Announcing Raiden Community Voting on Snapshot
Community Voting is now live. Become the first Raiden community member to initiate a vote!
Just over a month ago, we launched Raiden’s Community Governance. Since then, we have seen the growth of community-led discussions on the Raiden Forum. Today, we are thrilled to announce the next step forward — the launch of Raiden Community Voting on Snapshot! We are ready for the first proposal and round of voting.
Community Governance Recap
If you missed out on the detailed process on how proposals are created and moved onto Snapshot for community voting, we encourage you to have a read on the Raiden Community Governance post. Our approach includes three key principles:
- Everyone may create informal proposals and discuss.
- RDN token holders may create formal proposals and vote.
- Raiden Trust will execute votes regarding the external development fund to the extent possible according to its trust deed and applicable regulations. Other stakeholders will use votes as guidance, but will not be bound by them.
Proposal
To implement the second key principle, we drafted a proposal and collected feedback via the Raiden Community Voting on Snapshot discussion on the Raiden Forum.
Feedback
The Raiden Community was very supportive of the proposal.
We discussed a number of important topics, especially the Vote Initiation Threshold Amount. Based on feedback, we decided to lower the threshold. Over 300 RDN token holders now have the ability to initiate votes. And others can purchase the required number of RDN tokens to initiate a vote for just USD $280 (at current prices). We believe this is the sweet spot — low enough for everyone to participate, but high enough to prevent spam votes.
Consensus
After making revisions based on community feedback, we set up Raiden Community Voting on Snapshot with the following parameters:
- Vote Initiation Threshold: RDN 10,000
- Vote Participation: All RDN Token Holders (except Raiden Trust and brainbot labs).
- Vote Timelines: Voting Delay of 4 Days & Voting Period of 10 Days
- Vote System: Weighted Voting
- Vote Quorum: RDN 2,000,000 Votes
And Community Voting is LIVE!
Community voting is now live! We are ready for the first community vote on Snapshot.
Step up and become the first Raiden community member to initiate a vote. It’s easy. Just follow the steps below. And, of course, the Raiden team is ready to assist you with the process if needed.
- Create a proposal on the Raiden Forum
- Collect support and feedback from the community
- Connect to Snapshot
- ‘Create Proposal’ on Snapshot
- Copy the proposal from Raiden Forum and paste it into Snapshot
- Initiate voting
- Encourage other members of the community to vote
Anyone holding at least 1 RDN token will be able to cast their vote for or against the proposal.
The Raiden Network is one step closer to fulfilling its mission to become a community-led protocol as we move into community governance in the New Year.
Join The Raiden Forum
By voicing your views, perspectives and ideas on the Raiden Forum you directly contribute to shaping Raiden. Proposals that show considerate traction are more likely to be submitted to community voting and subsequently to also be executed on.
Disclaimer
Please note that even though we do our best to ensure the quality and accuracy of the information provided, this publication may contain views and opinions, errors and omissions for which the content creator(s) and any represented organization cannot be held liable.
The wording and concepts regarding financial terminology (e.g. “payments”, “checks”, “currency”, “transfer” [of value]) are exclusively used in an exemplary way to describe technological principles and do not necessarily conform to the real world or legal equivalents of these terms and concepts.
