Public Representatives (P-Reps)

To scale governance participation, BOUND introduces Public Representatives, community delegates who aggregate voting power and drive protocol decisions. Any address can become a P-Rep by locking 10,000 BOUND tokens as a security bond, making them eligible to receive delegated voting power from the community.

Token holders delegate their voting power by staking BOUND with chosen P-Reps, maintaining full ownership of their tokens while amplifying their governance voice through experienced representatives. This delegation creates a merit-based system where P-Reps with strong track records attract more delegated power, while poor performers lose support. P-Reps earn rewards for active participation, successful proposals, and alignment with community interests, sharing these rewards with their delegators. This creates aligned incentives where representatives succeed by serving their constituents well.

Conversely, malicious behavior results in permanent banning and burning of the 10,000 BOUND bond, with delegators facing a 10% penalty on their staked amount, ensuring careful selection of representatives. To prevent governance capture, no single P-Rep can control more than 35% of voting power on any proposal, maintaining decentralization even as voting power aggregates through delegation.