RAMP DEFI | Staked Governance Beta Release
On-chain DAO proposal/voting functionality
We are excited to release the beta version for RAMP DAO governance that allows RAMPers who have staked their tokens to both raise proposals and vote on proposals to implement changes to RAMP DEFI.
The governance voting will give a measure of broader debate and clearer consensus around important decisions related to product development, growth directions, or features requested by users, fostering community involvement where our users have the freedom to participate in voicing their thoughts around the future of the RAMP platform.
In effect, being a holder with a voice, and all good proposals with enough votes should be pushed through and implemented. Anybody can be a member of RAMP DEFI by staking their RAMP tokens and participating in RAMP’s staked governance platform.
Staked Governance: Vote, Earn and Borrow At the Same Time!
With staked governance, users participate in the DAO while their RAMP tokens are staked within the RAMP smart contracts. This allows users to vote in governance decisions, earn attractive staking APYs and borrow against their staked RAMP at the same time!
A user’s voting power is based on their number of staked RAMP across Binance Smart Chain, Polygon and Ethereum.
Each staked RAMP token into the single asset contract gives 1 voting power. Each RAMP token staked in the form of RAMP-BUSD or RAMP-ETH LP tokens gives a voting power of 2, due to the double-sided nature of LP tokens.
As a beta version, the current RAMP DAO allows users two functions — raise proposals and vote for proposals. The improvements that are to be expected soon include quorum requirements, staked minimums to raise proposals, displaying proposal wallet’s voting power and developer commentary section.
What is a DAO?
DAO stands for Decentralized Autonomous Organization. It has the ability to function autonomously without the need for a central authority but instead, it is operated by a community of stakeholders. The rules and transaction records of a DAO are stored transparently on the blockchain where rules are generally decided on by stakeholders’ votes.
Decisions are made within a DAO through community approval of proposals. A proposal would be implemented when it is voted on by a majority of stakeholders and after meeting quorum requirements (or fulfills some other rule set in the network consensus rules).
How to Vote
- Go to the RAMP platform.
- Connect wallet in Binance Smart Chain network.
- Select the active proposal you wish to vote on.
- After reading the proposal, select your preferred choice and “vote”.
- Your wallet will prompt you to sign a message, this does not cost any gas fee and will submit your vote.
How To Make a Proposal
- Click on “New proposal”
2. Write your proposal.
3. Enter Options.
4. Select vote setting (Single choice voting or Approval voting).
5. Set the start/end date and time
6. Click “Publish”.
Your wallet will prompt you to sign a message, this does not cost any gas fee and will publish your proposal.
