Delegating & Voting
Venus DAO is an autonomous and decentralized organization that functions via smart contracts on a blockchain, meaning it operates without any central authority or control. The purpose of DAOs is to facilitate trustless collaboration and decision-making among members, who can be individuals or entities involved in the organization. Governance within Venus DAO encompasses making decisions, establishing rules, and managing resources.
1/ Token Holders: DAOs typically have a native token, representing membership and voting rights within the organization. For Venus Protocol, this native token is XVS. Token holders partake in the decision-making process by voting on proposals.
2/ Proposals: Venus DAO members who stake XVS in the Vault can create proposals, which suggest changes, initiatives, or organizational actions. Proposals can span a variety of topics such as protocol upgrades, funding requests, or changes to the DAO's rules. To propose, one requires "Voting power" of 300,000 XVS. To vote on a proposal, one needs "Voting power" of 600,000 XVS, either individually owned or delegated by other members.
3/ Voting: Following a proposal's creation, token holders can vote on it. Venus DAO manages the voting process, queuing and voting on protocol updates within 48-hour timelocks. The voting method could entail a simple majority vote, a supermajority, or weighted voting based on each participant's token count, as is the case with Venus Protocol.
4/ Voting Period: Venus DAO recognizes three Venus Improvement Proposals (VIP) roles: Normal, Fast Track, and Critical. Each VIP role has a unique proposal threshold, timelock, and voting period, which can be configured by Governance. This duration allows token holders ample time to review, discuss, and cast their votes. The votes are tallied once the voting period concludes.
5/ Execution: After a proposal garners support and votes, all Venus DAO members can execute the VIP directly in the Venus dapp through smart contracts.
6/ Transparency and Auditability: All Venus DAO transactions and governance activities take place on a public blockchain, enabling transparency and auditability for anyone interested. This level of transparency helps maintain accountability and minimizes potential fraud or manipulation risks.
It's crucial to understand that DAO governance is an evolving field, with different DAOs adopting unique governance structures and processes. The specific rules and mechanisms are continually refined and adapted to best meet the needs of all Venus DAO members.\
Step 1: Visit the Venus Governance Portal
Step 2: Connect Your Wallet
On the top right corner of the screen, click on the "Connect Wallet" button. Choose your wallet from the dropdown menu and follow the prompts to connect.
Step 3: Delegate Your Voting Power
Once your wallet is connected, click on the "Delegate" button in the Governance section. This will open up a new dialogue box.
Step 4: Enter Your Address
In the new dialogue box, click on the "Paste your address" field. Your connected wallet address should automatically populate.
Step 5: Redelegate Your Votes
Click on the "Redelegate" button. This will submit the address for vote delegation.
Step 6: Confirm the Transaction
A confirmation prompt will appear in your connected wallet (for example, MetaMask). Confirm the transaction to complete the voting power delegation process.
Congratulations, you've now enabled your XVS in the vault to participate in Venus Protocol's governance. Your tokens are now ready to vote on upcoming VIP proposals. Remember, your engagement in the protocol’s decision-making process is vital for its future development and success.
To vote on a Venus Improvement Proposal (VIP), navigate to the list of active proposals on the Venus Governance Portal. Click on the title of the VIP you wish to vote on. Remember, your voting eligibility requires your address to be delegated.
After selecting the VIP, you'll see voting options for the proposal. You can choose 'For' to vote in favor of the proposal, 'Against' to vote against it, or 'Abstain' to remain neutral.
Before you submit your vote, you have an option to provide a comment explaining the reasoning behind your decision. This step is not mandatory, but it contributes to a more transparent and inclusive voting process.
Once you've made your decision and optionally left a comment, click the 'Submit Vote' button to cast your vote.
Congratulations, you've successfully voted on a VIP proposal! Your participation is integral to the development and success of the Venus Protocol. Thank you for your contribution to our community's decision-making process. Remember, every vote counts in shaping the future of Venus Protocol.