How to participate in ION DAO governance?
👨🏫You must know:
- You must stake your $ION prior to a proposal going on-chain to be eligible to vote.
- There is no minimum amount required to vote. Any amount of staked $ION will be eligible to vote (0.000001 $ION ~).
- Deposit Policy: Depositors can not claim their deposits back 1) if proposals get rejected because they fail to collect 0.5 ION as deposits within 7 days, 2) if proposals get rejected with 30% or more No with Veto votes
- Any addresses are able to upload ION DAO proposals. Please be aware of scam proposals. Always do your own research and never interact with suspicious proposals that may harm your assets. (UI to distinguish scam proposals will be updated soon)
- ION is on the Osmosis chain, and ION DAO doesn’t have a standalone blockchain. Thus, ION DAO governance does NOT have PoS validators to which you can delegate your tokens for delegated governance participation. All votings must be done by yourself on https://ion.wtf/governance.
- The governance quorum has been reduced from 50% to 30%. Please check the link for more details.
GM to Cosmonauts and all pIONeers from other planets!
Today, we will provide a guide for the ION DAO governance workflow before launching $IBCX, the first index token in Cosmos.
What is ION?
ION is the secondary native token on the Osmosis chain. It was used in the testing phase of Osmosis and slipped into the mainnet genesis file, becoming a native token of Osmosis along with $OSMO. It has a limited supply of 21,294 IONs, and the community brainstormed the use cases for ION, but it was just considered a meme coin. Although there was an experiment to utilize ION for an algorithmically stable synthetics protocol, the interest in the project faded as Terra fell down.
ION 3.0: New use case for $ION
Recently, a proposal on ION 3.0 suggested a fully collateralized Cosmos index token project along with a dollar-pegged, over-collateralized stablecoin. As the Cosmos ecosystem is composed of diverse appchain tokens with unique functionalities, an index token for better diversification and accessibility could bring new benefits to the ecosystem.
How can I participate in the ION DAO governance?
1. Simple version for Cosmonauts
- Get $ION on Osmosis
2. Go to the ION DAO website, and you can see Stake and Governance
3. Stake your ION first
4. Vote on live proposals for voting on the Governance page
2. For Cosmos beginners
- Get $ATOM on an exchange (like Binance, Coinbase, etc)
- Install Keplr wallet and send $ATOM to your Cosmos address without adding any “ATOM Memo”
3. Send $ATOM to your Osmosis address on Keplr
4. Use Osmosis to exchange your $ATOM for $ION
🧿Good To Know
- The voting power will be proportional to your staked ION amount
- Unstaking period is 14 days
- There are 4 options for voting — YES / NO / ABSTAIN / VETO
- From outside of Cosmos? You can move your Ethereum Assets to Osmosis through diverse bridges like Axelar Satellite, Gravity Bridge.
Want to make an on-chain proposal on ION DAO?
- Make sure that you have 0.05 ION in your Osmosis address and tiny OSMO to pay the gas — 0.05 ION is the minimum deposit to submit a proposal. Also, you need to have any amount of staked ION (min 0.000001 staked ION).
2. Connect your wallet and click “Upload a Proposal”on the Governance tab
3. Fill out the details — Title, Description, and Deposit are essential parts to be filled
4. Submit your proposal — Note that a minimum deposit of 0.05 ION is required
5. You just submitted a new proposal
🧿FAQ
- Who can submit the proposals? -> Anyone with at least 0.05 ION
- Details on proposal status
- Pending: The period for waiting until a total deposited ION reaches 0.5 ION to start voting. The Pending status lasts for 7 days and ends immediately once a total of 0.5 ION is deposited. The minimum deposit to submit a proposal is 0.05 ION, and the required deposit for voting is 0.5 ION.
- Open (Voting period): Users can cast their votes in the Open status. The Open status lasts for 7 days.
- Passed: There are two conditions for proposals to be passed. Proposals must get 30% or more turnout (Quorum). Proposals must get 50% or more YES votes from casted votes.
- Rejected: 1) If proposals fail to collect 0.5 ION for voting, proposals get rejected after 7 days of the Pending status. In this case, depositors can’t claim their deposits back. 2) Proposals that fail to reach the governance quorum get rejected. 3) Proposals with 30% or more NO votes get rejected. 4) Proposals with 30% or more No with Veto votes get rejected. In vetoed cases, depositors can’t claim their deposited ION.
- Executed: Passed proposals can be executed. After execution, the status will be changed to Executed status.
3. Which requirements should be met for proposals to be passed?
- Quorum 30% — There must be 30% or more participation among the whole voting power
- Threshold 50% — There must be 50% or more Yes, excluding Abstain
4. Can I get the deposits back even if proposals fail to be passed?
- You are able to claim your deposit back unless proposals get rejected with 30% or more No with Veto votes.
5. What if the deposit goes beyond 0.5 ION?
- It’s impossible because the maximum amount of available deposits will differ by the deposit status. If someone deposits 0.1 ION while you are trying to deposit 0.45 ION to make it 0.5, your transaction will fail, and the maximum amount that you can deposit will be 0.35 ION.
6. What is voting power?
- Voting power is calculated by the staking amount of the moment when the proposal is submitted.
- People who stake ION after proposals are submitted will not be qualified for voting. People who are in an unstaking period will also not be able to vote. So, stake ION in advance if you want to vote on on-chain proposals.
Example
The above image shows the total staked amount (1,868.141)on Sep 25th, 2023.
It means that 30% (560.4423 ION) of total voting power should participate in the governance to meet the Quorum limit. In addition, 50% or more votes should be YES among the total votes casted for proposals to be passed.
Then what if there are 50% Yes, and 50% Veto at the same time?
In this case, the proposal will be rejected because the Veto has the highest priority. In another case, if there are 50% Yes, and 29.99% Veto, the proposal will be passed.
Community links
Meet the 21,294 club.
Disclaimer
The information on this page is not financial advice.
Please always do your own research thoroughly and ask your questions to the ION DAO community.
Nobody in ION DAO is responsible for your loss by your fault.
Last updated: 09–25–2023 by Jiwon
