Governance Proposal Information
This page contains explanation and examples of the governance proposal process on f(x)Core.
Currently there are the following governance proposal types:
Type | Description |
|---|---|
Ecosystem Genesis Fund (EGF) | |
Add Cross Chain Parameters | Proposal for adding cross-chain functionality of a new chain and configuring the parameters of Relayers. |
Upgrade Chain Oracles | Proposal for updating the configuration of Relayers on the newly added chain. |
Parameter Change | Proposal for configuring f(x)core chain parameters. |
Others | Any governance proposal that does not involved a modification of the source code. |
This section will give details and information on initiating a proposal.
For the EGF proposal, please fork the repository here, create a copy of the application template and follow the steps as stated in the repository.
A deposit is required by the proposer to initiate a proposal. It is designed to prevent spam.
To submit a proposal, the proposer can head to the f(x)Core block explorer, connect their address and fill up the form. It requires an
initial deposit of at least 1,000 FX. The initial deposit will be counted as part of the entire deposit of initiating the governance voting.In order to initiate the governance voting (enter the
voting period), all proposals are required to have a minimum amount of FX deposit, referred to as the deposit threshold or min deposit. The min deposit is currently set at 10,000 FX. This parameter can be changed via governance.The proposal owners are not required to deposit the full amount on their own. Once a proposal is submitted successfully, the proposal will enter the
max deposit period or the deposit period where other FX holders can increase the proposal's deposit by sending a Deposit transaction. The max deposit period is currently set as 14 days.Once the
min deposit of 10,000 FX is reached, the proposal will automatically enter the voting period.Tom initiates a proposal with 1,002 FX, proposal enters
max deposit period. Dick deposits 8,000 FX to the same proposal 2 days later. The total deposit is now 9,002 FX. Harry then deposits 1,000 FX a few days later. After Harry's deposit, min deposit has been reached and the proposal enters the voting period.Tommy initiates a proposal with 10,001 FX, proposal immediately enters the
voting period as the min deposit has been reached.The
voting period is currently set as 14 days. Once a proposal has entered the voting period, a qualified FX holder will have the right to vote on the proposal.A qualified FX holder is as follow:
- the person is a Delegator to (at least) one active Validator on f(x)Core before the proposal entered the
voting period - the person is an active Validator on f(x)Core before the proposal entered the
voting period
The above FX holders are considered to have bonded their FX tokens. Unbonded FX holders and other users do not have the right to participate in governance. However, they can submit and deposit on proposals.
⚠️ The voting period for testnet will be 2 hours instead.
quorum is defined as the 'minimum percentage of total staked (bonded) that needs to cast a vote for proposal to be valid'.quorum is set at 40% and is calculated as:If a proposal fails to reach quorum, the proposal will be marked as 'Rejected' regardless of the results of the vote.
If a proposal reached quorum, the proposal will be marked as 'Passed' and the results of the vote will be accepted.
Total bonded FX is 1,000,000 FX, only 390,000 bonded FX participated during the
voting period. Quorum is 39%. Since it did not reach quorum after 14 days, the proposal will be marked as 'Rejected' and the deposit will be burned.Total bonded FX is 1,000,000 FX, only 400,100 bonded FX participated during the
voting period. Quorum is 40.01%. Since it reached quorum after 14 days, the proposal is valid and will be marked passed.Participants cast their votes by selecting from the option set that consists of 4 options:
- YES
- NO
- NoWithVeto
- Abstain
"NoWithVeto" counts as "No" but also adds a Veto vote.
"Abstain" counts towards the participation to make up quorum. It allows voters to signal that they do not intend to vote in favour or against the proposal but accept the result of the vote.
Participants with bonded tokens can vote either by connecting their wallets on the explorer, or through the f(x)wallet.
If a delegator does not vote, it will inherit its validator vote, except:
- If the validator votes before its validator, it will not inherit from the validator's vote
- If the delegator votes after its validator, it will override its validator vote with its own.
Basically, if a delegator votes, the bonded tokens the delegator owns will contribute to whatever its vote is. If a delegator does not vote, and its validator votes, their bonded tokens will contribute to the vote, regardless of what the delegator wanted. Therefore, it is strongly encouraged for delegators to vote.
The validity of a proposal and its results is determined by the following conditions:
quorumis reached or notthresholdis reached or not (minimum proportion of Yes votes for proposal to pass)veto thresholdis reached or not (Minimum value of Veto votes to total votes ratio for proposal to be vetoed)
quorum is 40%. threshold is 50%. veto threshold is 33.4%Voting Results | Proposal Status | Deposit |
|---|---|---|
| Rejected | Burned |
| Passed | Refunded |
| Rejected | Refunded |
| Rejected | Refunded |
| Rejected | Burned |
When | Details |
|---|---|
the Deposit Period ends | When the submitted proposal fails to reach the deposit threshold at the end of the Deposit Period, the proposal's deposits will be burned |
the proposal is not passed after the voting period | When the proposal fails to reach the quorum at the end of the voting period, the proposal will be marked as 'Rejected' and its deposit will be be burned |
the proposal get vetoed | when the proposal is vetoed, its deposit will be burned |
Graphical summary
Last modified 2mo ago