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Finally! The Governance Phase

Once the proposal on the Governance Discussion section meets the promotion criteria, It’s considered a formal proposal and requires formal voting which takes place on Snapshot. A formal proposal can be defeated or accepted as outlined by the rules below.

Votes on Snapshot are weighted by the number of $PUSH delegated to the address used to vote. A minimum of 75,000 $PUSH tokens are required to create a proposal.

Note: Only users who have 75k+ votes (delegated or owned) can initiate the formal proposal. If the user doesn’t have enough votes, then it’s expected of the user to either find a Delegatee to submit their formal proposal or request a the Push Governance Lead to find one for them.

Here below is the flow for the first version of the governance process:

Push Protocol Progressive Decentralization

Submitting a Formal Proposal on Snapshot​

The draft proposals that pass the promotion criteria of the Discussion phase are termed as formal proposals as they would be sent for formal voting. The rules for submission of a formal proposal on snapshot are as follows:

  • Formal proposals need to be submitted to Snapshot and must be given at least 7 days for the community to vote on the proposal.

  • Only the Push Governance Lead or a PUSH Delegatee can submit the proposals on the snapshot.

  • All proposals on Snapshot must give at least 7 days for the community to vote on the proposal.

What are the Promotion Criteria?​

  • The proposal needs to meet the Quorom for it to be considered valid. Quorum is defined as 4% of the circulating supply of $PUSH voting in the affirmative.

  • If the Quorum is not achieved in 7 days for a proposal, then the proposal is considered as defeated.

For a vote to pass on Snapshot, it must achieve a quorum of 4% of the circulating supply of $PUSH voting in the affirmative. The purpose of the quorum is to ensure that the approved proposals have adequate voter participation. This means that if a proposal that had a majority of votes affirmative but didn’t achieve the necessary quorum, it won’t be approved.

Proposal Fast-tracking​

It's important to note that as of August 15th, 2022, Push DAO approved and implemented PIP-08: a mechanism to fast track proposals that got immediate traction into Snapshot

Read the Official announcement here.

The steps within this expedited process remain consistent with those outlined in previous sections, with the primary distinction being the varying timeframes allocated for each step.