In our previous post on governance proposals and templates, we covered what type of proposals you can write, the format of proposals, steps involved in getting the proposal to vote, and a few considerations for choosing a blockchain. In this post, we will go deep as to how the governance proposal goes from getting support to reaching consensus one step at a time. We will also look at the minimum quorum required for the proposal to pass.
We are calling it Covalent Governance V1. The platform we have chosen for voting and reaching a final consensus is Snapshot. You can view and join Covalent’s Snapshot page here.
Proposal Consensus Levels
The consensus levels for a specific proposal move from one stage to the next. First, the proposer writes the proposal on our Governance Forum, followed by the proposal dropping on our Discord server by the proposer on the #community-proposal channel. Based on the responses and soft votes on the forum as well as Discord, the Covalent team will decide to take the proposal to Snapshot for final approval/voting.
To summarize,
- Governance Forum (Discourse Votes): Consensus Level = Gauging Support
- Discord Votes: Consensus Level = Confirmed Support
- Snapshot Votes: Consensus Level = Final approval
Creating a Proposal
The threshold to create a proposal at the moment is 5000 CQT. However, to bootstrap the initial governance process only whitelisted members (Covalent team) will be able to create proposals on Snapshot.
Voting Power
In order to vote on the given proposal, you need to have a sufficient amount of CQT to add in your vote. The voting power for Governance V1 is 1 CQT = 1 Vote.
Your $CQT will stay in your wallet. You will only have to sign the vote
(transaction) on Snapshot. It also means you do not have to spend on the gas fees.
Quorum
The minimum quorum for the proposal to pass will be defined by following
- Greater than (>) 55% vote approval
- A minimum of 10000 votes
All the governance proposals that go on Snapshot will get 4 to 6 days to vote. If the above quorum is reached after the stipulated time, Covalent will execute the vote in accordance with the majority.
NOTE: The CQT tokens need to be in the wallet before the proposal goes live on Snapshot as defined by the Block # for the proposal. If you buy CQT after the proposal goes live, you won’t be able to vote on that proposal.