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xExchange Governance allows the community to propose xExchange Improvement Proposals (xEIPs) and to vote for them. This is a two-step process:

  1. Drafting an xEIP and converging to its best version (off-chain). The most crucial and longest step. If you have an idea of improvement for xExchange, you are advised to share it openly with the stakeholders to get confidence in your idea, turn it into an xEIP draft in the Agora, engage with the community to collect as much feedback as possible, improve the draft to its fullest to address all its flaws and maximize its chances to be accepted.

  2. Voting the xEIP (on-chain). Once you have converged with the community to the best version of the draft, you will create the xEIP on-chain and submit it to vote. For the xEIP to be accepted, a minimum number of voters need to vote and more than 50% of them need to vote "Yes". So if you want the xEIP to be accepted, the proposal needs to be consequential in order to motivate people to vote, and needs to be a clear improvement in order for people to accept it, that’s why the preliminary off-chain discussion phase is so crucial.

Now that you have the big picture of the governance process, let’s dive into it.