What is Governance?

Governance is the process in which veHONEY holders can participate in Honey’s decision-making. As part of governance, you can vote for or against changes, as well as encourage/propose new changes.

Governance takes the form of “HIPs,” Honey Improvement Proposals. These are proposals to modify the protocol, proposed by both the team and the community. They can be found on our forum. A HIP typically has an “RFC” Requesting For Comments phase, where the proposal can receive feedback. After this, it is voted on. All veHONEY holders can vote, where 1 veHONEY = 1 vote. A simple majority is required to pass an HIP (50% + 1 vote).

How to Participate in Governance?

  1. Own veHONEY

    1. Buy $HONEY, or receive it from staking your bees.
    2. Lock $HONEY for your chosen duration on our governance page. Make sure to read up on veHONEY before you lock your $HONEY, to make the best choice.

    <aside> ⚠️ Once funds are locked, you must wait for the locking period to be over. Assets cannot be traded while they are locked, and cannot be redeemed before the duration is over.

    </aside>

  2. Head to our voting page: app.honey.finance/governance

  3. Click on the proposal to vote or learn more about it.

  4. If your wallet is connected, you can allocate your veHONEY for or against the proposal.

    1 veHONEY = 1 vote.

  5. You’ll also be able to scroll to the bottom of the proposal and find the link to the forum, if you’d like to discuss it with the community.