We’re happy to announce that the first gCOTI vote will take place on November 9th, 2023!
Alongside the APY Boost function for Treasury deposits, the addition of voting will mark the second major utility for gCOTI since we launched the token back in April 2023. gCOTI empowers community governance over COTI’s Treasury, for the first time ever!
The first vote revolves around the APY boost, with users given the opportunity to select whether or not the current APY boost percentage should be modified.
The vote is scheduled for November 9 at 12pm UTC and concludes on November 12 at 12pm UTC.
In this article, we’ll explore the entire voting process from start to finish.
Who is Eligible to Vote?
All Native gCOTI holders are eligible to vote, regardless of the amount of gCOTI held or locked in Treasury deposits.
How do I Place my Vote?
- Login to your VIPER Wallet: https://pay.coti.io/
If you still don’t have a COTI VIPER Wallet, here’s a step by step guide demonstrating how to create one. - From within your VIPER Wallet, navigate to the new Governance tab on the left hand menu.
3. On the Governance tab, the current voting proposal is displayed. In this instance, the vote is to determine the implementation of a new APY boost and whether it should be increased, decreased or remain as is.
4. In order to submit your vote, a voting fee of 0.00000001 gCOTI is required. Select the address that is associated with your gCOTI balance.
5. A transaction fee of 2 $COTI is required to vote. Select the address that will be paying the $COTI transaction fees.
6. Click on ‘Vote’ to submit your selection.
That’s it! The details of your vote will be visible on the explorer within a few moments of being processed.
How are the Votes Tallied?
At the end of the proposal round, snapshots are taken to collate the votes, their corresponding wallet addresses and gCOTI balance. This snapshot will be taken randomly at some point during the 24 hours after the voting closes, and it will also include any gCOTI locked in a Treasury deposit
As voting power is set by the amount of gCOTI held by the address used to vote, the voting option that has the largest amount of gCOTI behind it will determine the proposal round.
Example:
Option 1–243 votes — 20,000 gCOTI total
Option 2–293 votes — 15,000 gCOTI total
Option 3–221 votes — 25,000 gCOTI total
In this proposal round, Option 2 received the most votes, however, Option 3 will succeed due to the larger amount of gCOTI backing that option.
Can I Vote More than Once?
While technically users can initiate multiple voting actions, there are only two scenarios in which they may do so:
1- If the user holds gCOTI in multiple addresses.
2- If a user changes their mind and wishes to update their vote.
If a user casts multiple votes from the same address, only the last vote will be counted.
If a user casts multiple votes from different addresses, only the last vote from each address will be counted.
The final vote is counted in a snapshot, which is taken randomly at some point during the 24 hours after the voting closes.
gCOTI deposited in the Treasury will be counted only once, for the last vote made.
This is to ensure fairness and to discourage the abuse of voting privileges.
Example:
Bob casts three votes on the same day from three different addresses during the voting period. Vote 1 (increase the APY) from address 1, placed at 10:30 AM, involves 100 gCOTI. Vote 2 (keep the current APY) from address 2, placed at 2:30 PM, involves 200 gCOTI. Vote 3 (decrease the APY) from address 3, placed at 7:00 PM, involves 50 gCOTI. Additionally, Bob has 10,000 gCOTI in the Treasury during the entire voting period. The votes are counted as follows:
Vote 1 (increase the APY, 100 gCOTI) placed at 10:30 AM is considered valid.
Vote 2 (keep the current APY), 200 gCOTI) placed at 2:30 PM is considered valid.
Vote 3 (decrease the APY, 50 gCOTI) placed at 7:00 PM, along with the 10,000 gCOTI in the Treasury, is considered valid.
Can the Result of Each Proposal Round be Verified?
Yes, all votes, balances and totals will be available to verify on the COTI explorer.
The introduction of gCOTI’s voting feature represents a massive upgrade to COTI’s Treasury.
Stay tuned for development updates and voting results announcements over the next few weeks.
Stay COTI!
For all of our updates and to join the conversation, be sure to check out our channels:
Website: https://coti.io
Twitter: https://twitter.com/COTInetwork
Telegram: https://t.me/COTInetwork
GitHub: https://github.com/coti-io
Discord: https://discord.gg/9tq6CP6XrT
CoinMarketCap Feed: https://coinmarketcap.com/community/profile/COTI
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf
