All of the requirements on behavior and legal compliance will be described in detail in the Code of Conduct of the Governance portal.
Each Rider will be able to vote either “Yes” or “No” (or any other option specified by the creator) on any proposal. A minimum threshold of total “attention” (regardless of whether the votes are “Yes” or “No” or other) which a proposal must gather will be pre-set by the rules; the precise height of the threshold will be determined in near future. This is to ensure that the proposal attracts enough public attention since we want the community to be driving the changes, not just a couple of Riders.
The voting, as well as the proposals themselves, will be done by on-chain transactions.
The Governance Portal will aggregate the UI of proposals that have the same voting period. This will enable Riders to select their favorite option on each one of those and cast the votes in a single transaction, thus saving on transaction fees. Additionally, this can be used cleverly to deliberately increase attention on a specific proposal by bundling it together to a significant or a favorite one when specifying the voting period during the proposal creation.
When voting on multiple proposals, for each proposal the wallet’s full voting power is used. Riders don’t need to calculate how to distribute their votes. More on the voting power and Governance Portal in further chapters.
The collateral system is in place to also incentivize creating original and non-duplicitous proposals. Additionally, we are considering solutions on how to make similar or duplicitous proposals clearly visible and thus minimize wasting of energy by the community.
The supermajority voting will be enabled only after the DAO system is fully built. Until then, the topics described below will be in the hands of the WingRiders team. For such especially important decisions, a higher threshold of attention will be required for passing the proposal during the voting phase. A winning proposal that requires this “supermajority” must a) gather at least X votes (X to be defined later by DAO - higher threshold than with regular proposals) and b) the “Yes” votes must account for at least 65% of the total votes cast on the proposal. This ensures that really the significant majority of the Riders agree on the biggest and most important changes and that also the medium-to-small holders are involved. Examples of such decisions/areas are here:
- Discontinuation of the WingRiders DAO or the WingRiders DEX platform.
- Merging of the WingRiders DAO or the WingRiders DEX platform with another DAO platform or any other type of entity.
- Conversion of all WingRiders Tokens into a different type of tokens.
- Amendment of the voting system and mechanism.
- Amendment of the Terms and Conditions of the WingRiders DEX platform or the Code of Conduct of the WingRiders Governance portal.
After discussing an idea thoroughly with the community and ironing out all the details using our Discord or community portal, the Riders will be able to submit binding proposals. During the creation of the proposal, the Riders will be able to specify when the voting will start and when it will end. This not only enhances decentralization of the voting process but also leads to a very neat effect - those proposals that will share the same voting period will be voted on in a single transaction. Obviously this will save some transaction money to the Riders, but also can be deliberately used to increase attention on the proposal when it is designed to be voted on at the same time as some large and important proposal, such as approving budget for development.
The Riders will be able to vote on as many binding proposals that will be active at that point in time. After the proposal’s voting period ends, the votes will be counted, and if the proposal is deemed Accepted, transformed to code / implemented.
The Governance Portal will show the total voting power associated with the connected wallet that can be used for voting on proposals. The voting power will be a sum of the Rider’s number of WRT in various locations - in vesting scripts (yes, it’s possible to vote with WRTs that are already yours but haven’t been claimed yet), in pools, in farms, in the wallet etc. The voting power generated by the WRTs in these locations will differ, as described below. Please note that only WRT in the WingRiders DEX protocols or in non-custodial wallets can be used to generate voting power - WRTs in custodial wallets or in other protocols (such as Milkomeda) will not generate any voting power.
Because it’ll be possible to use WRTs still in vesting to vote, there will be 2 tiers (at this time) of voting power coming from the tokens:
- 1.WRT in pools, farms, wallets, unharvested rewards - power 1 per one token
- 2.WRT in vesting scripts - power 0.5 per one token
This model is still a work in progress and may be changed according to feedback or newly discovered circumstances.
As each proposal will potentially have its own voting period and because Riders can obtain or get rid of tokens as the periods go by, each proposal will have its own snapshot at the beginning of its voting period to determine the wallet’s voting power for the proposal.
The voting will be done with our snapshot-based on-chain system. As every proposal can have a unique voting period set by the creator, the voting power of a Rider’s wallet will be determined from a snapshot taken at the beginning of the voting period. Thus the voting power of a wallet can differ on each proposal. The Governance Portal will visibly display the voting power (at that point of time and for each individual proposal separately). The snapshot of the blockchain will be the means to determine the voting power of the Rider’s wallet, counting all WRTs associated with that wallet that are in the wallet, in WingRiders pools & farms etc (please note that WRTs in non-WingRiders protocols such as Milkomeda will contribute no voting power).
Gathering more voting power after the initial snapshot (after the proposal’s voting period starts) won’t increase the voting power for that round of voting.
Practically speaking, casting the votes will be done through on-chain transactions. Therefore casting the votes will cost a small amount of ADA as a transaction fee.
After the voting period expires, the protocol will evaluate if the proposal gathered the winning amount of voting power and the winning proposals will be labeled as Accepted and coded and implemented. All the past proposals will be still visible in the governance portal, including their status.