Voting Process
Voting in the Arowana Protocol is conducted through the following 5 steps:
1. Proposal Submission
- Staking ARW Tokens
- Only users who stake a specified amount of ARW tokens are eligible to submit proposals.
- Proposal Submission
- Proposals are submitted via smart contracts.
- Proposals must include the changes, reasons, and expected impacts.
2. Discussion Period
- Discussion after proposal submission
- After the proposal is submitted, a discussion on the proposal will take place within the community.
- Sharing opinions
- Users share opinions and discuss the validity of the proposal through various community channels such as forums, Discord, and Telegram.
3. Voting Phase
- Voting begins after the discussion period ends
- When the discussion period ends, the proposal moves to the voting phase.
- Smart contract-based voting
- Voting is automatically conducted through smart contracts, and all voting records are transparently recorded on-chain.
4. Voting Counting
- Automatic counting by smart contracts
- The smart contract automatically counts the voting results.
- Proposal adoption when criteria are met
- A proposal is adopted when certain criteria are met.
- For instance: 50% or more in favor, 20% or more participation rate
5. Execution
- Execution of adopted proposals
- When a proposal is adopted, it is automatically reflected in the protocol or executed by the Arowana Protocol team.
- Unaccepted Proposals
- If a proposal is not accepted, the proposer may revise or resubmit the proposal.
Voting Criteria
- For / Against
- Votes are cast simply as “For” or “Against.”
- Quorum
- A minimum participation rate is required for the vote to be valid.
- For instance, at least 20% of all ARW tokens must participate.
- Approval Threshold
- A proposal is approved if more than 50% of the votes cast are in favor.
- Ensuring that only proposals with majority support are implemented.