What is voting used for?
Mover upgrades and changes can be suggested $MOVE token holders, using two distinct components; the $MOVE token and the governance module. Together, these contracts allow the community to propose and vote on the suggested changes to the Mover products.
How to create a proposal?
Any member of the community with more than 100,000 in voting power may propose governance actions. To create a proposal head over to Voting Hub, connect your wallet, and click on the “Create a proposal” button.
What is voting power?
Voting power represents the number of tokens present on your balance together with the token multiplier. You can initiate the proposal or vote with two tokens:
- $MOVE tokens have (1x) voting power. It means that 1 $MOVE token on the address balance grants the owner 1 voting power.
- MOVE/ETH LP tokens have (2.5x) voting power. It means that 1 MOVE/ETH LP token on the address balance grants the owner 2,5 voting power.
In other words, your voting power is a combined factor of $MOVE, MOVE/ETH LP tokens, or both on the address balance. The more tokens you have, the higher your voting power is.
How do I vote?
To cast your vote, head to Voting Hub, connect your wallet and choose the proposal you would like to vote on. All votes have only two options YAE or NAY. Click on the selected option to record your vote. You can track the results and history of each proposal in the main section of the Voting Hub.
How do I change my vote?
Unfortunately, you can’t change your vote. Once your vote is cast for a specific proposal, it is stored securely and transparently on the IPFS network. So choose wisely.
Can I move my tokens while the vote is in progress?
You can move your tokens as long as the amount you have in the wallet used to vote remains equal or higher than the tokens used to vote. Reducing your token amount to lower than the amount of tokens used for voting would cancel your vote.
There are multiple phases, from idea creation to execution. Once the proposal is created by a member of the community with voting power greater than 100,000, the voting will remain active for three days (72 hours) from the moment of creation.
For the vote to pass there has to be a quorum of at least 4,000,000 in voting power. It means that if the proposal receives less than that amount, it will be considered defeated. If the vote surpasses the quorum amount, the option with the most votes (YAE or NAY) will win.
Once the vote is completed, it will be placed in a queue. Each proposed action will be published at a minimum of 2 days in the future from the time of results announcement. Major upgrades, such as changing the smart contracts system, may have up to a 30-day delay. The queue is created so that the team can properly assess the proposal and determine if the changes can be made.
Reasons for canceling
There can be situations where the proposal will suggest changes that wouldn't be possible to implement due to various factors, such as legal or technical requirements. If the team determines that the required changes are impossible or not safe to implement, the vote will expire.
Implementation of results
If the proposal was placed in a queue and approved by the team after careful review, it will be moved to the product backlog for further technical specifications and development. The team will prioritize the proposed changes, however, depending on the complexity and the size of the suggested changes, actual implementation time may vary.
Delegating voting power
In the future you will be able to delegate your voting power to someone else you trust. This option will not require any transfer of the tokens, but rather allow to “borrow” your voting power to someone else. This will be a trustless function, meaning that at any point of a time you could safely retrieve your voting power back.