Shaping StormX Through Governance Tokens
We’ve all heard the phrase “voting with your wallet” when it comes to shopping. The same can also be said within the crypto space. Decentralised governance projects have become much more popular over the recent years, from projects that aim for their community to own an NBA team, to developing and maintaining a community-owned golf course.
This form of community governance is achieved when users hold the relevant governance token for the associated project — StormX in this case. With so much momentum building at StormX, it’s a great time to talk about StormX’s own governance token: the Athens (ATH) token.
What is the ATH Token?
ATH is StormX’s own governance token that is used to vote on certain proposals within the StormX ecosystem. The governance token was introduced in March 2022. There is a fixed supply of 1 million tokens in total, and a much lower amount in circulation.
By holding ATH tokens in your wallet, you have the ability to influence the future of StormX, all while maintaining full custody of them and voting on proposals set by the StormX community.
There are two major advantages to holding Athens tokens. The first one is of course the voting rights you acquire when you hold them. When you stake them, you can accrue even more Athens tokens each week with a 50% APY staking yield.
If you’re interested in staking STMX (StormX tokens) or indeed ATH tokens, you can follow the steps in my Ledger wallet guide:
So far, there have been two voting proposals since the token launched:
How Athens Works
Before a voting proposal becomes official, community members can propose ideas that could become an official proposal later down the line if enough community support is behind it. This is known as a soft poll.
One of the great things about this process is that any member can vote in a soft poll, meaning you don’t need to hold any Athens at all during these early steps. You might just want to provide very useful information about the proposal in question, helping shape the final outcome of the actual snapshot vote.
In the soft poll above, the community voted to decide on which tokens should be added as a withdrawal token to the StormX ecosystem. The 5 top tokens with the most votes were then added to the final proposal, known as a snapshot.
Snapshot Voting
The voting proposal is then voted upon by using Snapshot, a decentralised voting system. Snapshot is used by thousands of projects that have a governance component to them, such as Uniswap, Decentraland, Ape Coin and 1Inch, to name but just a few. Some key features for Snapshot include:
- Gasless transactions. Voting takes place off-chain, so there is no gas-fee for the transaction which you might be used to.
- An easily verifiable and secure voting method.
- Flexible voting methods such as single choice, approval, quadratic voting and more.
Voting is free
It’s worth noting that voting with your Athens tokens doesn’t mean you lose them. You will still hold the same amount you voted with, nothing is taken from your wallet when you vote.
At this time of writing, StormX’s second vote is taking place to decide on the next withdrawal token, with just a few days to go. Make sure to vote for your next preferred token if you haven’t already.
Attending a Governance Call
StormX routinely hold a governance call every fortnight, where we discuss the latest proposal or share ideas and opinions about the next proposal ahead. Join us on our discord server (#governance) to attend, where any member of the server can participate in the discussion.
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