Snapshot - Formal Governance
On August 15, 2023, IIP-11 proposed the creation of a Snapshot space with specific parameters to the community. After receiving approval in the #open-governance IPOR Discord channel, the Snapshot space was set up on September 6, 2023 at:
To participate in Snapshot-based voting, community members must own pwIPOR tokens or have pwIPOR delegated to them.
NOTE: pwIPOR-based voting DOES NOT require token holders to undelegate from a liquidity mining position first. The modularity of the Power Token liquidity mining mechanism enables boosting and voting to happen in parallel.
Voting
To cast your vote:
Go to the IPOR DAO Snapshot space and connect a wallet with a pwIPOR token balance.
Select the proposal that you want to vote on.
Cast your vote by selecting your preferred option and clicking "Vote."
You will be required to sign a message that is gas-free.
NOTE: You can change your vote before the voting period ends by selecting a different option and signing a new message.
You can learn more about the voting process in Snapshot's Docs.
Delegating your voting power
If you prefer to delegate your voting power to another community member, use the "Delegate" Snapshot function.
Select the wallet to which you want to delegate your voting power and click "Confirm." You will have to sign a transaction that requires gas.
NOTE: Delegating your votes DOES NOT grant access to your wallet/tokens. In addition, pwIPOR tokens are non-transferable by default.
Several IPORIANs have publicly announced their wallets in the #meet-the-iporians Discord channel and are open to receiving voting power.
If you require further help with delegation, you can refer to the official Snapshot Docs.
How is a Snapshot proposal created?
Anyone can create a Snapshot proposal in the IPOR DAO space if they own a minimum of 25,000 own and/or delegated pwIPOR tokens. This threshold may gradually increase as the number of pwIPOR tokens grows. More about the distribution of the token supply can be found here. Voting begins 24 hours after the proposal is created and lasts three days. Please refer to the guidelines for proposal creation.
Is there a quorum requirement?
Yes, at least 200,000 pwIPOR tokens must vote for a proposal to be accepted or rejected. If there are more “Yes” votes than “No” votes at the end of the voting period, and the quorum is reached, the proposal is accepted (or vice versa).
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