Governance Mechanism

To make a platform genuinely decentralized and trustless, it has to be managed by the community at large. For that, the Lycan foundation has built a unique governance platform. Anyone with a particular amount of LYC in his wallet can raise a proposal on this platform. The community will vote on the same and the resolution will either be passed on failed based on the voting percentage. Governance proposals like the collateral ratio for Omega stable coin will be decided using this mechanism.

Initial governance parameters are as follows –

• 1% of LYC total supply (delegated) to submit a governance proposal
• 4% of LYC supply required to vote 'yes' to reach a quorum
• 7 day voting period
• 2 day timelock delay on execution