TLDR:

• We’ll be re-electing user representatives for the Enzyme Council in the coming weeks.
• All users who meet the eligibility Criteria can apply to be nominated for this role by other registered users
• In this blog post we’ll describe how this process will work, the roles and responsibilities of User-Representatives and provide guidance around the timing of the elections

A Governance & Tokenomics Refresh

As a refresh, the Enzyme governance system and tokenomics structure has been carefully considered and designed to align stakeholders in the ecosystem. Our three key stakeholders are all looked after in the following ways:

Users are the most important stakeholder in an ecosystem, without them — no project will survive.

What We’re Doing

In Q1 2020, the first user-elections took place and Felix Hartmann and Giel Detienne were nominated to be on the council. They have done a phenomenal job in that time period.

However since their appointment, the TVL on Enzyme has grown from about $2m to $230m and the number of users has exploded. So, it’s only fair that we hold re-elections to make sure we are staying true to our goal of being user-representative.

With that in mind, we will be opening up the process for users to nominate themselves as User-Representatives during the registration period in May 2022. Anyone who is eligible will be able to enter the election which will follow in June 2022.

Eligibility Criteria & Applying

The eligibility criteria for applying to be an Enzyme User-Representative (EUR) is that your vault holds a certain percentage of AUM on the network in ETH terms before the publishing of this blog post on April 14th, 2022. The Council is discussing lowering the threshold from 1% to as low as 0.25% but the exact figure will be confirmed by the council in the coming days.

You will also need to create an account on the Enzyme app, which verifiably links your identity to the fact that you are a user by signing a message with your private key. Once this is complete, you can apply to become a EUR. This requires you to provide some basic information about yourself via a form:

Users will have until May 16th 2022 to claim an account and nominate themselves as a User-Representative. If you do not already have an account with Enzyme, you can “sign in” and claim your account by signing a message with your private key.

Voting

Any vault managers on Enzyme will be eligible to vote as long as they have created an account. Again, you’ll be required to sign a message with your private key in this account creation process which proves you are the owner of your vault.

Your Role as an EUR

The role of an EURs is to ensure that the voice of current and future users is being heard and considered.

EUR’s should work very closely with the rest of the Enzyme Council to ensure a healthy feedback loop exists. They are also expected to raise any concerns from the user community and voice priorities which will help maintain, grow and scale usage of the protocol.

Contact us for more info

If you’d like to find out more, drop us a line at council@enzyme.finance

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