What is on-chain Governance?
The Injective Chain is not only a Proof of Stake blockchain but also one that utilizes on-chain governance. In order for the Injective Chain to continually upgrade and improve over time, community members will coordinate formally on-chain and informally off-chain to participate in discussions and debates surrounding the trade-offs of specific changes.
What is a Proposal?
With proposals, the community proposes a change to the Injective Chain. With proposals, the community can propose on-chain parameters change, launching new markets, updating spot markets, software updates and much more. A proposal can have 4 differen states: Deposit, Voting, Passed, Rejected.
What is a Deposit Period for a proposal?
To prevent spam, proposals must be submitted with a INJ deposit. The voting period will not start until the proposal’s deposit equals MinDeposit, which is 1000 INJ. If you dont have enough INJ to deposit to your proposal, you can ask other community members to chip in and together you can move your proposal to a Voting state.
What happens with the deposit I use for a proposal?
When a proposal is finalized (passed or rejected), the coins from the deposit are either refunded or burned, according to the final tally of the proposal: If the proposal is approved or if it’s rejected but not vetoed, deposits will automatically be refunded to their respective depositor, or When the proposal is vetoed with a supermajority, deposits be burned.
What is a Voting Period for a proposal and who can cast a vote?
Participants are users that have the right to vote on proposals. On the Injective Chain, participants are bonded INJ holders. Unbonded INJ holders and other users do not get the right to participate in governance. However, they can submit and deposit on proposals. Once a proposal reaches the minimal deposit required, it immediately enters Voting period. We define Voting period as the interval between the moment the vote opens and the moment the vote closes. The Voting period for Equinox Staking is 1 day.
What kind of vote can I cast to a proposal?
There are 4 options. Yes, No, Abstain and No With Veto. No With Veto counts as No but also adds a Veto vote. Abstain option allows voters to signal that they do not intend to vote in favor or against the proposal but accept the result of the vote.
What is the quorum for a proposal to pass?
Quorum is defined as the minimum percentage of voting power that needs to be casted on a proposal for the result to be valid.
What is the threshold for a proposal to pass?
Threshold is defined as the minimum proportion of Yes votes (excluding Abstain votes) for the proposal to be accepted. Initially, the threshold is set at 50% with a possibility to veto if more than 1/3rd of votes (excluding Abstain votes) are NoWithVeto votes. This means that proposals are accepted if the proportion of Yes votes (excluding Abstain votes) at the end of the voting period is superior to 50% and if the proportion of NoWithVeto votes is inferior to 1/3 (excluding Abstain votes).
Can a validator where I have my delegation vote on my behalf?
If a delegator does not vote, it will inherit its validator vote.