Governance
Phase I Governance
Phase I GovernanceNeverland Governance is live. veDUST holders can now vote directly on proposals that shape the protocol’s direction, making Neverland the first live governance system in the Monad ecosystem.
This page covers how Phase I governance works: the structure, the proposal process, voting mechanics, and how to participate.
New to governance? Start by acquiring DUST and locking it for veDUST. Voting power is based on your veDUST power at the time a vote’s snapshot is taken, not your liquid DUST balance.
Phase I Philosophy
Phase I is intentionally lightweight. Rather than introducing complex governance machinery from day one, the focus is on building participation habits, establishing clear processes, and decentralizing progressively as the ecosystem matures.
Meaningful decentralization doesn’t happen overnight. Early-stage realities, such as relatively low circulating supply, developing participation, and evolving operational structures, call for a framework that can adapt over time. Phase I is the starting point, not the destination.
Governance Structure
Phase I separates responsibilities into two areas:
Operational governance
Handled by the core team. Covers day-to-day ecosystem coordination, partnerships, protocol operations, product improvements, communications, and ongoing execution. This separation allows Neverland to move efficiently during early growth without governance bottlenecks slowing development.
Directional governance
Where the community participates directly. Includes:
Protocol direction and strategy
Governance framework changes
Asset listings
Major risk-related discussions
Other strategic protocol matters
These decisions move through the formal governance process described below.
Emergency authority
The Sentinel Safe (Emergency Council) retains limited authority to pause or freeze protocol functionality in response to exploits, oracle failures, security incidents, or other critical risk events. This authority exists strictly to protect users and protocol integrity during emergencies.
Governance Process
Governance moves through two stages: an open discussion phase (RFC) followed by a formal vote (NGV).
Stage 1: Request For Comment (RFC)
All proposals begin as an RFC on the Neverland Governance Forum.
A well-formed RFC should:
Clearly explain the problem being addressed
Include supporting research or reasoning
Propose a realistic solution or implementation path
Anyone can submit an RFC. During Phase I there is no fixed minimum discussion period; proposals mature organically through public discussion while the core team acts as governance facilitator, helping determine when a proposal is complete enough to proceed to a vote. This approach keeps discussions flexible while preventing incomplete proposals from rushing to a vote.
Stage 2: Neverland Governance Vote (NGV)
Once an RFC is ready, it advances to a formal vote on the Neverland Vote Portal.
Voting Rules
Voting period
7 days
Voting power basis
veDUST at snapshot
Initial quorum
500,000 veDUST
Pass threshold
Simple majority
Voting power
When a vote opens, a snapshot of all voting power is taken. Your voting power for that specific proposal remains fixed for the duration of the voting period, even if your veDUST balance changes afterward.
Voting power is based on your veDUST balance at the snapshot, including the effects of lock duration and veDUST decay. It is not based on liquid DUST balances or the total amount of locked DUST alone.
Quorum and outcome
For a vote to be valid, at least 500,000 veDUST of voting power must participate. If quorum isn’t reached, the proposal is nullified due to insufficient participation. If quorum is reached, the option receiving a simple majority determines the outcome.
The 500,000 veDUST quorum is a starting threshold. As governance activity and participation patterns become clearer, quorum requirements may be adjusted to better reflect meaningful community participation.
Delegation
The governance system supports delegation, including time-limited delegation. This lets veDUST holders assign their voting power to another participant without permanently transferring it - useful if you want to support a delegate’s judgment on specific topics or during periods when you can’t actively participate.
Execution
An approved NGV establishes the direction and outcome endorsed by the DAO. From there:
The core team organizes and carries out the work required to fulfill the proposal, including planning, coordination, and development.
Onchain execution and administrative actions are performed asynchronously through the protocol multisig and governance infrastructure via the protocol’s timelock lanes.
This division keeps execution efficient while ensuring the DAO’s approved direction is what drives action.
How to Participate
How to ParticipateVote on a proposal
Lock DUST for veDUST (if you haven’t already)
Visit the Vote Portal
Connect your wallet
Select an active proposal and cast your vote
Remember: your voting power is locked in at the snapshot taken when the vote begins.
Submit an RFC
Sign up on the Governance Forum
Post your proposal in the RFC category with a clear problem statement, supporting reasoning, and a proposed path forward
Engage with community feedback and iterate
Once the proposal is sufficiently mature, it can advance to a formal NGV
Delegate your voting power
If you’d prefer not to vote directly, you can delegate your veDUST voting power, including for a fixed period, through the Vote Portal.
What Comes Next
Phase I establishes the initial framework. It is intentionally an introductory structure - strong enough to build on, flexible enough to evolve.
As participation grows and governance processes mature, future phases will explore expanded decentralization, broader community responsibility, and additional governance mechanisms. These will be developed collaboratively with the DAO.
This is only the beginning. Welcome to Neverland Governance.
Resources
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