Creating/Voting on Proposals
This section explains how to create proposals and how to vote on them.
Creating and voting on proposals is currently handled by Tally, a frontend platform for DAO looking to manage their governance. Tally provides a dashboard, interfaces for creating proposals, and an interface to vote on them as well.
A user who intends to create a proposal must have a minimum balance of
250 MAHAXwith them (this can be changed by governance). And should ideally conduct a discussion with the community by creating a thread on discuss.mahadao.com under the proposal's category on what the proposal will execute upon.
Any proposal passed onto the governance portal without having been discussed at length by the community at first could have malicious intent and should get voted against by DAO members.
An example of a live vote on Tally, where MAHAX NFT voters came together and voted to initialize the protocol
Once a proposal is discussed at length by the community, an on-chain proposal is created using Tally's frontend, allowing DAO members to start voting on the proposal.
As a measure of last resort, in the event that a malicious proposal has gotten itself voted in and is now queued into the timelock, an Emergency DAO exists with special abilities to veto any malicious proposal that might impact the protocol.
The Emergency DAO is a multi-sig wallet consisting of long-term community members who have the best interest of the protocol and look to veto any malicious proposals until the protocol stays decentralized enough.
Besides veto-ing proposals, the Emergency DAO members have no other powers.
The Emergency DAO will get dissolved once the protocol becomes sufficiently decentralized.
An important aspect of governance is ensuring that all actions are time-locked so as to allow the community enough time to review and veto a malicious proposal before it gets executed.
14 daytimelock and a
7 dayvoting period, this gives the community enough timeframe to veto a vote before it becomes active. This becomes especially relevant when the Emergency DAO is dissolved and there is no way to veto existing proposals.
The reason for having a timelock is to ensure those bad actors who manage to acquire enough voting power to approve a proposal get discovered by having their actions go through a
The governance portal itself has various parameters that can be changed via a vote. This includes:
- Proposal Threshold: The amount of consensus needed for a proposal to pass. This is currently set at
- Minimum Balance for Creation of a Proposal: The minimum balance a wallet needs for it to create a proposal. This is currently set at
- Vote Delay: The amount of time where a vote can get canceled by the proposer before it goes live. This is currently set at
- Voting Period: The amount of time where a vote is live and is voted upon by participants. This is currently set at
- Timelock Period: The minimum amount of time delay a successfully voted proposal is kept in the Timelock before it is executed. This is set at
If a proposal fails to get the minimum required votes (or fails to meet the quorum), it will simply not get executed. However, the proposer can choose to resubmit the proposal again for a vote. It all depends on the
When a proposal is live for voting, the voting power you had at the time of the proposal going live is used to count your votes. Not what you have at that point in time.
This is done to ensure that double voting does not happen by allowing people to transfer their votes to another wallet once they've already voted.
So ideally you should make sure to acquire voting power before a proposal goes live for voting.