Dear MuesliSwap Community,
We are excited to announce that our off-chain voting component will soon launch, which is an important step towards better governance on the MuesliSwap platform. In this blog post, we will outline the steps of the off-chain voting process and answer some important questions that are still being discussed within the community.
Off-chain voting is a process where votes are cast outside of the blockchain. This is done to reduce transaction fees and to make voting more accessible to the MILK holders. At MuesliSwap, we believe that governance is an important aspect of any DeFi platform, as it ensures that the community has a say in the development of the platform.
To perform an off-chain vote, we suggest the following workflow:
Step 1: Idea generation
A community member creates a blog post on the MuesliSwap Governance Forum with their idea for a proposal. The community can then discuss the idea and provide feedback. This idea should be focused on off-chain governance factors, such as treasury management or community initiatives.
Step 2: Proposal creation
Once the idea has been discussed, the community member can create a formal proposal following a template that will be provided. This proposal should outline the details of the idea, including how it will be implemented, what resources are needed, and how it will benefit the community.
Step 3: Temperature check
Before an official off-chain vote is performed, a temperature check is conducted on the MuesliSwap Governance Forum. This is an informal vote where community members can show their support or opposition to the proposal. If more than 20 accounts agree that the proposal should go into voting, an official off-chain vote will be performed.
Step 4: Snapshot date and voting
A snapshot date will be determined, and an official election will be created in the MuesliSwap Voting DApp. The election can only be created by a member of the MuesliSwap Governance board. Community members will be able to cast their votes on the proposal during the voting period. After the voting closes, the official results will be published to the community. In the MuesliSwap Voting DApp votes will be weighted by the number of MILK they hold in their wallet or they have staked at the time of the snapshot.
There are still some important decisions that need to be made regarding our off-chain voting system. These include:
- How should we elect the Governance Board, and how big should it be?
- How long should an official vote be open for?
- Do we have a minimum threshold of MILK that needs to participate in a vote?
- Do we want to incentivize participation in votes?
We are currently discussing these questions with the community, and we welcome any feedback or suggestions that you may have. We believe that together we can create a more inclusive and democratic governance system that will benefit everyone in the MuesliSwap community.
Thank you for your continued support!