August 31, 2023
min read

Introducing Agora: The xExchange Governance Forum For Community Iterations, Conversations And Proposals

Subsequent to the bootstrapping and token distribution phase, we are now fully opening the xExchange governance process to the community.

A portal forum, namely Agora, has been created to facilitate proposals creation and discussions around them, by both xExchange users and the team. This is the preliminary step for a proposal before getting on-chain, and be voted upon with XMEX energy as governance power.

To engage in conversations or start discussions, users need to connect with their MultiversX wallets, and be at least in the Faraday league (i.e. have at least 5 billion energy). Their xPortal herotag will serve as username, while the in-app avatar will be set as profile picture.

Governance Overview Process

xExchange Governance allows the community to introduce xExchange Improvement Proposals (xEIPs) and to vote on them. xEIPs should follow a two-step process:

  1. On Agora (live and fully functional) - if you have an improvement idea for xExchange, you are advised to share it openly with the other community members to validate your idea, then turn it into an xEIP draft and continue to engage with the community to collect as much feedback as possible, and improve the draft to its fullest to address all its flaws and maximize its chances to be accepted
  2. On the Governance portal (functionality goes live in the next weeks) - once you have converged with the community to the best version of the draft, the next step is to create the xEIP on-chain and submit it for a vote. For the xEIP to be accepted, a minimum number of voters need to vote and more than 50% of them need to vote "Yes". So if you want the xEIP to be accepted, the proposal needs to be consequential to motivate people to vote, and needs to be a clear improvement for people to accept it, that’s why the preliminary off-chain discussion phase is so crucial.

Note: to publish on-chain an xEIP, the creator needs to deposit an amount of XMEX whose total Energy is at least 1.5 trillion. The contract can receive XMEX from other accounts as well, so help can be requested to meet the threshold. The entire deposit is burned if the proposal receives more than 33% NoWithVeto votes.

Read the detailed description and full process overview here:

The first xExchange Improvement Proposal

As a starting point, there are currently two posts on the Agora: (1) a guide on how to participate containing general guidelines and (2) a draft of the first xExchange Improvement Proposal (xEIP).

The purpose of the first xEIP is to create a Strategic Fund that will be initially funded with a 1.1M$ in XMEX. In a follow-up xEIP draft, energy holders will be able to decide on the direction these funds should be used.

A few examples of how the funds can be productively used:

  1. Offer attractive prizes for xExchange hackathons, such as the prestigious Battle of Yields competition.
  2. Allocate funds to reward those who aid in the testing of new and exciting features on xExchange, ensuring smooth and efficient rollouts.
  3. Support protocols that choose to build on top of xExchange, further enriching the ecosystem.
  4. Reward the community for implementing xExchange features or tools, further improving user experience and capabilities.
  5. Reward the community for creating high-quality content around xExchange, further expanding our reach and visibility.

There are probably many other great ways to allocate the funds, and this will be the subject of great follow-up discussions. For the moment, the sole purpose of this xEIP draft is to establish this Strategic Fund.

Your ideas now have wings

On top of the direct link between the value generated by xExchange and the value captured by energy holders, the community is now able to also directly contribute to the protocol’s development and trajectory via governance.

Adding a new farm, changing farm rewards allocation, future upgrades, are potential topics to be decided through community governance.

And perhaps more importantly, your ideas.

Start getting involved by letting us know what you think about the first xEIP draft on the Strategic Fund.

Author Profile Picture
Beniamin Mincu
Co-founder & CEO

Beniamin Mincu, the co-founder & CEO of MultiversX, is a distinguished tech visionary and one of Europe's early blockchain pioneers. With a notable background as Product & Business at Nem Core in 2014, he subsequently founded and led MetaChain Capital as its CEO. Beniamin continues to shape the future of technology and blockchain with his unwavering vision and leadership.

Published by
Author Profile Picture
Beniamin Mincu
Co-founder & CEO
Published on
August 31, 2023
Share this article