On-chain Governance

On-chain governance is a space or process that completes off-chain governance and decides whether to pass on a proposal that requires a final decision. Currently, on-chain governance exists only for NFT Approvement Proposals (NAP).

The right to vote

In order for users to participate in various decision-making of ELYFI through on-chain governance, they must deposit ELFI tokens in the staking pool. By depositing ELFI tokens, you can receive Staked ELFI tokens(SELFI, voting rights) equal to the deposit amount. Users can influence the protocol through voting in ELYFI governance based on their SELFI tokens (voting rights) and voting rights delegated by other participants.

• Currently, the minimum number of SELFI tokens required to participate in voting is 10,000.

• Voting rights can be obtained by staking ELFI tokens through related contracts, and it provides convenience more easily on the "ELYFI Website" and "ELYSIA App".

NAP On-chain Cycle

In order to obtain a loan from the ELYFI protocol, lending companies must obtain the signature of the deliberation committee from the NFT* they own. The role of the Deliberation Committee is given to the governance contract, and the NFT of the lending companies cannot be used as collateral in the ELYFI protocol without the signature of the committee.

In order to receive the signature of the committee, the submitted NFT Approvement Proposals (NAP) must be passed in the on-chain governance. NFTs that satisfy the voting conditions are automatically signed by the Deliberation Committee after a one-day waiting period.

In ELYFI Governance, no loan can be executed from the protocol unless a vote on the signature of the NFT is passed. In this way, participants control the liquidity of ELYFI through governance and manage collateral risk, thereby contributing to the stable operation of ELYFI.

*Currently, the NFT type that can be used as collateral is Asset Bond Token(ABToken).