1. Votes resource
In order to allow users who provide liquidity and lock-up can submit community proposals and vote, SuperTx Governance will count user votes from three aspects.
- SUP balance
- 2. For the SUP in the SUP-BTM liquidity pool, the number of votes is calculated based on the number of SUPs in the SuperTx Liquidity pool during counting period
Example: The user initially deposits 10 SUP, and the price fluctuates, resulting in impermanent losses. At the time of votes counting, it becomes 11 SUPs, and it is calculated as 11 votes.
3. Lock-up of SUP, the votes will be counted according to the SUP finally unlocked.
Example: The user locks up 10 SUPs for a year, and finally gets 33 SUPs, then 33 votes are counted
2. Submit proposal
1、There must be at least 1000 votes on a single address before a proposal can be submitted (refer to ticket source statistics)
2、When initiating a proposal, immediately lock 1000 SUPs on the address, including
• The SUP balance is locked and cannot be traded or transferred
• Locked part of the SUP liquidity cannot be transferred out
• The delayed gratification of the locked period of SUP will not be extended
Locking priority: SUP delayed gratification amount — SUP balance — SUP-BTM Liquidity pool
3. The lock-up period is based on the block height calculated in 10 days (normal situation), and the lock-up SUP will be automatically unlocked at certain height, and the time period will be determined by the real block height which may not be exactly10 days
4. If the proposal is not approved (because the proposal violate the basic of regulation, the SUP lock will not also be locked for 10 days( depends on the real block height, might not be exact 10 days) please do not waste the opportunity to submit real practical proposal.
5. In order to maintain the objectivity of voting as much as possible, the initiator of the proposal cannot vote on the proposal initiated by the proposer, but his locked SUP can still be counted as the number of votes and continue to vote for other proposals
6. After the proposal is submitted, after a 48-hour review period, an “approve” or “fail” result will be given after 48 hours.
After the proposal is approved, it will enter a 24-hour vote counting period, during which voting users can prepare SUP votes.
After the proposal counting period ends, there will be a 7-day voting period during which users will vote according to the number of votes counted.
The entire proposal process is as follows:
7. The proposal shall not contain verbal abuse, pornography, reactionary, damage to the image of the country and violation of laws and regulations, etc., otherwise, the proposal will be directly canceled without publicity.
8. Proposals that do not have compliance issues, but not approved in the end, will be publicized, and the official will explain the reasons.
3. Voting
1. Users can vote for proposals in the “voting period”
2. The amount of vote you can vote is based on a snapshot of the user’s address at the end of the proposal counting period, and the number of votes counted in the snapshot is the number of votes the user can vote for the proposal.
Once the snapshot is generated, the number of votes has been fixed and cannot be changed. After that, the change of the user address SUP will no longer affect the number of votes available for the proposal.
After the snapshot is over, the user’s SUP can be disposed of at will without affecting voting.
Example: During the vote counting period, the user delays the lock-up of 1 sup for 1 year, provides 10 SUPs for liquidity, and balances 10 SUPs, but transfers out 5 SUPs before the counting time arrives, the counting period ends At the moment, the number of votes that can be obtained is 3.3+10+(10–5) = 18.3 votes. After the snapshot, the user’s SUP can be traded at will, and the number of votes has been fixed at 18.3 unchanged
3. For each proposal, the available votes of the user address must be greater than 0.1 to vote
4. When voting is initiated, all SUP votes will be voted
Note: Assuming that the user has 20 votes, when there are two options of A and B, the user can only choose one of the options to cast 20 votes, and cannot vote 10 votes for A and 10 votes for B
5. Users with the same SUP votes can be counted separately in different proposals
Example 1: The user’s balance has been holding 10 SUPs, 10 votes can be obtained for proposal A, and 10 votes can be obtained for Proposal B
4. Proposal approval conditions
1. The number of votes for each proposal must reach 5% of the total circulation to be a valid proposal. After the voting period ends, if it is less than 5%, the proposal will fail.
Total circulation = actual circulation + lock-up volume- coin burn amount
2. For a proposal, the amount of votes for one of the options must be greater than 2/3 in all votes amount to be valid, otherwise the proposal will fail
5. Handling of conflicting proposals
If the approved proposals conflict with each other, the most recently approved proposal will be given priority, and if necessary, a new proposal for voting on the conflicting proposal will be reinitiated.
