Governance
Context
Aura is a decentralized and community-governed protocol. Token holders direct all actions undertaken through Aura Vote Locking.
The core things to be governed in the Aura system are as follows:
Internal proposals (e.g. setting fee rates)
Aura treasury
Balancer Snapshot voting
How does it work
Aura has prepared for full on-chain governance by implementing vote delegation on the Vote Locked Aura contract. That said, until the Aura voter base matures, a safer method will be used for executing governance decisions.
Phase 1 - Snapshot & multisigs
Protocol Multisig - Internal proposals, Gauge votes
Treasury Multisig - Treasury
Read more about the multisig composition here.
Phase 2 - Full on chain voting
Provided it is technically feasible and doesn't require compromising on security, Aura is committed to transitioning this mechanism on-chain via the likes of Governor bravo in the forthcoming months when appropriate.
"Internal governance proposals (e.g. setting fee rates)" - this can be moved on chain with GovernorBravo implementation once the vote distribution is sufficiently mature.
"Aura treasury" - this can be moved forward with either Gnosis SafeSnap or an on-chain treasury management solution.
"Balancer Gauge voting" - custom smart contracts can be used for this. Given the uptick in gas costs in voting for gauges each week, this solution may be deployed on a cheaper L2 and forwarded.
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