Voting & Delegation 101
A healthy governance system is good for PoolTogether, its users, and the POOL token holders. You can help by putting your voting power to use.
The POOL token governs the PoolTogether protocol. POOL token holders can:
Active governance participation might not be for everyone. It includes doing research, providing helpful feedback, coordinating with other delegates, and a certain time commitment to make educated decisions. On the other hand, you get to play an active role in growing the PoolTogether protocol.
Anyone can participate in decentralized governance. If you have questions or need help please don’t hesitate to ask the community on Discord.
PoolTogether governance exists on the Ethereum blockchain. Anyone, either holding POOL or being delegated POOL on Ethereum, can vote.
Voting power is determined based on the number of tokens delegated to each address. This means users must submit a delegation transaction before their tokens will be included in governance votes. Users may either delegate to a third party, or self-delegate if they would like to participate in voting directly.
Voting happens on-chain. To cast your vote you can use the PoolTogether interface or any other alternative governance interface. The outcome is the same, the only difference is the interface.
Note: On-chain voting requires Ethereum transaction fees.
POOL tokens on the Optimism or Polygon are only eligible to vote in off-chain governance. This includes decisions that don’t require moving treasury funds or upgrading the protocol.
All off-chain voting happens on the PoolTogether.eth Snapshot: https://snapshot.org/#/pooltogether.eth/
All active proposals are
You can delegate the voting weight of your POOL tokens to someone else to make governance decisions on your behalf. You still retain full ownership of your tokens, but your delegate will be able to vote.
Delegates are community members who volunteer to play an active role in PoolTogether protocol governance. Everyone can volunteer to be a governance delegate. Nonetheless, you don’t have to be a governance delegate to be able to vote on proposals.
If you don’t want to delegate your POOL tokens anymore, you can take your delegation back anytime by delegating to yourself.
Creating a proposal requires 10,000 POOL (0.1% of the total supply). Anyone who either
- holds 10,000 POOL tokens
- has 10,000 POOL tokens delegated to them
- or, has 10,000 POOL combined from both
can submit a governance proposal.
All proposals must be submitted on the governance forum following the proposal process and must be clear, concise, and unambiguous. Organizing the proposals in this way makes it easy to track and discuss changes to PoolTogether.
Once submitted, governance proposals are voted on for five days. A proposal will pass if, after five days
- the majority of votes are in favor
- AND at least 100,000 votes have been cast in favor
There is a two day timelock before the proposal is actually implemented.