HELA ON STABLECOIN GOVERNANCE
The governance of stablecoins is critical for ensuring transparency, decentralization, and accountability in their operation. While blockchain technology itself is decentralized,
many decentralized applications (DApps), including stablecoins, are often controlled by a single entity or owner of the smart contracts, which introduces a level of centralization
This centralization raises concerns regarding the control and management of stablecoins, as demonstrated by various controversies and incidents in recent history.
HOW HELA ENHANCE TRANSPARENCY AND DECENTRALIZATION IN STABLECOIN GOVERNANCE
Hela and the team proposes a set of on-chain and community-driven governance mechanisms.
Hela introduces an on-chain voting mechanism to regulate critical processes like minting, burning, whitelisting, blacklisting, and other significant actions related to stablecoin operations. The proposed governance model involves a committee consisting of reputable companies who will be responsible for managing the portfolio of FIAT-based assets and their custody, regular auditing.
The governance model consists of five roles and six actions in our system: role Admin with actions set_role and set_quorum, role Minter with action mint, Burner with burn, Whitelister with whitelist and Blacklister with blacklist.
Each role is exclusively permitted to raise proposals within their designated purview. For instance, an Admin role can propose actions related to role modifications by set_role or quorum adjustments by set_quorum. A Minter role can propose new minting action by mint etc. The proposal process involves a voting mechanism wherein roles, other than the proposer, cast their votes as yes, no or abstain.
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