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:

1. Internal proposals (e.g. setting fee rates)

2. Aura treasury

3. Balancer Snapshot voting

4. Balancer Gauge 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.