise the governing power of their token to enforce changes they feel necessary that would benefit the overarching Furucombo protocol.
How can this be done?
Through delegation interfaces such as Sybil and Tally as well as Snapshot (for off-chain voting), COMBO-holders can now not only submit proposals through the forum but also institute innovative features that would be advantageous for the whole.
By implementing the aforementioned tools/mechanisms, there would be three phases for a proposal:
Proposal Deliberation: This would consist of an in-depth dialogue presented within the Furucombo forum. Varying on the attention given to a particular proposal in question, it could escalate to;
Temperature Check: Here the community will engage in an off-chain vote to determine/gauge whether or not the proposal should be integrated. Voters use Snapshot to indicate their interest in escalating it to the next stage. Snapshot poll lengths should be set to 2 days.
Similar to Uniswap, if the Temperature check does not suggest a change from the status quo, the topic will be closed. If the Temperature Check does suggest a change, proceed to Stage 3: Consensus Check.
A majority vote of 100k COMBO yes-vote consensus wins.
- Consensus Check: Once a proposal has reached this stage, it will be included as a new topic within the Consensus Check category. Therein the community should proceed to provide feedback based on the passed Temperature Check post. A new Snapshot (off-chain) poll should be created covering the options/suggestions that have gained the most traction/attention. This new SnapShot poll will last no more than 5 days (poll duration: 5 days).
At the end of 5 days, whichever option has the majority of votes wins, and can be included in a governance proposal for Stage 4. A 20k COMBO yes-vote quorum is required for the Consensus Check to pass.
- On-chain Vote: The community will vote FOR or AGAINST a proposal either through Tally (per delegation) or through Furucombo’s voting portal.
The governance parameters could mirror those of Uniswap’s to begin with and could be modified through the suggested governance process.
Initial governance parameters are as follows:
- 10% of COMBO total supply (delegated) to submit a governance proposal
- 40% of COMBO supply required to vote ’yes’ to reach quorum
- 7 day voting period
- 2 day timelock delay on execution