Governance Proposal Types
Investigating the types of Terra Governance Proposal and how they change.
Findings & Conclusion
It is evident that TextProposals have been submitted more than Standard proposals. The key find here is that standard TaxRateUpdate proposals have never been submitted, which means that the network-wide tax rate has never changed since genesis.
We expect to see these proposal types combined in creative ways to improve the Terra network in the future.
For the first 4 months since Terra genesis, the network only saw Text and ParameterChange proposals. Beginning from February 2021, the network has seen at least one PoolSpend proposal to distribute community pool funds. RewardWeightUpdate proposals have been submitted only twice, all of which happened in March 2021.
Let's break down these figures into proposals submitted on a month-to-month basis. The chart below shows the monthly counts of the various types of Terra Governance proposals.
Since genesis, the has been 74 TextProposals, 22 ParameterChangeProposal, 10 CommunityPoolSpendProposal, and 2 RewardWeightUpdateProposal.
This makes 74 plaintext proposals to 34 standard proposals.
Introduction
Governance is simply a process whereby Terra stakeholders affect network change. This is done through proposals that are voted on.
There are two main types of proposals in the Terra ecosystem, these are, standard proposals and plaintext proposals.
Standard proposals directly affect change in the protocol and do not need human involvement to implement. Text proposals are submitted for ideas that involve large directional changes or require human involvement.
Standard proposals are sub-divided into four types based on their specific function. These are:
- ParameterChangeProposal: changing of blockchain parameters (defined in each module)
- TaxRateUpdateProposal: update Tax Rate monetary policy lever
- RewardWeightUpdateProposal: update Reward Weight monetary policy lever
- CommunityPoolSpendProposal: disbursement from the Distribution module's Community Pool
This dashboard is to investigate the various types of standard and text proposals and provide a summary of their use on the Terra network.