Proposal Lifecycle

0. Forum Discussion

Anyone can participant in the discussion of the investment strategies to NovaDAO. Visit https://forum.novax.io for more information.

1. Offchain NIP Creation & Discussion

NIP (NovaX Improvement Proposal) is the cornerstone of the governance and improvement of NovaDAO. The DAO will make key decisions in accordance with the NIP

2. NIP Snapshot

A snapshot of the veNVXC token will be taken. The balance value will determine the voting power for the NIP voting.

3. On-chain NIP Creation

The NIP is created on-chain according to the NIP standard. The contract would be submitted and be in voting state.

4. NIP Voting

After creation of the NIP, a voting period for the NIP is opened to all veNVXC participants. Depending on the NIP proposal type, the voting period and quorum requirement will differ.

5. NIP Timelock Deployment

For contract update deployments, once the proposal is approved. The contract is placed in timelock mode, where the contract will be scheduled to execute. The public is able to have a final review of the contract.

6. NIP Execution

NIP will be executed after the timelock lapsed. Contract would be upgraded, or funds would be moved, according to the NIP specified value.