🏛️Governance
Last updated
Last updated
Exotic Markets is governed by the Thales DAO along with the Thales Council and the Oracle Council. Both councils consist of community members that have been voted in by THALES stakers and only serve a single epoch at a time. This process is fully on-chain and transparent, gives everyone the same access to council positions, and encourages rotation among candidates.
The Thales Council is a group of 7 community members elected to govern the Thales Protocol. THALES token holders who have staked their THALES receive voting weight in return, giving them the ability to split this weight among the candidates they prefer. You can stake THALES on the Staking Page of Thales Markets, and then during an active election you can vote on candidates from the Governance Page. Each epoch will last 6 months, with a new election taking place prior to the end of a current epoch.
Council Members review and vote on Thales Improvement Proposals (TIPs) submitted by the community, in addition to specific oversight responsibilities relating to Exotic Markets. Along with the Protocol DAO (Community members that maintain core smart contracts that run the Thales protocol), the Thales Council can pause a market if they deem a decision from the Oracle Council has been executed in bad faith.
There will be a 24 hour window after a dispute is accepted by the Oracle Council for the Protocol DAO or the Thales Council to step in and pause a market if there are any doubts about the Oracle Council's decision.
The Oracle Council consists of 5 community members elected by THALES stakers, with similar nomination and election processes as used for the Thales Council. It is the duty of the Oracle Council to resolve disputes, with a 3 of 5 majority required to act on a resolution. See Market Guidelines for details on markets that are subject to dispute.
The Thales Treasury DAO has funded the Oracle Council multisig wallet with a 10,000 sUSD budget to reward successful disputes. If the Council does not respond to a dispute within 24 hours of submission, the council (as a whole or individual members) are subject to being relieved of their position by the Thales Council.
In addition to maintaining legitimacy and fairness in markets, the Oracle Council is responsible for the following tasks:
Engage with the community to collect feedback for potential markets
Maintain a list of tags which can be assigned on markets
Improve upon existing guidelines or submit new ones based on the performance of markets
