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Vote settings |
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Gov includes an on-chain voting system where only the owner of a given NFT is allowed to vote.
One person, one vote.
- Voting delay:
0(0 second) - Voting period:
1296000(15 days) - Quorum:
20(20%) - Proposal threshold:
1(1 NFT)
The voting delay is the delay since proposal is created until voting starts. It allows members to move their tokens (if relevant) before the snapshot. It's usually set to 0.
The voting period is the length of the period during which people can cast their vote.
The quorum is the minimum required number of votes in proportion to the total voting power.
The proposal threshold is the minimum number of votes an account must have to create a proposal. If set to 1, it means that you must own a membership NFT to submit a proposal. If set to 0 anyone can submit proposals, exposing the DAO to spam proposals.
It is recommended to set it to 0 so that the members can vote right after the proposal is submitted.
It's important to give people enough time to vote. 15 days (1296000 seconds) can be an acceptable timeframe.
If the participation rate on a given proposal is below the quorum, the proposal can't pass. Most of DAOs' quorum is pretty low (often 4%). That said, the delegation system we have in place can help improve the participation rate: once a member delegated their voting power to a delegate, he/she just don't need to vote.
Set it to 1 if you want only the members to be allowed to submit a proposal. Set it to 0 if you want to allow anyone (including non-members) to submit a proposal. Keep it mind that if anyone can submit a proposal it exposes the DAO to spam proposals, which can be an issue.
You can delegate your voting power to another member. This can be changed at any time, so if you're not happy with your delegate vote you can delegate to yourself or to another member.
You can learn more about Open Zeppelin's Governor contract and how to set it up here: How to set up on-chain governance. You can also browse Tally docs.