How To Use Cryptex Governance With Tally

Published in

Cryptex Finance

4 min readMay 25, 2021

TL;DR: Go to https://www.withtally.com/governance/cryptex to vote or create proposals for the Cryptex DAO.

There are many different governance models for DAOs. After internal team discussions and community feedback, the first step for the Cryptex Protocol is implementing an Optimistic Governance Model, which is a combination of the On-Chain Voting using the Compound voting architecture and the Off-Chain Voting using a signal from the community forum, Snapshot, and a team multi-sign for execution.

Once the overall sentiment of the community in Discord, forums, and Snapshot is achieved, the team will create a proposal and vote for approval with the minimum for a proposal to be accepted.

We plan to operate this way until approximately October 2021. This allows the team to make early adjustments while there are CTX liquidity incentives, saving users from removing liquidity to make a vote. After approximately October 2021, the CTX used to make proposals will be sent back to the treasury effectively burning the Team multi-sign.

For any proposal created by a community member, the team multi-sign will abstain from voting to prevent any conflict of interests.

Governance Portal — Tally

Tally is a platform that empowers user-owned governance through a voting dashboard, governance tooling, real-time research and analysis, and an evergreen wiki.

We decided to use Tally as the UI for the Cryptex Governance as it provides many tools that facilitate voting and proposal management, the Tally team has an excellent vision for the future which makes us more comfortable with the decision to use them.

Vote Delegation

Delegation allows token holders to pool governance power in order to vote for certain proposals or even create their own. This is the first step to follow in order to govern the protocol, you can Delegate to yourself or to another user that you trust will be a good protocol politician.

In the future incentives can be voted to allow protocol politicians to earn some fees for their hard work of maintaining the DAO.

In order to create a proposal you will need to first delegate yourself.

Add New Proposal

Proposals are core for the governance of the protocol, they include the description and the actions that will be executed once the proposal has been approved. In order for an account to make a proposal a minimum of 100k CTX is needed to be delegated to the proposer.

To create a proposal you need to specify the Title, Description, and Commands (A maximum of 10 commands can be included in the proposal).

Each command needs to specify the address, the values, the method, the call data, and a summary or description of what will be done.

Vote

The final step of the governance is voting, if you delegated your CTX to another address, you don’t need to vote as your delegatee will vote using your CTX. If not, you only need to go to the voting portal and select if you are Against or For the proposal to be executed.