Governance

FarmBit is a decentralized autonomous organization (DAO) governed by $FMB token holders using three smart contracts: FarmBit Token Smart Contract, Governance Smart Contract, and FarmBit Pool Smart Contract. These smart contracts allow the FarmBit community to propose new features, vote, and execute approved proposals.

$FMB token holders have control over the FarmBit Protocol. They participate in on-chain voting and have the ability to make decisions regarding fees and future upgrades. They can regulate functionalities on the FarmBit Pool and the reputation of participating entities.

These proposals include participating entities, Interest rates, default charges, withdrawal charges, and $FMB rewards. The FarmBit community can submit their votes during a voting period. After the majority vote is decided for the proposal, it is queued in the Time lock contract and can be implemented