How will voting work on OpenSwap?
Governance of the OpenSwap platform is done through a decentralized voting process that is carried out by OSWAP holders through 2 types of votes.
Poll Proposals: These are proposals that OSWAP holders can create to establish guidance on how the governance community feels about certain directions. These are time-based proposals where the option with the most votes wins. It should be emphasized that these polls serve only as ‘guidance’ and do not enact any changes on the platform.
Executive Proposals: These are typically created as a result of a Poll vote result. OSWAP holders will be asked to vote again on whether they agree to execute a change to the system based on a proposed executive action or maintain the system state as it is. In order for an executive proposal to be implemented, a quorum must be achieved representing a certain amount of OSWAP tokens to ensure it has the blessing of an overwhelming majority of the community. Such proposals are also time-bound and if there is insufficient support, the proposal is aborted.
Executive proposals will be linked to a ‘Proposal Execution’ smart contract that will be automatically executed when the Executive proposal passes quorum thresholds. Once an Executive Proposal for making a change to the system is confirmed in a vote, there will be a minimum 24 hour delay period to allow for vetting of code and give an opportunity for the Emergency Administrator council to determine if an Emergency Pause is needed to prevent a malicious proposal from being executed. If no issues are found and the delay period has passed, the ‘Proposal Execution’ program will be automatically executed to implement the change on the platform. Note that Executive Proposals for Emergency Pauses will not be subject to the minimum 24-hour safety delay.
Any OSWAP holder may participate in governance once their stake surpasses the minimum duration required. A minimum amount of staked OSWAP tokens is required to create Polls and Executive Proposals.
Wish to learn more about OpenSwap's governance?
To interact with the OpenSwap governance portal, please explore the following link: https://www.openswap.xyz/#/governance
We encourage community members to partake in community discussions to help better shape OpenSwap's governance structure. Users may get in touch with core team members through joining the OpenSwap telegram group: https://t.me/openswapdex