ZKSwap Publishes the Community Governance Policy with gZKS and Governance Procedures

Two months after our official launch on Ethereum, ZKSwap has become a leading player in the layer2 sector. This could not happen without the hard work of the team and the consistent support from the community. Thank you all!👍

To improve the efficiency of community participation and enable community governance, we are thrilled to unveil our community governance plan.

Today we’ll be sharing the ZKSwap Governance Framework, gZKS rights, and the governance procedure. We welcome feedback from all of you. Please comment in the ZKSwap forum or any of our social media channels listed at the end of this article.

ZKSwap Governance Framework:

Tools

The ZKSwap community governance and related discussions will be carried out in the three following venues:

1. Portals: Users will be able to access the ZKSwap Wiki community governance page(will add the link soon) through the website, App, and the explorer ZKSwap.info;
2. The ZKSwap Forum: On the forum, users can discuss the content of the proposal, the results of the proposal, and the implementation details.
3. Snapshot: users will use the governance tool Snapshot to post proposals and vote.

The Governance Token: gZKS

gZKS rights:

1. Users can participate in community governance with gZKS, including the right to propose and vote.
2. Users with 50,000 or more gZKS can initiate proposals.
3. There is no threshold for participation in voting, and votes are counted by the number of gZKS, with a minimum of 1 gZKS required for a single vote.

How to receive gZKS:

The gZKS is generated from the 360-day ZKS PoS contract. gZKS can only be earned through a staking position when the remaining staking number of days in the 360-day PoS contract is greater than or equal to 180 days.

If the remaining time of the existing 360-day staking campaign is less than 180 days, a new 360-day PoS contract will be initiated, and users will be able to stake ZKS in the new 360-day PoS contract to earn gZKS.

Release rules of gZKS:

Users who participate in the 360-day ZKS PoS mining will receive the corresponding number of gZKS airdrops at their L2 address. The number of gZKS they receive will be determined based on the actual number of ZKS they staked and the actual number of days they have staked. Users who participate for 360 days PoS will receive the same number of gZKS as the number of ZKS staked. For actual staking duration shorter than 360 days in the 360-day ZKS PoS mining, users will receive gZKS decreasing linearly with the actual staking time to half the amount of staked ZKS; for example, users whose actual staking duration is 180 days in the 360-day ZKS PoS mining will get gZKS half the amount of staked ZKS, users whose actual staking duration less than 180 days in the 360-day ZKS PoS mining will not get gZKS(and for those users, they’d have to participate in a new round of 360-day staking campaign to get gZKS.)

For example, if a user starts to stake 100 ZKS in a 360-day PoS contract with 270 days left to expire, he/she will earn 75 gZKS in the L2 account.

The gZKS generated by the existing ZKS 360-day PoS contract is valid for 720 days.

Governance Procedure

1. Community discussion: Users can initiate community governance-related posts in the corresponding section of the forum to discuss and brainstorm initial ideas and opinions on the proposal.
2. Initiate a proposal: 50,000 gZKS staking is required to initiate a proposal.
3. Review on the Snapshot ZKSwap governance page: we will publish links to the Snapshot page on the ZKSwap forum once the gZKS is minted.
4. Vote: Any gZKS holder will be able to vote on the Snapshot proposal voting page. The process is carried out on-chain to ensure transparency.
5. Results announcement: the ZKSwap forum moderator will post the results of valid proposals on the corresponding forum board and update the implementation plan and progress.

Proposals

A user’s proposal will be approved if it receives enough eligible votes. Proposals can include but not limited to categories as follows:

1. Token listing: Users can propose any ERC20 tokens or trading pairs to be listed by ZKSwap. The proposal requires 500,000 gZKS to be approved, and once approved, ZKSwap will complete the listing of the token or trading pair within 7 days of the proposal approval date.
2. Airdrop: users can propose airdrop to any DeFi project users with certain policies. One million gZKS is required to pass the proposal. The ZKSwap team will airdrop a certain number of ZKS to the Layer2 address of the eligible users to incentivize them to use ZKSwap; the amount of subsidy is determined by the Gas on Ethereum at the time of the airdrop (subsidizing the deposit fee).
3. Liquidity mining campaigns: Users can also propose to launch liquidity mining campaigns for any existing token pair. The proposal requires a vote of 1 million gZKS. ZKSwap will add the token to the next liquidity mining campaign, and the mining reward will be determined based on the platform’s average liquidity mining revenue.
4. Modify governance rules: Users can also propose to make amendments to adjust the community governance policies and approval threshold. Three million gZKS votes are required to pass this proposal. ZKSwap will amend the community governance rules promptly.
5. Adjust fees: Users can propose to make changes to the rates set by the platform, such as the liquidity fees required for redemption, withdrawal fees, the number of free daily transfers and liquidity removings, the fee charge after the number of free additions, etc. The proposal needs to be approved by five million gZKS votes. Once approved, ZKSwap will optimize the relevant rates in the next iteration.
6. Modify parameters of the economic model: Users can propose to modify the ZKS token release economic model, including but not limited to various types of mining allocations, halving over time, fee buyback and burns, etc. Proposals require 10 million gZKS votes to pass. Once passed, ZKSwap will make relevant adjustments in the next version or mining campaign and publicize the progress promptly.
7. Future technical roadmap: users can propose future technical route development and modify the ZKSwap technical roadmap, including but not limited to NFT launching and mintage, Layer2 cross-chain support, EVM support, and Layer2 ecosystem expansion, etc. The proposal requires 10 million gZKS votes to pass; once passed, the ZKSwap team will adjust the technical route and invest in R&D in a timely manner and regularly publicize the progress.

That’s all about the ZKSwap community governance framework. If you have any questions or feedback, please comment in our forum here https://forum.zks.org/. Thanks for your support along the way! Let’s build together!🙌

ZKSwap is a layer2 dex based on the ZK-Rollup technology and using the AMM model. And You can find us here🥰:

ZKSwap Official Website: https://zks.org/en

ZKSwap APP: https://zkswap.app

ZKSwap Twitter: https://twitter.com/ZKSwapOfficial

ZKSwap Official Telegram group: https://t.me/zkswapofficial

ZKSwap Discord: https://discord.gg/NfZBKNJuAX

ZKSwap Medium: https://zkswapofficial.medium.com/

ZKSwap Github page: https://github.com/l2labs

ZKSwap Reddit: https://www.reddit.com/r/ZKSwap_Official