The promise of Web 3.0 is the opportunity to revolutionize human coordination for everyone. But the solutions offered by today’s technology are really only the beginning. It’s how we seize this opportunity that will decide its impact.
But creating real change is often far harder than it sounds, especially on the decentralized internet. It should come as no surprise that an industry built around the scrutiny of centralized power often struggles to direct itself or accept the steer of others. Perhaps that’s the reason that DAO governance is still so far from directing the world. And yet, there is ultimately no real alternative to open governance in DeFi… users are simply far less willing to trust entities where governance is closed.
At Beefy, we recognise that our system of governance is at the core of our identity, and the root of our success. We see that, to succeed in delivering all that Web 3.0 has to offer, we must continue to sow the seeds of open discussion and cooperation, and watch them grow. To further this mission, this article highlights the structure of our governance, the reasons for its design, and the ways that you too can get involved.
A key part of Beefy’s secret sauce is creating a culture where token holders start to think and behave like owners. Though this is far from straightforward, we see that much of our success is rooted in the early decisions that our $BIFI governance token got right: a fixed supply cap, with no fancy mint or burn mechanisms, near fully distributed immediately following launch, and our only governance token/mechanic. Even our staking system is focused on buying back and compounding $BIFI, growing holders’ influence, over and above their wealth. You simply don’t buy $BIFI if you don’t care about Beefy.
The result has been a strong community, led by individual contributors and members, rather than founders, VCs or whales. Every $BIFI holder is heavily invested in achieving consensus and maintaining good relationships, because that is the secret to turning our work and ideas into meaningful impact. And so it is our ownership - taking responsibility for where we go and how we operate - that binds the Beefy community together.
Take Your Place
But it takes more than just a token to imbue a sense of ownership; it’s what a token is used for that defines it. Our governance system is built from the ground up to empower and embrace holders. Every holding is recognised in our voting system, no matter how small. It’s 1 token, 1 vote. End of story. Voting power is captured immediately when the proposal is posted, with no exceptions or loopholes. And anyone with 1 $BIFI is immediately able to post a proposal… no hoops to jump through… no red tape… just draft, submit and vote. Sophistication in simplicity.
We also believe that governance is about more than just text on a Snapshot page. It’s about active discussion, an open environment, and free and empowered members. For Beefy, this means creating and maintaining the right spaces for discussion. In particular, Beefy’s governance is embodied by our #🏛-proposals and #💡-proposal-ideas channels on Discord, where discussions on live and prospective proposals are warmly welcomed. Beefy also invests continually in its amazing international team of moderators, who ensure that our social media channels are a safe and encouraging space for everyone to get involved. This is why so many of our members - from devs, to investors, to degens - choose to make Beefy their home.
Define Our Direction
Though we couldn’t hope to succeed without the sophisticated design and dynamics explained above, these systems alone are insufficient to achieve our goals. The difference between amazing circumstances and a meaningful outcome is simply what you choose to do with them.
At Beefy, our governance is defined by community-led direction. Our proposal repository showcases the wide range of different suggestions that we receive, ranging from sophisticated changes to our protocol through to poorly-thought-out vault requests. In and amongst them are also specific proposals for grants, rewards and funds, covering all manner of member-led initiatives and contributions. It’s clear that users of all kinds are made to feel welcome and free to contribute. This also extends beyond action to abstract discussion and non-binding proposals, where our governance system isn’t walled off by guardians or procedure. Members are free to contribute as they wish, providing they can persuade the community to support them. Ultimately, our bottom line is simple: be the change you want to see.
But beyond change at an individual level, our core operations are equally open. Though our core contributor team wields delegated authority, and can’t possibly run every action by a vote, everything that the team does is underlined by our governance. By regularly bringing important matters to a vote, our core team maintains strong bonds with community contributors and our wider members. And where you have questions about the decisions being taken, or suggestions for how they could be improved, you’ll be amazed to see the speed with which our community’s leaders will engage with you directly and in full.
The Future Is Bright
At almost two and a half years old now, Beefy has established its name as one of the originals in multichain DeFi. But that status wasn’t achieved just by surviving. It was only by building a truly open and community-led project, around straightforward products and design, and deep and powerful performance, that we have made that name for ourselves.
We’ve come a long way since those early days, yet our governance has remained remarkably robust and consistent. We believe that the future for Beefy remains bright, precisely because it’s built on a foundation of open and engaged community, individual-led direction and simple governance design. We hope that readers will feel encouraged to get involved, and inspired to be the change they want to see in our DAO. Together, we can change the world.
Snapshot Space | Governance Docs | Proposal Repository | Discord Server