UN Token
UN is our governance and utility token
Last updated
UN is our governance and utility token
Last updated
UN is the governance and utility token of UNIT. It empowers the global community of contributors to influence and refine the project’s direction through voting mechanisms. UNIT is governed by selection criteria and index formula algorithms, and these algorithms can be adjusted slightly through proposals made by the community, using the governing token, UN.
UN holders play a vital role in governing the UNIT ecosystem through the UNIT DAO. By using UN tokens, they can vote on proposals to shape the development of the platform. Governance is designed to be flexible, allowing for minimal intervention while ensuring that the community can steer the project toward its goals.
There is also a grace period built into the governance process, allowing UN holders to veto an approved proposal if it is deemed risky for the system. As UNIT evolves, the governance process will be deployed on widely accepted and asset-enabled transactional layers, such as Ethereum.
State-of-the-art governance tools like Snapshot or Tally are used for voting on proposals, while a governance forum facilitates community discussions. Governing contracts and processes are regularly updated to meet current standards and innovations.
UN resources are outlined in The UNIT's Resources paper and the UN Allocation section.
UNIT governance allows UN token holders to propose and vote on various decisions regarding the UNIT index and its associated smart contracts. Through the decentralized voting process, holders can directly influence the protocol’s key operational and technical elements. The types of decisions include:
Coin Inclusion in the UNIT Index UNIT holders vote on whether a new coin should be added to the UNIT index after it passes the predefined criteria for inclusion. This ensures that only assets that meet the community’s standards become part of the index.
Algorithm Adjustments (Thresholds, Components) Governance can propose and vote on changes to the algorithm used to calculate the UNIT index, such as adjusting the thresholds for coin inclusion or altering the components that contribute to index calculations.
Data Aggregator Platforms The decision on which platforms provide price and market cap data for the index is subject to voting. Governance can propose adding or removing specific data aggregators or exchanges based on performance, reliability, or other criteria. These changes are essential for maintaining the integrity and accuracy of the data feeding into the UNIT Oracle.
Minimum Node and Data Requirements for Oracle Governance can vote on the minimum number of Oracle nodes and the number of signed prices required for Oracle to function reliably. This includes deciding how many nodes must be online at any given time and how many signed prices are needed for the system to calculate the final median price. Adjusting these thresholds can help improve the system's availability and security.
Upgrades to UNIT Smart Contracts Any proposed upgrades or modifications to the UNIT smart contracts must go through governance voting. If approved, the changes are executed by the governance-controlled multi-signature wallet (multi-sig), ensuring that any technical upgrades align with the will of the community.
