sip-408-update (#2094)

* sip-408-update * Update sip-408.md * Update sip-408.md * Update sip-408.md
Synthetixio · Sep 17, 2024 · d9eb9c9 · d9eb9c9
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Showing 1 changed file with 5 additions and 2 deletions.
diff --git a/content/sips/sip-408 → content/sips/sip-408.md b/content/sips/sip-408 → content/sips/sip-408.md
@@ -4,6 +4,7 @@ title: Synthetix Referendum
 author: Fenway
 status: Draft
 created: 2024-09-17T00:00:00.000Z
+network: Ethereum
 type: Meta-Governance
 ---
 # Referendum SIP
@@ -31,8 +32,10 @@ SR’s will live on the same site as the [SIPs official site](https://sips.synth
 For a referendum, `1 SNX = 1 vote` (i.e. linear voting). Voting will take place on [Snapshot](https://snapshot.org/#/).
 
 Given the nature of referendums is to enact significant change, for the referendum to pass, it must meet two criteria:
---1. A quorum, meaning the minimum number of SNX tokens that are required to partake in a referendum (vote yes, no or abstain), of 75m SNX tokens is required. The rationale for this number is outlined in _Note 1_ below. This represents half of the non-Treasury SNX stakers and is over 400% more SNX tokens than those that voted in the recent Spartan Council election.
---2. Approval must be over two-thirds majority of the yes/no vote (i.e. 66.67% approval threshold, excluding abstention).
+
+1. A quorum, meaning the minimum number of SNX tokens that are required to partake in a referendum (vote yes, no or abstain), of 75m SNX tokens is required. The rationale for this number is outlined in _Note 1_ below. This represents half of the non-Treasury SNX stakers and is over 400% more SNX tokens than those that voted in the recent Spartan Council election.
+
+2. Approval must be over two-thirds majority of the yes/no vote (i.e. 66.67% approval threshold, excluding abstention).
 These criteria can be voted on by governance with an SCCP.
 
 _Note 1 - There are ~150m staked SNX, excluding the Synthetix Treasury balance. Stakers are a representation of the more active component of the Synthetix community. 75m SNX tokens, or 50% of these community members, represent an adequate sample size of the community. Additionally, based on the recent election only ~17m SNX tokens partook in the Spartan Council election (<12.5m debt shares, with a debt per voting power of ~0.5, and an average c-ratio of <350% across Synthetix --> <$22m worth of SNX tokens, or <17m SNX tokens priced at $1.30). 75m SNX tokens represents over 400% of the community that recently partook in protocol governance._