💯Governance

For Lumin to be completely decentralised, the introduction of a DAO was vital. The DAO was introduced in Q4 2023. Certain tasks like the development of the smart contracts, audits and design of $LUMIN were completed first. With the DAO introduced, $LUMIN token holders are able to stake their tokens to participate in the governance process.

Initial votings will be on:

- New collateral options - Loan parameters - Fee utility

As governance processes are one of the most complex things in Web3, the Lumin DAO will be open for restructure and improvement on an ongoing basis.

The governance process in a nutshell:

1. First idea and discussion about a proposal 2. Informal proposal in Discord/Forum 3. Formal proposal on Snapshot and vote 4. Multisig execution

Voting power is pro-rated with the $LUMIN amount which DAO members currently stake.