Linear DAO Voting Process

Linear DAO Voting Process

Oct 27, 2021 · 3 min read · cat

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Dear Linear Community,

With the Linear Council Candidate Nominations currently underway, we would like to share with the community a more in-depth look at the Linear DAO Voting Process on Snapshot.

Snapshot Voting Process

Improvement Proposers

Consist of Linear Finance community members who want to help shape and enhance our protocol by creating Improvement Propositions (ℓIP). Proposers should first post a Preliminary Improvement Proposition (ℓPIP) on the Linear DAO Forum. Once the ℓPIP gains enough traction and engagement from the community, the proposer can raise a ℓIP on the Linear Finance Snapshot.

Requirements: Minimum $LINA balance holding.

Minimum Amount: 500,000 $LINA (proposer without enough LINA can raise in the forum to delegate proposal creation to another community member with sufficient balance).

Balance Type: Available+Staked+Locked (including Vault deposits).

Holding Period: When creating ℓIP until the voting period is over.

Improvement Voters

Improvement Voters will vote on ℓIP and ℓLP on Snapshot by signing a gasless message with their wallet after careful consideration. They will also be able to vote on the Linear Council Election every quarter.

Requirements: Minimum $LINA balance holding.

Minimum Amount: 1,000 $LINA.

Balance Type: Available+Staked+Locked (including Vault deposits).

Holding Period: maintain a minimum balance for the last four weeks before voting (Snapshot’s default is to take the instance of proposal creation for voting weightings calculation).

Voting Power, Type & Weighting.

Voting on a ℓIP/ℓLP does not require $LINA holders to spend $LINA tokens as it is conducted off-chain via Snapshot with voting power determined by the average amount of $LINA tokens held (available, staked, and locked) in the previous four weeks.

Voting power = average of (A + B + C + D) in the last four weeks

  1. $LINA available in the wallet.
  2. $LINA staked via Buildr.
  3. $LINA rewards claimed and locked.
  4. $LINA deposited into Vault.

The voting power of each voter (wallet) is subject to cubic weighting to reduce the influence of large balance holders (whales).

Cubic Weighting Formula: Number of Votes = ∛($LINA/1000), $LINA >= 1,000.

Number of Votes

$LINA Required

1 - 1,000

2 - 8,000

3 - 27,000

4 - 64,000

A proposition is deemed viable and “Approved” to move on for LC and pDAO’s evaluation if:

  • The Minimum voting quorum is met.
  • Minimum voting quorum = 5% of total staked LINA amount in the Linear ecosystem excluding the amount staked by the Linear Foundation (available via Linear Dashboard — total LINA staking * LINA staked by users).
  • And gets the relative majority of votes (>50.1%) on Snapshot.

Final Thoughts

With the Linear Finance Snapshot Space just a few weeks away from being released, we hope this post will help the community better understand the mechanics behind our voting process.

We would also like to take this opportunity to invite everyone interested in being a member of the Linear Council to submit their nomination on the link below, this is the last week nominations will be open!

Kind regards,

Linear Team

About Linear Finance

Linear Finance is a cross-chain compatible, decentralized delta-one asset protocol that allows users to get synthetic exposure to various assets, including cryptocurrency, commodities, and market indices. Users can utilize our cross-chain swap functionality to instantly swap assets across leading blockchain environments and DeFi protocols with unlimited liquidity and zero slippage.

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