Proposals & Voting
There are 2 types of proposals: Poll Proposals and Executive Proposals. These proposals are the backbone of OpenSwap’s decentralized governance, dictating the day-to-day operations and the overall direction of OpenSwap.
Poll Proposals:
They are proposals that OSWAP token holders can create to give guidance on the overall direction of OpenSwap. This kind of proposal is time-based and the option with the most votes wins. However, it should be noted that they are only for guidance. Actual changes would only take place after the OpenSwap Team implements it.
An example of Poll Proposals would be the one taking place during January 2022, where the OpenSwap team started a poll asking our token holders which chain should the platform expand on next with the winner being Avalanche. In the weeks after the poll is over, OpenSwap team successfully deployed our DEX aggratetor on Avalanche and is planning to bring even more features on that chain.
The minimum threshold of creating a Poll Proposal is 100,000 OSWAP token (subject to change).
Executive Proposal:
Compared to Poll Proposal, this type of proposals can incur actual changes to the Dapp. It is usually preceded by Poll Proposals. An Executive Proposal also needs to pass a quorum threshold (20,000,000 subject to changes) so as to make sure that the community agrees with the changes. The proposals would be aborted if the quorum is not reached and a majority is not reached.
These proposals link to a smart contract when it passes the quorum thresholds. When the proposal passes, a minimum 24 hour delay period would take place, allowing the vetting of the code and giving the Emergency Administrator council to determine if the proposal is malicious. The council can execute an Emergency Pauses that is not subject to the 24 hour delay if it deems the proposal malicious. In the case where the council finds no issues, the contract would automatically implement the changes on the Dapp.
The minimum threshold of creating an Executive Proposal is 1,000,000 OSWAP token (subject to change).
The list of possible actions for the Executive Proposal is ever expanding. Here we would be listing a couple of them: Modify Oracle (for the queues) Modify System Parameter Add/Remove Admin Modify Security Oracle Score Set Whitelist Set Voting Executor Register Protocol Modify restricted oracle
Step 0: If you don’t already have some OSWAP, get some now. OSWAP tokens are currently traded at PancakeSwap, IF Swap, MEXC, and OpenSwap.
Step 2: Click the “Manage” button to manage your voting balance
Step 3: Approve OSWAP
Step 4: Add the amount you want to stake to the contract You do this by clicking “Add Stake” then enter the amount and press “Confirm”. Please be reminded that you have to stake the balance for 7 days before you can vote.
Step 5: Click the Manage button again when your stake is available (7 days after staking).
Step 6: Unlock your voting balance.
Step 7: Visit the Poll details (when it is available).
Step 8: Cast your vote!
Last modified 1yr ago