Delegates & Delegating
You’re here because you’ve heard about the Inverse DAO, the community and the inclusive governance system.
Inverse.finance is a DAO that governs itself by on-chain voting on Ethereum. What makes Inverse unique is its vigorous community of INVaders that lead the DAO through voting.
How does it work? (Tl;Dr)
Some people make proposals, meaning they request specific changes to be made to the protocol. Then, the community and delegates vote on whether they agree or not. If the proposal is accepted then the changes will be implemented 5 days after the vote ended.
So what’s all this delegating and delegates?
Delegates can be seen as representatives chosen by the Inverse community.
Once they reach 1000 votes they’ll gain the unique power to formally launch an official proposal that can be voted on.
One becomes a delegate by asking the community to delegate (to lend) their votes to them and in turn, they represent their interests and do the voting in their place.
If you delegate your vote to a person of your choice then that process costs no gas and only includes the voting power. Only the person receiving the vote needs to pay gas to lock in the vote.
How do you delegate your voting power to someone?
1You can find our current candidates in our Discord in the #delegates-pitchyourselves channel (https://discord.gg/hXZxR7TxpS).
2Simply click on their link, just like a referral link, connect to your Metamask, and sign a message (no gas costs)
3Copy paste the outcome and send it to your delegate via Direct Message on Discord so that he can lock in your vote. Your tokens will remain in your account at all times. It looks like this:
{“sig”:”0xad4268d4e493edadsa64186fba40a2cc60de936f5c22daebd45cec2646bc443a0a64bc53a8c543a12fa82641ea390b8b0fc855fb7984cdcc81f13c9988d123432we”,”nonce”:”0",”expiry”:10000000000,”chainId”:1,”signer”:”0xE0e8C1D73569806047234279a8e4C20276Fc2ds24"} <-You must send this to your delegate so that he can lock in your vote
4If all you want to do is to support and delegate your voting power to someone then this is all that you have to do. Once a person reaches 1000 votes then that person reaches the status of delegate with the power to create proposals.
    Note: If you lend/delegate your vote to someone else then you CAN’T vote anymore. They will vote for you. You have to trust that your delegate represents your interests. If they don’t simply delegate to someone else. It’s free of charge.
So what if your delegate suddenly decides to vote contrary to your interests? What are your options?
The easiest and most civil option is to simply re-delegate to someone who DOES represent your interests or you just re-delegate to yourself.
The easiest and most civil option is to simply re-delegate to someone who DOES represent your interests or you just re-delegate to yourself.
That’s right, delegates can lose their status in a heartbeat if their voters decide to place their trust (votes) in someone else.
What about those who don’t reach 1000 votes?
Those who do NOT reach 1000 votes will not become delegates with the power to launch proposals BUT they still have control over all the votes that they received and can still reach 1000 votes at a later date.
Remember, you can always decide to delegate to a new delegate at any time!
That’s it for now folks. I might add some things here and there if needed but you should get the gist :)
That’s it for now folks. I might add some things here and there if needed but you should get the gist :)
Last modified 7mo ago
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