Hey! The Giveth Snapshot is great isn’t it? However, now that we’ve used it a couple of times we’ve come to realize we never really formalized any of the passing metrics for proposals. So this post will aim to do just that.
Snapshot is a wonderful voting tool because it allows us to capture GIV token holdings across multiple chains and also GIV currently staked in farms or proposals, this means when you vote with Snapshot you are voting with the weight of all the GIV under your control, not just what is in your wallet.*
*This does not include GIV that is currently in your GIVstream
We have three different voting types permitted in the Giveth Snapshot:
- Single choice voting
- Basic voting
- Ranked choice voting
We’ll define the the parameters for each below.
This is a simple Single choice voting strategy. You’ll have a range of options and you can only pick one. In Basic Voting you’ll be able to choose between For (Yes), Against (No) or Abstain ( ).
A single choice or YES option needs to receive 88% support in order to pass. To arrive at the YES % we remove the abstain votes and divide the YES votes against the total amount of YES and NO votes.
Our Quorum is the total amount of GIV tokens that need to particiapte in a vote in order for it to be considered valid. The Quorum will be set to 1 Million GIV
This voting method allows you to select multiple options, signalling your most preferred outcome and then your 2nd favourite option, 3rd, 4th and so on… (depending on how many options there are)
There are no required support percentages for Ranked Choice voting. Snapshot will calculate which option received the most support and we will choose the top result as the winner.
Quorum, will be set to 1Million GIV.
If there’s no major issues and we can arrive at consensus here in the forum after normal advice process we will consider these params legit and I will update our Governance docs with this information.
- Params look good! DAO it!
- I have an issue with these params and will comment below