Injective Governance Proposal Process
Original link:https://blog.injectiveprotocol.com/injective-governance-proposal-procedure/
Original link:
One of Injective's goals is to create a financial model that is self-governed, operated and governed by the community. A key element to realizing this vision is to achieve fully decentralized governance so that our vibrant community can continue to spearhead new innovations for years to come.
This post introduces the nature of Injective's on-chain governance and provides a detailed overview of the governance proposal lifecycle.
The Lifecycle of a Governance Proposal
Phase 1: Margin Deposit Period
All on-chain governance actions begin with proposals submitted by INJ holders. Proposals that can be submitted include but are not limited to the following types:
Spot/Derivatives Market Creation Proposal
Spot/Derivatives Market Parameters Update Proposal
Proposal for spot/derivatives market status change
Proposals for parameter changes on Injective's trading platform, insurance pool, oracle, auction, and Peggy cross-chain bridge modules. Also, proposals for Cosmos-SDK Authentication, Deposits, Security Implications, Allocation, Governance, Minting, Slashing and Staking modules for "Injective Chains".
plain text proposal
During voting, governance participants have 4 voting options:
Support (Yes)
Oppose (No)
Veto (No with Veto)
To accept a voted proposal, several conditions must be met:
Quorum: At the end of the voting period, more than 33.4% of staked tokens are required to vote.
Threshold: At least 50% of the votes participated (not abstained) are required to vote in favor of the proposal.
Note that a participant can be prohibited from voting on a proposal under the vote of a validator if the following conditions are met:
After the proposal enters the voting period, participants bind or unbind INJ to said validator;
Additional reading and referenceshttps://staking.injective.network/governance
Injective governance page:https://blog.injectiveprotocol.com/injective-governance-launch-spot-markets/
Injective Governance Launch: Spot Market:https : //cosmos.network/docs/spec/governance/
Software Upgrade Recommendations
To prevent proposal flooding, proposals must have a security deposit of at least 1,000 INJ to be considered for voting. All deposits remain escrowed in the governance module until the proposal is finally decided (passed or rejected). If the proposer's initial deposit is higher than the minimum deposit amount, the proposal will immediately enter the voting stage.
However, if the proposal submitter does not meet the minimum deposit requirement of 1,000 INJ, other token holders can increase the proposal's deposit by sending a "Deposit" until it meets the minimum requirement.
If the minimum amount requirement is not reached by the end of the deposit period, the proposal will be automatically rejected and all deposits will be destroyed.
In order to improve efficiency, the margin deposit period on the Equinox testnet is up to 2 days, and the period on the mainnet will be extended.
Phase 2: Voting Period
After the proposal passes the margin deposit period, the proposal enters the voting period through which INJ token holders can vote. Unlike creating proposals, only tokens participating in staking are considered to have voting rights, where the weight of voters is determined by the amount of staking in INJ.
By default, if a delegator does not vote, the validator inherits its voting rights, unless the delegator explicitly votes. If the delegator votes before its validator, the validator does not inherit its voting rights; if the delegator votes after its validator, it will override the vote of the previous validator.
Abstain
A "No" vote is equal to a "No" proposal, while increasing the number of "No" votes. An "abstaining" vote allows voters to signal that they do not intend to vote for or against a proposal, but accept the outcome of the vote.
Phase 3: Judgment Period
Veto: Less than 33.4% of the votes that participated (not abstained) chose the veto.
If any of these requirements are not met by the end of the voting period, the proposal will be rejected.
If the proposal is approved, or rejected but not rejected, the deposit will be automatically refunded to the respective address. When the proposal is rejected by more than 1/3 of the voters, or the proposal does not meet the minimum quorum requirement, the security deposit of the proposal will be destroyed.
Phase 4: Implementation Phase
If the proposal is accepted, it goes to the implementation phase. For almost all recommendations (except plain text and software upgrade recommendations), execution will be immediate.
Governance Participation Eligibility
Holders of bound INJ have the right to vote on proposals, and holders of unbound INJ have no right to participate in governance, but can submit proposals and make deposits.
After the proposal enters the voting period, participants will become validators.
This does not prevent participants from voting with INJ bound to other validators.
For example, if a participant binds some INJ to validator A before the proposal enters the voting period, and then binds INJ to validator B after the proposal enters the voting period, only validator B will be prohibited from voting .
How to participate in governancehttp://discord.gg/injectiveThe easiest way to participate in Injective chain governance is to join the Injective Discord channel, link:https://gov.injective.network/。
, or join the Injective Governance Forum, link:
https://staking.injective.network/governance
You can also read our article on Injective Governance Launch: Spot Markets and click the link below to try implementing governance proposals for our testnet governance.
INJ users can test out the governance lifecycle and earn rewards as part of the Equinox Staking competition. There was great enthusiasm from the community to participate in governance as we passed over 100 proposals in less than three days.
Cosmos SDK Governance Documentation:https://medium.com/chorus-one/an-overview-of-cosmos-hub-governance-b2b674c2664e
