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  • Introduction
  • Tally (On-Chain) Governance Parameters
  • Snapshot (Off-Chain) Governance Parameters

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  1. Euler Governance

Parameters

Learn more about the Euler Governance smart contract parameters

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Last updated 2 years ago

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Introduction

This page outlines the governance parameters for both on-chain and off-chain governance.

Tally (On-Chain) Governance Parameters

This section outlines the governance parameters for the Euler Governance smart contracts (managed via ). All parameters are displayed in Table 1 below.

Execution Delay, Voting Delay and Voting Period are based on the assumption of a 15 seconds block creation time on the Ethereum Mainnet.

The governance smart contract inherits functionality from the OpenZeppelin allowing Voting Delay, Voting Period and Proposal Threshold to be updated through an on-chain governance proposal and voting process.

Table 1 Euler On-Chain Governance Parameters

Parameter
Value

Voting Delay

11520 blocks (2 days)

Voting Period

17280 blocks (3 days)

Execution Delay

172800 seconds (2 days)

Quorum Numerator

3% of EUL Supply

Proposal Threshold

75,000 EUL

When a governance proposal is created, it enters a 2-day review period (i.e., Voting Delay), after which voting weights are recorded and voting begins.

Voting lasts for 3 days (i.e., Voting Period); once the voting period is over, if quorum was reached (enough voting power participated) and the majority voted in favour, the proposal is considered successful and can proceed to be executed 2 days (48 hours) later (i.e., Execution Delay).

Addresses delegated at least 75,000 EUL can create governance proposals having met the Proposal Threshold.

The image below depicts the on-chain governance phases and durations for each phase:

Snapshot (Off-Chain) Governance Parameters

Table 2 Euler Off-Chain Governance Parameters

Parameter
Value

Voting Period

6 days

Quorum

1,000 EUL

Proposal Threshold

50 EUL

There is no voting delay or execution delay for the off-chain governance process, given there is no direct effect on the protocol's smart contracts.

This section outlines the governance parameters for off-chain governance (managed via ). All parameters are displayed in Table 2 below.

Addresses holding or delegated at least 50 EUL can create governance proposals having met the Proposal Threshold. With regard to voting power, the delegated voting power or EUL balance at the proposal creation block number is counted towards voting power. The enabled are erc20-balance-of and erc20-votes.

Tally
GovernorSettings.sol module
Snapshot
Snapshot voting strategies