Port Finance proudly announces the launch of PortDAO. The PortDAO will be involved in making key decisions to steer the ship!
Initial matters to discuss on will include:
- Liquidity Mining Rewards distribution
- Token Support on the platform
- Collateral Risk Parameters
PortDAO’s governance module is based on the Tribeca Program, of which they are proud to be one of the contributors, together with many leading protocols.
Features of the Tribeca Program include:
- Built with Anchor: this makes the code easy to maintain and compose
- Locked Voting: the longer the users lock their tokens, the more voting power they are able to get which aligns the interest between protocol and long term token holders
- Simplicity: the Tribeca Program is designed to be a simple system that does as little as possible
Port Governance Parameters
We hope that the voters are long-term aligned with the protocol, so we proposed the following initial parameters for the Port DAO. All parameters detailed below can be modified by DAO governance vote.
- Timelock Delay Seconds — the delay before the transaction is executed by the smart wallet after the DAO has approved the proposal: 1 day
- Voting Delay — the delay before a proposal can be voted on after it is activated: 2 day
- Voting Period — the period when the proposal is open for voting: 5 days
- Quorum Votes — the number of votes that need to casted before a proposal can be considered successful: 4M vePORT
- Minimum Stake Period — the minimum time duration the voter can lock their tokens: 5 days
- Maximum Stake Period — the maximum time duration the voter can lock their tokens: 5 years
- Maximum Stake Multiplier — the max gain in weight of voting power if users lock their token for maxStakeDuration: 5
- Proposal Activation Threshold — the minimum vePORT required to activate a proposal for voting: 600K vePORT
Locking 1 PORT for 5 years grants you 1 * 5 (Max Stake Multiplier) = 5 vePORT
Locking 1 PORT for 1 year grants you 1 * 5 (Max Stake Multiplier) * 1 (year) / 5 (Max. Stake Duration) = 1 vePORT
You can access the DAO and gain vePORT here: https://tribeca.so/#/gov/port
The Tribeca vote locking and governance system provides the foundation for the Port DAO. In the coming weeks, we will be transitioning the program upgrade authority, treasury, and Port Lending Market Authority to the DAO. We will also start the process of gradually open-sourcing our on-chain program via Anchor verifiable build.
About Port Finance
Port Finance is a decentralized Money Market protocol on Solana, aiming to provide a full suite of lending products including but not limited to variable-rate lending, fixed-rate lending, and interest rate swaps. Port Finance’s team brings engineering experience from tech companies like Google, Facebook, and Microsoft, and previous contributions to Solana and Serum.