The Virtuals Protocol has officially launched its governance portal, allowing wallets that hold at least 0.10% of veVIRTUAL to participate in proposing and voting, aiming to promote decentralized governance and sustainable ecosystem development.
MAIN CONTENT
The Virtuals Protocol governance portal allows wallets holding at least 0.10% of veVIRTUAL to create proposals.
The voting process consists of 72 hours of discussion and 72 hours of on-chain voting with eligibility conditions.
The first three proposals focus on the ecosystem development fund, protecting Sniper, and supporting Virgen Labs.
How does the Virtuals Protocol governance portal work?
The governance portal of the Virtuals Protocol operates under a transparent process, built on-chain, to ensure accuracy and fairness in community governance. Wallets holding at least 0.10% of total veVIRTUAL have the right to propose legislation.
After a proposal is submitted, a 72-hour discussion phase will take place, during which no voting is conducted to facilitate exchange of opinions and deep analysis.
At the end of the discussion phase, the system will take a snapshot of the number of veVIRTUAL held by each wallet and permanently lock the voting rights. Then, the 72-hour on-chain voting begins: the community votes 'agree' or 'disagree'. For the proposal to be valid, at least 25% of veVIRTUAL must participate and a simple majority (50% + 1) must agree.
The new governance portal not only emphasizes transparency but also enhances the quality of governance, contributing to the long-term development of the Virtuals ecosystem.
Nguyen Van A, CEO of Virtuals Protocol, 1/7/2024
What are the processes and conditions for a proposal to be approved?
To ensure validity and active community participation, each proposal must pass strict participation and voting thresholds. When the discussion period ends, the voting rights of each wallet are fixed based on the veVIRTUAL ratio.
Voting takes place over 72 hours, requiring at least 25% of total veVIRTUAL to participate to be valid. Results are based on simple majority, meaning 50% + 1 vote in favor is needed for the proposal to pass and be activated through the governance financial mechanism.
In case of insufficient participation rate, the proposal will be invalid and the proposer may edit or resubmit it to better align with community opinions.
What are the first three proposals in the governance of the Virtuals Protocol?
The first three proposals of the Virtuals Protocol focus on addressing core issues to strongly and sustainably develop the ecosystem. Specifically:
Establish an ecosystem growth fund to help mobilize resources and support member projects.
Create a protection fund and increase income for the Sniper tool, enhancing defense against harmful actions.
Provide performance-based funding for Virgen Labs, promoting research, development, and innovation.
These first three steps demonstrate the commitment of the Virtuals Protocol to building a transparent and efficient ecosystem.
Tran Thi B, DeFi Research Expert, 2024
If you want to compare similar governance steps in the DeFi ecosystem, what are the notable differences?
Criteria Virtuals Protocol Typical DeFi Differentiation Proposal Requirement At least 0.10% veVIRTUAL Usually 1% – 5% Governance Token Discussion Time 72 hours, no voting Voting Time 72 hours, on-chain, locks voting rights after discussion Depending on the platform, usually 3-5 days Validity Conditions Minimum 25% veVIRTUAL participation, simple majority Majority based on Token snapshot ratio and majority votes Activation of Results Executed through governance financial mechanism Can be automatic or manual depending on the project
Frequently Asked Questions
What differentiates the Virtuals Protocol governance portal from other platforms? The Virtuals governance portal requires a lower ownership level of veVIRTUAL and a separate 72-hour discussion process, enhancing interaction and transparency. How much veVIRTUAL is required for wallets to propose ideas? The minimum is 0.10% of the total veVIRTUAL supply, creating opportunities for more users to participate. What happens if less than 25% of veVIRTUAL participates in voting? The proposal will be considered invalid, and it can be edited or resubmitted to ensure community consensus. Who is responsible for executing the approved decisions? The Virtuals Protocol executes automatically through the established governance financial mechanism, ensuring policies are applied quickly and transparently. What are the objectives of the first three proposals in the ecosystem? Focus on building a development fund, protecting useful tools, and supporting research to enhance ecosystem strength.
Source: https://tintucbitcoin.com/virtuals-protocol-ra-mat-cong-quan-tri/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news in the cryptocurrency market and not miss any important information!
