On Sunday night, Euler DAO approved a proposal to formalize its governance process. The default lifecycle of a proposal will now be shortened to 14 days.
According to the author, the current governance process is not “fully standardized,” especially for new community members. Notably, there is confusion around proposal categories and stages, as well as the information to include in a proposal.
Under the existing standard, a proposal has to go through six different stages (Ideation → RFC (7 days) → eIP (7 days) → Snapshot (Off-chain, 6 days) → execution), which takes a minimum of four to five weeks before a proposal is successfully implemented.
The new formalized governance process reduces these stages to five – ideation, RFC, formal submission, Snapshot voting, and implementation.
During the ideation phase, the proposer discusses the idea with other community members and drafts a formal Request For Comment (RFC) proposal on the forum, typically through Discord or via private channels. After drafting and publishing a proposal that follows the approved template, the draft will be open to discussion on the forum for at least six days, with a temperature check poll. Upon passing a temperature check and “the community and proposal initiator have deemed enough feedback is received, it can proceed to the Formal Submission stage.”
In the final submission stage, the earlier RFC proposal is republished as a new comment under the same proposal forum thread, with the title edited to include a sequential number. Meanwhile, a proposer with at least 500 EUL delegated can publish a proposal on Snapshot. This will be open for voting for six days. Afterward, successful proposals will be passed on to the appropriate teams for implementation.
The initiative to streamline the governance process received approximately 100% from the community.