Governance

This page describes Levva's governance process

1. Governance Tools

Token holders have access to certain tools to facilitate the proposal, discussion, and participation in the governance of the Levva Protocol. The following governance tools are available to token holders and other participants in the Levva Protocol network. Please note, however, that these governance tools may change over time as the governance of the Levva Protocol, and any such updates will be communicated through the public channels:

Levva Protocol Discourse, allows the Levva Protocol community to review and discuss governance proposals.
Levva Protocol Proposal Template provides token holders with a template for drafting governance proposals in accordance with these Bylaws.
Levva Protocol Snapshot, allows token holders to vote on governance proposals.

2. Definitions

“LIP” means a Levva Improvement Proposal put to a vote of all token holders in accordance with the LIP Process.
“LIP Process” means the rules and procedures for submitting and voting on LIPs.
“Token Holder(s)” means the holder(s) of Tokens or persons to whom Tokens have been delegated, as verified on the Levva Protocol.

3. Tokenholder LIP Categories

Categories of LIP by Token Holders Token Holders may propose and vote on LIPs, subject to and in accordance with the LIP Process, to:

Make adjustments to the following Levva Protocol parameters:
- General risk management frameworks.
- Vaults / Pools set.
- Fees.
- Creation of a reserve fund.
Appoint and remove members of the Progress Council.
Increase the number of members of the Progress Council.

Token holders are encouraged to submit proposals, send and seek feedback, and fine-tune proposals prior to ultimate submission in accordance with the requirements and procedures.

4. Tokenholder LIPs

Any Tokenholder who wishes to submit an LIP for Levva Protocol consideration is required to comply with the following:

1. Phase One - Research and Community Feedback

Any Tokenholder who wishes to submit an LIP (“Tokenholder LIP”) to Levva Protocol shall first submit a draft of the proposed LIP to the Research and Discussion Forum in the Levva Protocol Discourse for review by the Levva Protocol community. The draft LIP should be reviewed and discussed by the Levva Protocol community for a period of no less than seven (7) calendar days (the “Community Feedback Period”). The LIP shall be in the form of the LIP Template.

2. Phase Two - Progress Council Review

After the expiration of the Community Feedback Period, the Tokenholder shall (1) update the draft LIP as necessary to incorporate community feedback and (2) submit the draft LIP for Progress Council review via the LIP Submission Forum in the Levva Protocol Discourse (the “Submitted LIP”). The Progress Council will review Submitted LIPs every other Friday.
In reviewing Submitted LIPs, the Progress Council may (1) allow the Submitted LIP to progress to Phase Three; (2) direct the Tokenholder(s) who submitted the LIP to provide additional information or update the Submitted LIP; or (3) reject the Submitted LIP in accordance with the following paragraph. These decisions will be communicated in the Progress Council Forum on the Levva Protocol Discourse.
The Progress Council may choose to reject the Submitted LIP if, in consultation with legal counsel, it is determined that the Submitted LIP is not safe, not secure, or not consistent with the purposes of Levva Protocol or may not be capable of being implemented in a legally compliant manner. For the Progress Council to successfully veto a Submitted LIP, a majority of the members of the Progress Council must vote in favor of the veto.

3. Phase Three - Snapshot Voting

After review and approval of the Submitted LIP by the Progress Council, a Moderator will (1) move the Submitted LIP to the Voting Forum in the Levva Protocol Discourse and (2) add the Submitted LIP to the Levva Protocol Snapshot, at which point the Submitted LIP becomes a “Live LIP.”
Once live on Snapshot, the Live LIP will be open to voting until the voting period closes, which is seven (7) calendar days later (the “Voting Period”). To confirm that each Tokenholder LIP has gone through the appropriate approval processes set forth herein, Moderators are the only persons who can post Submitted LIPs to the Snapshot.
One (1) Token is equal to one (1) vote on any Live LIP. The voting options for any Live LIP shall be “In favor,” “Against,” and “Abstain.”
Live LIPs that (1) satisfy the Quorum Requirements and (2) receive a majority of the votes cast in favor of it shall be considered to be “Approved Tokenholder LIPs.” A Live LIP that either (i) does not meet the Quorum Requirements or (ii) meets the Quorum Requirements but fails to receive a majority of votes cast in favor of it shall be considered a “Failed Tokenholder LIP.”
Approved Tokenholder LIPs will move to Phase Four. Failed Tokenholder LIPs may be resubmitted for Levva Protocol consideration only after sixty (60) days have elapsed from the date the Tokenholder LIP was considered to be a Failed Tokenholder LIP.

4. Phase Four - Implementation

Subject to Section (ii) below, Approved Tokenholder LIPs shall be taken under advisement by Levva Protocol and, so long as they fall within Levva Protocol’s power to effectuate, shall be considered for implementation by Levva Protocol in a commercially reasonable time and manner.
If, following the approval of an LIP by the Tokenholders in accordance with the LIP Process, a majority of the Levva Protocol Director(s), acting in the best interests of Levva Protocol, reasonably determine(s) that such LIP, if implemented, would:
- Be in violation of any part of the Levva Protocol Articles, the LIP Process, any statutory requirements of the laws or regulations.
- Cause Levva Protocol to be in breach of any contracts, agreements or any other arrangements.
- Be against the best interests of Levva Protocol.

5. Progress Council

The Progress Council (the “Progress Council”) is tasked with serving as a steward for the Tokenholders and for providing oversight of the Levva Protocol on behalf of the Tokenholders.

6. LIP Template

Proposal Title	BLIP - Proposal Title
Proposal Type	Governance proposals must fall under one of the categories set forth in Section 4 of the Levva Protocol’s Governance Bylaws.
Executive Summary	This section should include a short summary of the LIP, the impacted stakeholders, and the expected outcomes.
Motivation	This should explain why you are submitting the proposal and why the Levva Protocol community should adopt and implement the LIP.
Proposal Details	Please include a comprehensive description of the proposed change.
Implementation	Please include all details on how you expect the proposal to be implemented, including anticipated timing, contingency plans, milestones, and targeted completion dates.
Associated Costs	The total anticipated costs to implement the LIP. This section should include a breakdown of the total cost of the LIP. Consider both fixed costs and recurring costs.

Proposal Title

BLIP - Proposal Title

Proposal Type

Governance proposals must fall under one of the categories set forth in Section 4 of the Levva Protocol’s Governance Bylaws.

Executive Summary

This section should include a short summary of the LIP, the impacted stakeholders, and the expected outcomes.

Motivation

This should explain why you are submitting the proposal and why the Levva Protocol community should adopt and implement the LIP.

Proposal Details

Please include a comprehensive description of the proposed change.

Implementation

Please include all details on how you expect the proposal to be implemented, including anticipated timing, contingency plans, milestones, and targeted completion dates.

Associated Costs

The total anticipated costs to implement the LIP. This section should include a breakdown of the total cost of the LIP. Consider both fixed costs and recurring costs.

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