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Community Referendums: The Next Step on the Path towards GGM

Community referendums provide a voice in the GGM to all UNFI holders and can be used for any topic.

Key Points:

  • To access referendums, visit gov.unifiprotocol.com and click on Proposals and Referendums.
  • Community Referendums: The Next Step on the Path towards GGM
  • Community Referendums provide a voice in the GGM to all UNFI holders and can be used for any topic.
  • A snapshot of the token balance of every UNFI holder occurs at the block in which a referendum is created.
  • To create a referendum there must be at least 5 UNFI in the connected Ethereum address.
  • To vote on a referendum there must have been at least 1 UNFI in the linked Ethereum address at the time of the snapshot.
  • Referendums must be open for at least 24 hours.
  • The snapshot takes into account the amount of UNFI you have staked, so you can participate in referendums without missing out on any staking rewards!
  • Please note: Only UNFI in your wallet, or UNFI participating in staking at the time of a specific referendum’s creation and snapshot, can vote in that specific referendum. UNFI purchased or claimed after a referendum was created will only be eligible to vote on future referendums.
  • No Ethereum network fee is required to vote in a referendum.

Background

UNFI is the token which powers the Global Governance Model (GGM), incorporating Proof of Stake elements to enable the election of the Unifi Council of Representatives. The GGM ensures a richly rewarding experience for the entire Unifi community across all blockchains and especially those who participate in Protocol governance.

As outlined in this article, the GGM will launch in phases to ensure a smooth and secure transition to community governance. As Unifi continues to develop and expand to more blockchains, Community Referendums will give UNFI holders a larger voice in guiding Protocol governance and direction.

Community Referendums: The Next Step on the Path towards GGM

Unifi is excited to launch the next phase in the GGM rollout plan — Community Referendums!

Community Referendums provide a community voice in the GGM to all UNFI holders and can be used for any topic. This is how all users of Unifi can participate in governance actions.

Unifi Community Referendums poll all UNFI holders on matters involving the Unifi Protocol across all supported blockchains. These informal referendums can cover a wide range of topics, such as suggestions for new uTrade features or voting on various developer bounty submissions. Referendums allow UNFI holders to build community consensus and gauge the interest of other UNFI holders in the presented topic. Specific outcomes such as overall voting result, number of participating addresses, and total percentage of circulating UNFI to vote on a topic will help measure the importance of each submitted topic.

As the GGM matures to include delegating UNFI to elect Community Council Representatives, these Community Referendums may take on even greater importance. Community CRs should be encouraged by UNFI delegators to monitor and participate in referendums. Referendums provide a path for CCRs to better represent their community.

Community Referendums vs DAO Proposals

Referendums are distinct from DAO Proposals, which will be introduced in a later phase of the GGM rollout. Community Referendums are non-binding and can be created by any UNFI holder meeting a minimum balance of UNFI tokens. Proposals, on the other hand, are binding and can only be created by Council Representatives. By utilizing Proposals, CRs can propose changes to eligible Unifi Protocol DAO parameters.

UNFI holders and CRs will be able to effectively gauge and monitor the sentiment of the community on a wide variety of topics. Referendums can provide valuable insight into which issues should be addressed as a DAO Proposal. This is how all UNFI holders can influence multi-chain and cross-chain governance of the Protocol.

Core Referendums

Occasionally there will be Core Referendums posted by the Unifi team itself. While still non-binding, unless explicitly stated otherwise, the results of these Referendums will hold more weight and help guide Unifi on making decisions related to the matter discussed in the Referendum.

How Does it Work?

Visit gov.unifiprotocol.com and click on Proposals and Referendums. From there, scroll through the list of referendums — vote, or create your own!

Community Referendums utilize the snapshot platform to allow UNFI holders to participate without incurring any transaction fees! All referendums will take place on Ethereum with ERC20 UNFI tokens.

A snapshot of the token balance of every UNFI holder occurs at the block in which a referendum is created. The amount of UNFI tokens in your balance at the time of the snapshot equates to the amount of voting power you have in that referendum.

Your UNFI token balance only at the time of the snapshot determines your voting power.

A minimum UNFI balance of 5 UNFI is required to create a referendum, and a minimum balance of 1 UNFI is required to vote in a referendum.

Referendums must be open for a minimum of 24 hours.

Your UNFI token balance only at the time of the snapshot determines your voting power.

Good news! The snapshot even takes into account the amount of UNFI you have staked, so you can participate in referendums without missing out on any staking rewards!

Voting Power

Voting power refers to the amount of UNFI tokens in your balance at the time of the snapshot when the referendum was created. An address with 1000 UNFI at the time of the snapshot will have a voting power of 1000. This means when that address votes, it will count as 1 vote but will also be registered as 1000 tokens towards the final tally.

Once a referendum is created and the snapshot is taken, your voting power will never change for the duration of that particular referendum. Even if you add or remove UNFI tokens from your address, the change in your balance will not be reflected in your voting power.

For example, a referendum is created for a duration of 7 days. At the time of the snapshot an address has 0 UNFI. On the 4th day, that address receives 10 UNFI. They will still not be able to participate in this referendum, since at the time of the snapshot, their balance was 0 and thus their voting power for the entire duration of that referendum is 0.

Results

While the referendum is ongoing, the results will display the number of addresses which have voted for each option. As long as you have a voting power of at least 1, your vote will register as one vote.

As well, the results will display the amount of UNFI tokens that voted for each option. This means your vote will have registered as the amount of voting power you held (i.e. the amount of UNFI tokens in your balance at the time of the snapshot).

Either or both of these sets of data can be utilized when analyzing the results of a referendum.

Important Information

  • You can only vote with your full voting power. There is no way to split up your votes for different options.
  • You may switch your vote as often as you like while the referendum is still ongoing.
  • Referendums cannot be edited or deleted once they have been submitted. Please review your submission carefully for any typos!
  • Referendums must have a duration of at least 24 hours.

Unifi Protocol and uTrade can be found at https://www.unifiprotocol.com. Connect with the Unifi community on Telegram, Twitter, Reddit or Medium.

Stake UNFI, earn rewards, and be part of the Global Unifi Protocol DAO governance. https://gov.unifiprotocol.com/my-dashboard.

Be a part of developing Unifi Protocol DAO’s UNFI’s Global Governance Model (GGM). Join the conversation on Unifi’s Reddit

Communications from Unifi are subject to Unifi’s standard terms and conditions, which can be found here.

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Unifi Protocol incentivizes community participation in DeFi economies across multiple blockchains. Earn UP, Hold UNFI.

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