OOKI (Previously bZx)
What is OOKI?
OOKI is a financial primitive for shorting, leverage, borrowing, and lending that empowers decentralized, efficient, and rent-free blockchain applications. OOKI allows anyone to build applications that enable lenders, borrowers, and traders to interact with the most flexible decentralized finance protocol on Ethereum. OOKI is a community-run project, governed by the community vote for all major changes to the protocol. There are a few core products that make up the OOKI ecosystem and each of these products serves a different purpose within the ecosystem: Fulcrum, Torque, and OOKI protocol.
- Fulcrum, originally launched in June 2019, is a DeFi platform for lending and margin trading built using OOKI. Fulcrum enables users to collect interest by lending assets, and to enter into tokenized long or short positions at up to 5x leverage. Fulcrum 2.0 was launched in 2020 and is twice as gas efficient as its predecessor.
- Also built with OOKI, Torque is a DeFi platform for borrowing assets instantly, with indefinite-term loans and fixed interest rates.
- OOKI protocol: The most important thing that sets the OOKI Protocol apart from other decentralized lending protocols is its commitment to developing the most decentralized solution possible. The OOKI Protocol is currently the only lending protocol to make use of decentralized price feeds for calculating interest rates and its unique architecture makes it so the gas fee associated with using OOKI does not increase along with the number of assets supported by the platform.
Governance
OOKI will be breaking it’s governance process down into three primary stages: Forum Discussion, Snapshot Vote, and Ratification. This process will combine both on-chain and off-chain governance mechanics. Holders of any amount of OOKI can vote, and in the future delegate votes to other people. The governance process will be as follows:
- Stage 1: Forum Discussion
Proposals will be initiated in the OOKI forum for community discussion, input and buy-in. During this stage new suggestions and changes will be discussed and debated by anyone in the community. Proposals can range from changing fees, adjusting ecosystem parameters, to new marketing initiatives, or new integrations with DeFi apps. Proposals should be outlined and discussed at this stage until community consensus and buy-in is reached.
To create a BIP, follow the template on the Forum and simply post it. Once the proposal has been discussed for three days. It will reach community consensus and proceed to the next step of community snapshot proposal vote.
- Stage 2: Snapshot Vote
Upon receiving community input during a discussion period in stage 1, the proposal moves to stage 2 where there will be a snapshot vote. During this stage, token holders can voice their support for or against a proposal by voting with BZRX on the official Snapshot page. Depending on the results of this vote, whether it is approved or rejected, the proposal will either be tabled, go back to the forum for further discussion, or proceed to the next stage. This phase requires the following:
- Prior discussion in the forum.
- 0.5% to propose
- Greater than 50% of votes in favor to pass a proposal
- Stage 3: Ratification
After the prior two stages have been completed successfully, the third stage of governance is the on-chain governance portion. A fork of the Compound Bravo Governance Module will be utilized to manage the operation of the DAO. In the future the community may at its discretion choose to utilize a different governance module.
After a proposal is submitted to the Governance module, there will be a formal voting period. At the end of the period the proposal will be either approved and implemented or rejected.
In order to create and submit a proposal to the governance module, an address must have at least 5,150,000 BZRX (0.5% of the total supply) worth of voting power staked in the staking module, to create and submit a governance proposal for voting.
When a governance proposal is created, it enters a 2 day review period, after which voting weights are recorded and voting begins. Voting lasts for 3 days; if a majority, and at least 41,200,000 votes (4% of the total supply) are cast for the proposal, it is queued in the Timelock, and can be implemented 2 days later. In total, any change to the protocol takes at least one week.
This phase requires the following:
2 day Review period 3 day Voting period 2 day Timelock waiting period 0.5% to propose 4% quorum needed Greater than 50% of votes in favor to pass a proposal
The front end UI the OOKI DAO that will be utilized in order to interact with the DAO governance system will be tally.com or boardroom.info.