How Voting Works
How Voting Works in TheStandard Protocol
Participating in the governance of TheStandard protocol will be a key right and responsibility of TST holders. Understanding the voting process is crucial for effective participation. Here's a comprehensive guide on how voting works in our ecosystem.
Voting Platform: Snapshot
TheStandard uses Snapshot, a popular off-chain voting system, for all governance votes. Here's why:
Gas-free voting: Snapshot allows TST holders to vote without paying gas fees, making participation more accessible.
Decentralized: Snapshot is a decentralized platform, aligning with our commitment to decentralization.
Transparent: All votes are publicly visible, ensuring transparency in the governance process.
Flexible: Snapshot supports various voting strategies, allowing for nuanced governance decisions.
The Voting Process
Proposal Creation: Eligible TST holders can create proposals on Snapshot.
Discussion Period: Before voting begins, proposals are discussed on Discord (more on this below).
Voting Period: TST holders cast their votes on Snapshot during the designated voting period.
Vote Counting: Votes are tallied automatically by Snapshot.
Implementation: If a proposal passes, it moves to the implementation phase.
Voting Power
Your voting power is determined by your TST holdings. The more TST you hold, the more influence you have in governance decisions.
Types of Votes
Single Choice: Vote for one option among several.
Approval: Vote for multiple options you approve of.
Ranked Choice: Rank options in order of preference.
Quadratic Voting: A more nuanced voting system that may be implemented in the future.
Discussion Forum: Discord
While voting takes place on Snapshot, all pre-vote discussions happen on our Discord server:
Dedicated Channels: We have specific channels for governance discussions.
Community Feedback: Proposal creators can gather feedback and refine their proposals.
Expert Input: Core team members and community experts can provide insights.
Informal Polls: We may use Discord polls to gauge initial community sentiment.
Future Plans: Self-Hosted Forum
We're committed to continual improvement of our governance process. In the future, we plan to transition to a self-hosted forum for governance discussions. This move will offer:
Greater Control: We can tailor the forum to our specific needs.
Enhanced Organization: Better categorization and searchability of discussions.
Integration: Potential for tighter integration with our voting system.
Accessibility: A more open platform for those who prefer not to use Discord.
Indexed and searchable on the open internet.
Best Practices for Voters
Stay Informed: Regularly check the Discord governance channels and Snapshot for new proposals.
Participate in Discussions: Share your thoughts and concerns during the discussion phase.
Research Thoroughly: Understand the full implications of each proposal before voting.
Vote Consistently: Regular participation ensures your voice is heard in shaping the protocol.
Conclusion
Voting is the cornerstone of our decentralized governance model. By participating in votes, you directly influence the future of TheStandard protocol. Whether you're a large TST holder or a smaller stakeholder, your voice matters in our ecosystem.
Remember, with great power comes great responsibility. Stay engaged, vote wisely, and help us build the future of decentralized finance together!
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