Overview
note
The maximum number of votes for an account is 100 SIGMA or 100 votes (1 SIGMA = 1 vote).
The Sigmaswap protocol is governed by SIGMA token holders, who can use three distinct components - the SIGMA token, governance module, and Timelock - to propose, vote, and implement changes to the protocol.
If an address has more than 100,000 SIGMA (0.1% of total supply) delegated to it, the address may submit a governance proposal. In addition, Sigmaswap creates a smart contract that allows the community to take part in order to reach 100,000 SIGMA to submit each proposal. That means even a person who desires to create a proposal does not have a sufficient amount of SIGMA, he/she can raise from the community. The proposal must include all necessary information and finished executable code. The community will have a 5-day voting period to vote on the proposal.
If more than 50% of voters and at least 250,000 votes (0.25% of total supply) are cast in favor of a proposal, it is queued in the Timelock. The proposal can be executed in a minimum of 2 days after being placed in the Timelock.
Governance Model
The community of SigmaSwap will decide how it is run through discussions on the forum and voting on ideas. Voting will take place on the SigmaSwap Snapshot.
The core team makes decisions about SigmaSwap menu liquidity mining pairs by implement an automated system to filter eligible pairs for SIGMA rewards in an initial phase and other operational adjustments, while the community votes on major structural changes and the use of treasury. In future development, all features will be done by the automated system. The following proposal serves as the directive for this:
Any use of treasury address requires the approval from 1Multisig from the Sigmaswap core team. Actions will only be carried out after consensus is reached in Governance, and by the will of the community that has agreed to a passing vote by the quorum.
Our goal is to create a DAO with functional, trustless governance. We will not rush through as there are lots of challenges, and we are not going to rush to prevent any possible mistakes. We welcome all input on how the future DAO should operate, through our forums and the #governance channel of our Discord server.
1 Multisig : a special type of wallet for securely storing cryptocurrency, operated with multisignature addresses. Learn more