Governance and xCOFFIN

How does it work?

The Coffin Finance governance is similar to Compound.
Users can, and are tin-fact encouraged, to propose changes to the protocol if they hold a certain amount of XCOFFIN (50,000 as of now though subject to change. ).
Proposals can modify system parameters, can improve the token ecosystem, or can add an entirely a new functionality to the protocol.
Once a proposal is submitted, it goes through a 1 day validation voting period. At the end of this voting period, whichever choice comprises of the majority of the votes are in favor of the proposal is chosen. At least 200,000 XCOFFIN are are required to be in favor of the proposition, the change will be queued into the Timelock and will be implemented within 24-48 hours. ( subject to change). Some changes may require a different timeframe.

About Snapshot

We use snapshot.org for voting. Snapshot is a decentralized voting system.
Note that only the community members who hold relevant amounts of xCOFFIN at the time of the creation of the Snapshot block number would be able to vote on the proposal.
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We highly recommend you to Do Your Own Research and never use funds within the Coffin Finance that you cannot afford to lose. You won’t be compensated for any losses. All interactions with the associated smart contracts on Fantom Opera Network and software on Coffin Finance are at your own risk.