The Philosophy of Bounce Governance

Note: this article only discusses the structure and philosophy of Bounce governance. The rules and on-chain votings for governance will be written in a separate article before the launch of the governance board.

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Before you read on

What does governance mean in DeFi? To be honest, I do not think everything can be and should be done on-chain. In the realm of DeFi, Many players lack the basic understanding of finance to maintain the goodwill of the projects, and many governance schemes are excuses for pumping up the platform token prices. Forgive me if I am being too cynical; I am just trying to be honest. If you feel offended, please stop here.

Regulators and life keepers

Bounce has gone live for two weeks and I experienced a lot of dramas including questions on the purpose of Bounce and scammy activities on the Bounce platform. To maintain the Bounce platform, I think we do need some experienced people and organizations to join the governance board. Traditional finance is boring, but it does have regulations to enforce good manners. Therefore, carving out a professional system in the early days is important to the success of Bounce.

Community voting has been great! I respect any compliments, comments, and of course, criticisms. However, as our community keeps growing and thriving, I worry the future of Bounce is in the hands of only a small group of people whose sole interest is to cheat/hack the system for its own benefits. I am currently in talks with some experienced DeFi people to have them join the governance board and I will share updates with the community. Conclusion on this topic: finance is a serious matter, decentralized finance is an even more serious matter. Distribution of power is good, but It should not end up with being a casino board. All are welcome to govern, but we need leaders in the early days.

Automated + Manual

I think many underestimate the word “governance” in DeFi. It sounds refreshing, enlightening, and even cool. But it is a lot more complicated than one may think. I admit that things such as voting and coding proposals can be done on-chain, but there are more things that cannot be done on-chain. Therefore, I have the following proposals.

Bounce governance will be operated in two ways:

  1. The automated part is similar to existing governance structures in which a person submits a proposal and people vote for it.

Potential Governance Topics

I think Bounce has more governance topics to decide than most DeFi projects. It should be more interesting since you can participate in different topics when the governance board is live.

  1. Product: right now we are only building the frameworks for auctions. This means many features and rules can be added to auctions. For example, many community members request to enforce a “quota” on each address for the fixed swap auction. The product proposals are things around auction types, features, and rules.

See you soon.

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An experiment. Decentralized Auction. Swap or get bounced.

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