WHAT IS LIEFLAT
  • 🗒️LYING FLAT IS JUSTICE
    • FOREWORD
    • LFTCOIN IS FOR THE WEB3 ECONOMY.
    • TRANSITION TO Web3
  • 🗒️LIEFLAT NFT
  • 🗒️LFTCOIN PROTOCOL
    • TOKEN ROLE
    • LFTCOIN CLAIMING FOR NFT HOLDERS
    • HOW IT WORKS
  • 🗒️THE LFT FOUNDATION
    • THE LFT FOUNDATION
    • THE DAO
    • THE BOARD
  • 🗒️GOVERNANCE
    • LFTCOIN DAO GOVERNANCE
    • PROPOSAL PROCESS
    • VOTING
    • THE FUTURE OF LFTCOIN DAO
    • REFERENCE
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  • VOTING MECHANISM
  • VOTING PROCESS
  • VOTING DELEGATION
  1. GOVERNANCE

VOTING

LFTCoin DAO’s consensus mechanism aims to make placing votes fair, transparent, and low-cost, so that LFTCoin holders can participate in the decision-making of the DAO.

VOTING MECHANISM

Snapshot was chosen as a voting tool that:

  • doesn’t require gas payment

  • ensures transparency

  • expands governance participation to all holders of LFTCoin

VOTING PROCESS

  1. Moderators post AIPs to Snapshot after ensuring that each one has gone through the correct approvals process. New AIPs are posted every week on Thursday at 9PM ET. This is when the six-day voting window opens as well.

  2. DAO members vote on Snapshot. One LFTCoin is equal to one vote. As votes cannot be divided into fractions and the total number of votes shouldn’t ever exceed the number of tokens minted, the number of votes will be rounded down if a fractional number of tokens is owned by the voter (i.e., 100.1 tokens will result in 100 votes, and so will 100.9 tokens). The voting options for a Live AIP are “In favor” and “Against.” Voting “In favor” means the voter is in favor of implementing the AIP exactly as-is. Voting “Against” means the vote is against implementing the AIP exactly as-is — you may vote “Against” to encourage the author to resubmit the AIP after making changes.

  3. The voting for each proposal in each weekly batch will be open for voting for six days, closing at 9PM ET on the following Wednesday.

  4. Proposals that receive a majority “In favor” vote are moved into implementation. Proposals that are rejected will have the chance to be resubmitted via the appropriate Resubmission Template if the author contacts a moderator to initiate this process. If by the Vote Close Time the Live AIP has not gotten any votes or is tied, it will be tagged as “Stalled” and be eligible for Resubmission.

VOTING DELEGATION

DAO members have the ability to delegate their vote.

  • DAO members can delegate their vote to another DAO member that they consider to be a trusted subject matter expert.

  • Voting delegation is the mechanism by which DAO members with tokens under initial lock-up will be able to vote.

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Last updated 1 year ago

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