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PIP Step-by-Step

Context#

Polywrap Improvement Proposals (PIPs) are governance proposals that steer the direction of the Polywrap DAO operation decisions, strategy, development and more. This document provides a streamlined approach to contributions to PIPs.

Objectives#

  • Make the path for community contribution simple, accessible, and achievable
  • Set clear guidelines for “next steps” at each stage of proposal process

Workflow#

1. Discord Discussion

Every proposal begins informally on the Polywrap DAO Discord server #governance channel. This channel is used to guage community interest in a potential PIP.

Here are some questions a proposer might want to answer before posting the #governance:

  • Am I able to informally get any traction for this proposal in the Discord?
  • Has this proposal been tried before?
  • How does this proposal get the community closer to achieving its stated goals?
  • What trade-offs are implicit in this improvement's adoption?

2. Create a PIP Proposal Once a contributor feels they have a rough consensus that their PIP is valuable, original, and achievable, they should submit a Polywrap Improvement Proposal on the Polywrap governance forum.

They should also tag an PIP editor to review the PIP and get a PIP number assigned.

3. Editor Review & PIP Number Assignment Once a PIP Editor has reviewed the proposal for basic adherence to PIP guidelines, the Editor will create a corresponding entry in the Polywrap Community Documentation, assign the PIP a number, and create a corresponding discord channel for discussion.

4. Discussion and Minimum Waiting Period The forum is the formal area to debate the merits of each PIP. While the PIP is on the forum in 'Draft' state, the PIP author is free to make changes to the proposal. Once the PIP author is satisfied with the proposal, they should change the proposal status from 'Draft' to 'Proposed', and contact an PIP editor to schedule a snapshot vote.

5. Calling a Vote All PIPs are confirmed or rejected by the Polywrap DAO via Snapshot Vote. The PIP author is responsible for deciding a snapshot vote date with the following criteria in mind:

  • The PIP has a voting period of 2 days where token holders may vote FOR or AGAINST.
  • For standard PIP to pass
    • 5% of the circulating WRAP-IOU tokens must participate
    • 50% or more must vote FOR
    • At least 4 tokenholders must vote

6. Post Voting Process After the snapshot voting period has concluded a PIP Editor will tally votes and update the Polywrap Community Documentation record with the related voting data. If a proposal has passed, the PIP is moved from proposed to approved. If a proposal is rejected the PIP may be moved to rejected or back to WIP to be revised for future consideration.

7. Implementation Approved PIPs will be executed via multisig where necessary. Otherwise, implementation of each PIP will vary on a case-by-case basis.