SMESH stakers vote on which trade originators can access the protocol and set collateral parameters. On-chain governance launches Q3 2026.
Your staked SMESH balance is your voting power. More staked = more weight in protocol decisions.
The Foundation publishes originator applications and parameter changes 7 days before each vote opens.
Cast your vote using your staked SMESH balance. Simple majority wins. Quorum required for binding decisions.
Approved originators are whitelisted. Rejected applications cannot reapply for 90 days.
Which originators can access protocol capital. Each applicant submits deal structure, collateral, and track record for community review.
Minimum collateral ratios, maximum deal duration, and concentration limits per originator.
The percentage of protocol fees directed to buyback-and-burn vs liquidity deepening (currently 30/70).
In the event of a protocol risk, stakers can vote to pause activity. Requires 66% supermajority.
The community will vote to approve the first trade finance originator allowed to access the protocol. Originator details, collateral structure, and deal terms will be published 7 days before the vote opens.
Set minimum collateral ratios and maximum deal duration for protocol-approved originators. Parameters proposed by the Foundation, voted on by stakers.
Governance votes open Q3 2026. Until then, originator applications and protocol proposals are discussed in the community Telegram.