BLAST Governance Overview

Governance ensures that platform decisions are made in a decentralized and transparent manner. Blast Governance aims to empower token holders, enabling them to propose and vote on decisions that impact the network's changes.

Governance structure

The governance structure of Blast is defined by a set of bylaws adopted by the Blast Foundation. These bylaws outline the tools and processes required for token holders to participate in governance. Token holders can use various tools to propose, discuss, and vote on governance matters:

• Foundation Discussion BoardA forum where the Blast community can review and discuss governance proposals.
• Foundation Proposal TemplateA standard template for formulating governance proposals in accordance with the articles of association.
• Foundation Snapshot: A voting platform where token holders can vote on governance proposals.

Governance Process

The governance process involves multiple stages, from proposal submission to voting and implementation. This structured approach ensures comprehensive review and community participation.

Phase One: Research and Community Feedback

Any token holder can initiate a governance proposal by submitting a proposal to the foundation forum for community review. This stage allows for a minimum of seven days for discussion and feedback. Proposals should follow the BLIP (Blast Improvement Proposal) template.

Phase 2: Review by the Progress Committee

After the community feedback period ends, the proposal will be updated and submitted to the Progress Committee. The Committee reviews proposals every Friday, considering security, guarantee, and alignment with the foundation's goals. Proposals may be approved, requested for further information, or rejected based on these reviews.

Phase Three: Snapshot Voting

The approved proposal enters the voting phase of the Foundation Snapshot platform. The voting period is seven days, with each BLAST token representing one vote. The proposal needs to meet the statutory quorum and obtain a majority of votes to be approved.

Phase 4: Implementation

Approved proposals will be reviewed by the Foundation. If they meet legal requirements and are in the best interests of the Foundation and the Blast network, they will be implemented. Foundation directors have the power to amend or reject proposals as necessary.

Key Governance Entity

Progress Committee

The Progress Committee, as the governing body of token holders, is responsible for supervising and reviewing governance proposals. The committee was initially comprised of five members, including representatives appointed by the Foundation's directors.

Security Committee

The Security Committee is composed of members appointed by five foundation directors. The committee has the authority to take emergency measures, such as software upgrades, to address security threats. If necessary, they can also veto approved proposals.

Foundation Director

The foundation directors are responsible for ensuring that the governance process follows the charter and legal requirements. They have the power to implement or veto proposals based on their impact on the foundation and the network.

Governance category

Token holders can propose changes to various parameters of the Blast network, including:

• Risk Management Framework
• USDB Composition Supported
• ETH liquidity provider
• Fees for ETH and USDB profits.
• Gas fee accumulation
• Create Reserve Fund
• Profit Distribution

Proposals can also involve the appointment or removal of progress committee members, inflation adjustments, and agreement to amend the foundation's bylaws or bylaws.

Dispute Resolution

In the event of a dispute, the parties involved shall notify each other thirty days in advance before initiating arbitration proceedings. The dispute shall be resolved through arbitration managed by the International Dispute Resolution Center and governed by Cayman Islands law. This ensures that all parties involved have a fair and legal process for resolving conflicts.

Focus

• Governance Structure: Defined by the articles of incorporation, including foundation discussion forums, proposal templates and snapshots and other tools to encourage community participation.
• Governance process: including research and community feedback, progress committee review, snapshot voting, and implementation.
• Key entities: the Development Committee supervises proposals, the Security Committee carries out emergency actions, and the Foundation directors ensure legal and strategic compliance.
• Governance category: including risk management, profit distribution, and changes to pledge providers.
• Dispute resolution: resolved through arbitration with proceedings governed by Cayman Islands law.