Governance tokens give their holders the power to influence the direction in which the project will move. This means the users are a direct stakeholder in the DeFi platforms.
On-chain governance gives every stakeholder an opportunity to discuss and vote on how to manage the protocol. When any changes are proposed, the governance token holders can support or disagree with them by voting. The system is the following: each governance token equals one vote. It means that the more tokens a holder has, the easier they can sway over the protocol.
WSE holders will have immediate ownership of:
WSE community treasury
The protocol fee switch
WhiteSwap Default Token List (tokens.wse.eth)
Initial governance parameters are as follows:
0.5% of WSE total supply (delegated) to submit a governance proposal
4% of WSE supply required to vote ’yes’ to reach quorum
7 day voting period
5 day timelock delay on execution