Voting 2.0
Biswap DAO Governance
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Biswap DAO Governance
Last updated
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At Biswap, we believe in the power of collective decision-making, where every voice contributes to the bright canvas of our project's future. Voting 2.0 is about improving the way we interact with our community. Join us to dive deeper into the nuances of this new functionality, explore its benefits, new features, and the key to active participation - vBSW.
Welcome to the new era of Biswap, where your impact matters more than ever before: https://biswap.org/votings
Take into account that this functionality works only on BNB Smart Chain.
Today we are excited to introduce a leap forward in our voting system - the Community Voting 2.0. This transformational release not only establishes a more direct connection between our community and the Biswap team but also puts more influence over the Biswap ecosystem in the hands of its most valuable members - users.
The key benefits of Voting 2.0 are to empower our community with:
Possibility to create own votings;
Influence on the development of Biswap;
Convenient voting functionality.
Thus every BSW holder, who has vBSW, becomes an integral part of our shared mission: advancing the Biswap ecosystem. Through this upgrade, we aim to create a platform where the entire community actively participates in shaping the future of Biswap.
The voting upgrade introduces exciting features, allowing users to vote on proposals and actively participate by creating their own. But first, let's figure out the features of Voting 2.0. A small glossary of votings’ features will help us with this. Why are votings in the plural? Because there will be two kinds of votings - community and core votings. Let's look at them one by one.
Proposal A proposal is an appeal to the Biswap team and community. Proposals are stored in the Voting tab of the official Biswap website and Biswap Snapshot. If the proposal's author violates the voting rules, the moderator can delete the proposal at any time.
Proposal Validation A user must have at least 70 000 vBSW to create a proposal. This rule exists to minimize the amount of spam and voting violations.
Quorum In order for a vote to be considered successful, it must reach a quorum of 1 500 000 vBSW who have voted for any given proposal. If the sum of all votes is equal to or greater than the quorum value, the quorum is met. The purpose of a quorum is to ensure that only those proposals deemed successful have adequate voter participation.
Voting Users can vote for or against individual proposals. A vote can only be cast if the proposal is in the "Vote Now" state.
Result A Community Voting can be considered successful if a quorum is reached and more than 50% of the votes are cast for one of the options. A completed Community Voting is a temperature check, so its content is not binding. Community Votings are used to propose ideas and show the community's point of view. The Biswap team reviews each successfully completed Community Voting and may select the best ideas for future product releases and/or Core Voting. The ideas must align with Biswap's vision and mission, and have a positive and sustainable impact on the development of the project in the industry.
Anyone can participate in discussions, but only holders with a vBSW can vote on proposals. For a comprehensive guide on these features and detailed instructions on proposal creation, check out our guide here:
Biswap Voting 2.0 has a limit on the number of proposals created on a daily and monthly basis:
Daily proposal limit 20;
Monthly proposal limit 100.
Proposal A proposal is an appeal from the Biswap team to the community. Proposals are stored in the Voting tab of the official Biswap website and Biswap Snapshot.
Quorum In order for a vote to be considered successful, it must reach a quorum of 1 500 000 vBSW who have voted for any option. If the sum of all votes is equal to or greater than the quorum value, the quorum is met. The purpose of a quorum is to ensure that only those proposals considered successful have adequate voter participation.
Voting Users can vote for or against voting proposals. A vote can only be cast if the proposal is in the "Vote Now" state.
To actively participate in Voting 2.0, users need vBSW - points of voting power. Getting a vBSW is easy: you can get it by staking your BSW tokens to the BSW Investment Pool or the BSW Classic Pool. This was done to ensure participants were interested in the project's success. BSW holders must enter into a staking agreement to receive vBSW points, making Voting 2.0 truly a reflection of the engaged Biswap community.
Upholding the principles of justice and honesty in decision-making, Voting 2.0 introduces a quorum requirement. This ensures that a minimum percentage of the total vBSW supply must participate in a vote for it to be considered valid, safeguarding against manipulation and guaranteeing genuine community engagement. In other words, if the sum of all votes is equal to or greater than the quorum value, the quorum is met.
