Authors and contributors: Maple Core Contributors
Overview
MIP-012 proposes for stSYRUP to be the governance token for the Maple ecosystem. This MIP contains the rationale behind this proposal and the implementation plan were this MIP to be approved by the community.
Rationale
stSYRUP has been welcomed by the community with an overwhelming response. More than 65% of converted SYRUP has been staked directly, showing the long-term alignment of the majority of the community.
SYRUP and stSYRUP holders currently have the same governance rights in the DAO structure. This MIP proposes for solely stSYRUP holders to be able to participate in governance. This is for a couple of core reasons:
- Encourages Long-Term Commitment. Requiring stSYRUP for governance ensures that only users who have a vested, long-term interest in the protocol can participate in decision-making.
- Aligns Economics with Governance. Those who stake SYRUP can participate in protocol rewards, meaning their alignment is tied to the protocol’s long-term growth. Governance participants are thus more likely to make decisions benefiting the protocol.
- Creates Additional Utility for Staking. Restricting governance to stSYRUP makes staking more attractive, as it becomes a prerequisite for participating in key protocol decisions. This utility can drive more users to stake their SYRUP, boosting adoption and engagement.
- Simplifies governance process. Since most of you have already staked, just allowing stSYRUP to participate in voting will further simplify the governance process both operationally and in terms of community coordination.
Implementation
Should MIP-012 pass, starting from MIP-013 solely stSYRUP holders will be able to participate in voting. SYRUP token holders will be able to stake their SYRUP and participate on syrup.fi/stake. stSYRUP token holders won’t be required to take any action.
MIP-012 can be voted upon by both SYRUP and stSYRUP holders with the vote going live on the 23rd of December.