Skip to content
New issue

Have a question about this project? Sign up for a free GitHub account to open an issue and contact its maintainers and the community.

Sign up for GitHub

By clicking “Sign up for GitHub”, you agree to our terms of service and privacy statement. We’ll occasionally send you account related emails.

Already on GitHub? Sign in to your account

Jump to bottom

sip-408-update #2094

Merged
merged 4 commits into from
Sep 17, 2024
Merged

sip-408-update #2094

Changes from all commits
Commits
Show all changes
4 commits
Select commit Hold shift + click to select a range
65eaf02
sip-408-update
kaleb-keny Sep 17, 2024
e169976
Update sip-408.md
kaleb-keny Sep 17, 2024
406bb5e
Update sip-408.md
kaleb-keny Sep 17, 2024
7321fad
Update sip-408.md
kaleb-keny Sep 17, 2024
File filter

Filter by extension

Filter by extension
Conversations
Failed to load comments.
Loading
Jump to
Jump to file
Failed to load files.
Loading
Diff view
Diff view
7 changes: 5 additions & 2 deletions content/sips/sip-408 → content/sips/sip-408.md
View file
Open in desktop
Original file line number Diff line number Diff line change
Expand Up @@ -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
Expand Down Expand Up @@ -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._
Loading