Governance

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Governance
1. Governance Overview
Parallel protocol is designed to be a fully decentralized financial platform that can serve millions of users. On Parallel, there are 4 kinds of stakeholders:
Development team and open contributors
Investors with Parallel's native token
A wealth of platform users
Network maintainers
The governance process should incentivize each party to participate in the network activity and evolve the protocol to meet the broad users' requirements.
2. Governance Implement
Parallel governance has been implemented through substrate pallets, and thus inherited Polkadot's custom governance which is composed of the following parts:
Democracy
Council
Technical Committee
Treasury
Any HKO/PARA token holders can propose and vote on essentially any possible modification to the system, more specifically:
Runtime Upgrade
Protocol Parameters 
Treasury Spending
Council Member Nomination
Democracy/Council/Technical Committee play very different roles in this governance system. Democracy can be imaged as the Sudo of the blockchain.
If one proposal got enough votes, then the modification will be applied to the blockchain
unless Council/Technical Committee finds harmful
In other words, council and technical committee serves for democracy. Technical Committee can also fast-track a proposal which makes it easier & quicker to pass. Token holders can nominate council/technical committee members to represent their rights.
Except the basis of governance, when token holders decide to submit changes to the protocol, they will also need to pay attention to the hard timeframe limitation:
LaunchPeriod (1 Day)
VotingPeriod (5 Days)
FastTrackVotingPeriod (3 Hours)
EnactmentPeriod (1 Day)
The minimum time needed for a proposal to pass is around 3hours, token holders will need to ask council to propose an external proposal. Afterwards, the technical committee will need to fast-track to make sure it enters referenda.
3. Governance Calls 
Loans Pallet
add_market
Stores a new market and its related currency.

Ref: https://api-docs.parallel.fi/rustdocs/pallet_loans/pallet/enum.Call.html#variant.add_market​
activate_market
Activates a market.
Ref: https://api-docs.parallel.fi/rustdocs/pallet_loans/pallet/enum.Call.html#variant.activate_market​
update_rate_model
Updates the rate model of a stored market.
Ref: https://api-docs.parallel.fi/rustdocs/pallet_loans/pallet/enum.Call.html#variant.update_rate_model​
update_market
Updates a stored market.
Ref: https://api-docs.parallel.fi/rustdocs/pallet_loans/pallet/enum.Call.html#variant.update_market​
Liquid-Staking Pallet
update_reserve_factor
Update platform's protocol fees ratio

Ref: https://api-docs.parallel.fi/rustdocs/pallet_liquid_staking/pallet/enum.Call.html#variant.update_reserve_factor​
update_staking_ledger_cap
Update single nominator's max bonded cap

Ref: https://api-docs.parallel.fi/rustdocs/pallet_liquid_staking/pallet/enum.Call.html#variant.update_staking_ledger_cap​
AMM & StableSwap Pallet
create_pool
Create of a new pool.

Ref:
​https://api-docs.parallel.fi/rustdocs/pallet_amm/pallet/enum.Call.html#variant.create_pool​
​https://api-docs.parallel.fi/rustdocs/pallet_stableswap/pallet/enum.Call.html#variant.create_pool​
Crowdloans Pallet
create_vault
Create a new crowdloan vault.

Ref: https://api-docs.parallel.fi/rustdocs/pallet_amm/pallet/enum.Call.html#variant.create_pool​
update_vault
Update an existing crowdloan vault.

Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.update_vault​
open
Open a crowdloan vault so that users contributions can be sent to relaychain via XCM protocol.

Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.open​
close
Close a crowdloan vault so that users' contributions can be paused.

Ref: ​ https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.close​
auction_succeeded
Mark the associated vault as Succeed if vault is Closed

Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.auction_succeeded​
auction_failed
Mark the associated vault as Failed if vault is Closed

Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.auction_failed​
slot_expired
Mark a crowdloans vault as expired so that users can redeem back their contributed tokens.

Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.slot_expired​
migrate_pending
Migrate pending contributions by sending xcm.

Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.migrate_pending​
refund
Refund users contributions for failed auctions.

Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.refund​
dissolve_vault
Dissolve a crowdloan vault which has been dissolved on relaychain.

Ref: https://api-docs.parallel.fi/rustdocs/pallet_crowdloans/pallet/enum.Call.html#variant.dissolve_vault​
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Oracle
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Last modified 1mo ago
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Contents
1. Governance Overview
2. Governance Implement
3. Governance Calls
Loans Pallet
Liquid-Staking Pallet
AMM & StableSwap Pallet
Crowdloans Pallet