The PUNK token is a governance token that can influence various decisions within the Punk Protocol by voting. It is intended to perform several functions, all of which come down to one primary value proposition, decentralized ownership. PUNK holders can use their tokens to vote on governance proposals regarding changes and upgrades to the protocol. As governance grows and stabilizes over time, all roles will be returned and operate in a fully decentralized manner through governance.
We’re following a simple governance framework that Punkers can easily participate in shaping the direction of Punk Protocol. Here’s how it works:
- 1% of total supply to submit a governance proposal
- 4% to reach quorum
- 3 day voting period
- 2 day timelock delay
1%of PUNK delegated to their address can propose a governance action; these are simple or complex sets of actions, such as adding support for a new forge, changing fees, or changing any other parameter or variable of the protocol.
Proposals must be executable codes, not suggestions for a contributor to implement.
All proposals are subject to a
3 dayvoting period and any address with voting power can vote for or against the proposal. If a majority and at least 840,000 votes are for the proposal, it is queued in the Timelock and can be implemented after 2 days.