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DAO Governance provides a fast track to implementing community recommendations and active community participation in governance. This is achieved by creating a decentralised, open scientific risk management community that pushes SyneSwap in a more decentralised direction.
SynePass holders are uniquely identified as voters. Voting is conducted through an on-chain governance system using the SyneSwap DAO protocol, and each Syne pass holder is entitled to vote.
SyneSwap's voting system requires users to have their Syne voted through a delegation process in order to participate in voting on proposals. When choosing to self-proxy, you can vote on each proposal yourself. When a proxy is selected, voting rights will be transferred to another person's account, but the user's Syne holdings will not be transferred.
Users with 100,000 Syne can create proposals. Procedure:
Any user with Syne can vote.
Once a new proposal is created, the community can vote on it during a 7-day voting period. If there are more votes in favour of the proposal than against it, and the number of votes in favour exceeds 10% of the token's current float, the proposal passes and its status changes to Pending.
Pending proposals have a 2-day lock-in period, where all governance and other management actions need to remain locked in for 2 days before the contract can be executed.
● Active ●Successful ● Defeated ● Queued ●Executed ●Expired
Note: This document may be subject to minor adjustments once the product is officially launched.