🛎️Governance

Control of the HoneyPool Protocol rests solely in the hands of the community holding the HNYP tokens.

The HNYP Token

HNYP is the governance token of the HoneyPool protocol. Control over the protocol rests solely in the hands of the community holding the HNYP tokens. The primary duty of HNYP holder governance is to ensure the growth of the protocol by managing the protocol parameters properly. Those parameters are:

• Manage the distribution of the HNYP token

• Manage the protocol treasury

• Determine parameters of prize pools (i.e., how many winners per week, prize size, etc.)

Anyone holding or delegated 10,000 HNYP tokens can submit changes to the protocol. Once a change has been submitted, it is voted on by HNYP token holders. You can read more about how to submit governance proposals and how voting works here (MEDIUM POST LINK HERE WHEN POSTED).

How Governance Works

Changes to the HoneyPool protocol are submitted as governance proposals. Anyone who either holds 10,000 HNYP tokens (0.1% of total supply) OR has 10,000 HNYP tokens delegated to them can submit a governance proposal. Once submitted, governance proposals are voted on for five days. After this period, if the majority of votes are in favor AND at least 100,000 votes have been cast in favor, the proposal will pass. There is a two-day “timelock” before the proposal is actually implemented.

Voting

HoneyPool governance exists on the Berachain blockchain and is not limited to the HoneyPool website. There will be many different interfaces you can use to view governance proposals and vote. However, it will also be supported on the “Vote” tab of the HoneyPool website. Whenever a proposal is live, you can cast a vote there.