Cook Finance
The governance process is fueled by governance forums and ratified through COOK Improvement Proposals (CIPs). For the COOK Governance Process 1.0, the following are the phases for a CIP:
Phase 1: Community discussion
An informal discussion regarding an improvement to the Cook platform on the Cook Governance Forum. One or several proposers decide to propose a change or changes to the Cook platform.
Phase 2: Proposal creation
One or several proposers with a minimum of 5 millions $COOK create a CIP using the CIP template on the Cook Governance Forum.
Phase 3 Community Q&A
The CIP will be open for community members to ask questions. The proposers can specify the duration of community Q&A to be between 2-7 days.
Phase 4 Snapshot Vote Scheduled
The proposers then schedule the date and time that the voting will take place. The duration of community snapshot voting can range between 1-3 days.
Phase 5 Snapshot Vote
Community members cast votes on the CIP. For Cook Governance Process 1.0, CIP can only be voted in favor or against.
Phase 6 Execution
After the voting period expires, if more than 51% of the votes approve the CIP and more than 5% of COOK tokens in the circulating supply are used to cast votes, the proposal will pass and enter into the execution phase. The COOK Protocol team will then execute the changes specified in CIP within 30 days after the passing of the CIP or alternatively, the team needs to issue an official statement explaining why more time is needed to execute the proposed changes. If the CIP does not have sufficient votes or is rejected, it will be marked with a rejection status, which ends the governance process.
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