ELI5 how does governance work

As a newbie to protocol governance I have some questions about how it works. I’ll try to visualize how I’m thinking it works and what parts I wonder about.

  1. A proposal is discussed here
  2. In order for a proposal to be officially submitted an address has to have 1% of UNI supply delegated to it
    • How do I delegate my UNI to an address? Where can I do it through a simple GUI?
    • What does delegating my UNI mean in terms of that UNIs usability? Is it “frozen” in any way?
  3. The address with sufficient UNI delegated to it submits the proposal
    • How is proposal submission done? Is it also a GUI thing, and what contents of the proposal are actually sent to the chain?
  4. The proposal appears at https://app.uniswap.org/#/vote and each UNI holder can vote for the proposal
    • Can those who delegated also use the same UNI to vote?
  5. If the proposal gets 4% of the total UNI supply in votes it is accepted, but there is only a 7 day voting window
    • How is it then afterwards ensured that what the proposal suggested is also what is executed for the proposal?
    • Who can execute the proposal once it is accepted?

Hope you understand my questions, and thanks for any clarifications!

8 Likes

I’m a newbie to governance
Your questions are well thought out and relevant

1 Like

for reference, Uniswap’s governance is a fork of Compound’s approach