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Governance

How does Inverse Finance Governance Work?

INV holders hold voting power in our on-chain governance system, Governor Mills, where one INV is equal to one vote. INV holders may directly or via a delegate launch a new proposal at any time. A minimum voting power of 1500 INV is required to submit a proposal. This amount was set and can be adjusted via a governance proposal.

How does Voting Work Within Inverse Finance?

We use a process centered around our on-chain proposal presentation and execution environment, called Governor Mills. We also socialize ideas and proposals on Discord and our Forum.
The Inverse Finance community has a social agreement to publish proposals on Governor Mills and the Forum for discussion and to debate the proposals for at least 24 hours before they are submitted on-chain. Please visit our official Discord and Forum to find the latest items and participate.
Casting votes can sometimes be prohibitively expensive due to gas costs. Delegating is free, however, so explore the voices in Inverse Finance DAO governance and consider having a delegate vote on your behalf..

What Steps Do I Take To Vote?

When a proposal has been submitted, you can vote using Governor Mills
  • To be eligible to vote, you need to delegate your votes either to yourself or to a Delegate before a proposal goes live.
  • Check for commentary on proposals in each Delegate's Discord channel.
Unless you have delegated to someone else, you will need to pay the Ethereum gas fee for the transaction as voting takes place on the Ethereum blockchain.

What Is A Delegate?

Delegates can be seen as public voices or representatives chosen by the Inverse Finance community. You can track their votes on the dedicated Delegates portal and read any discussions they take part of in the Forum and on Discord.
  • Once a Delegate reaches 1900 votes they’ll gain the power to queue draft proposals up for an on-chain vote.
Delegating your votes to a person of your choice will cost you no gas as you only need to sign a cryptographic proof using your wallet. You simply send them a direct message with the proof and the Delegate will register it on-chain.
The 1900 vote threshold for queuing a draft proposal is subject to change via a DAO vote and it was raised from 1000, meaning it is likely to be raised in the future to compensate for inflation.

How do I delegate my voting power?

1) You can find our current delegates in the Governance tab on FiRM and delegates are available for conversation through our Discord in the #delegates-pitch Discord channel and on the Inverse Forum.
2) Simply click on their link, connect your Metamask, Coinbase Wallet or WalletConnect and sign the message.
3) Copy-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. You must send this to your delegate so that they can lock in your vote.
The message looks similar to this one:
{“sig”:”0xad4268d4e493edadsa64186fba40a2cc60de936f5c22daebd45cec2646bc443a0a64bc53a8c543a12fa82641ea390b8b0fc855fb7984cdcc81f13c9988d123432we”,”nonce”:”0",”expiry”:10000000000,”chainId”:1,”signer”:”0xE0e8C1D73569806047234279a8e4C20276Fc2ds24"}
  • Note: If you lend/delegate your vote to someone else then you can't vote anymore, the delegate will vote for you. You have to trust that your delegate represents your interests but you can check their on-chain track record and discuss with them in the Discord if they are active. It’s free of charge.

Can I redirect my votes to a different delegate?

You can easily re-delegate to someone who better represents your interests, or to yourself. We encourage you to share your viewpoint in the Delegate's Discord channel.
  • Remember, you can always decide to redirect your votes to a new delegate at any time!

How Do I Create A Proposal?

Any INV holder can initiate a proposal. Some suggested steps for launching a proposal include:
  1. 1.
    Socialize the proposal with other community members in Discord in the Governance-General channel.
  2. 2.
    Create a forum post with the proposal in its entirety but without the actual code for the on-chain actions, just describe them. Encourage discussion of your proposal by socializing it on Discord.
  3. 3.
    Schedule a Community Call. Contact the Growth Working Group to set up a community call in order to have a live discussion about your proposal.
  4. 4.
    Create a draft of the proposal on Governor Mills. The community has a social agreement to post all proposals on the forum and to allow a draft to be visible in GovMills for at least 24 hours the proposal is launched for an on-chain vote. A community call is also highly encouraged before launching an on-chain vote, especially for particularly novel or far-reaching proposals.
  5. 5.
    Launch your proposal on-chain. Any INV holder holding at least 1900 INV, who is a delegate with at least 1900 votes, or who is a whitelisted DAO member can submit a proposal on-chain in Governor Mills. Voting remains open for approximately 60 hours, followed by a 40 hour holding period prior to proposal execution.

What Are Some Suggestions For Making A Successful Proposal?

First, feel free to expand deeper into the motivation and surrounding circumstances and narratives that motivate the proposal on the forum but keep it simple and to the point in the on-chain proposal. Include a link to the proposal's forum post in the on-chain proposal.
Other attributes of a successful proposal might include:
  • Clarity: Proposals should be written in easy to understand language. Proposals should clearly define and address a specific set of on-chain actions along with any responsibilities carried by DAO members or 3rd parties.
  • Completeness: All referenced and public information must be made accessible through the proposal. A proposal must not be dependent on future circumstances. Authors should disclose any and all conflicts of interest for all parties. Review active proposals to avoid overlap.
  • Accountability: Make sure that the execution of human responsibilities are worded in a way that makes defining success or failure easy to define.
  • Time: Include moderate time limits for experimental additions such as new WG's and extend them along with any budget in subsequent proposals.
  • Reporting: Include reporting requirements and make sure that the reports have a willing owner.
  • Budgeting: Long term contributors with a reliable workload are paid in DOLA through our Payroll contract. All expenses required to execute the entirety of the proposal must be accounted for in the proposal. If the proposal passes, a spending allowance will be created for the appropriate wallet for up to that amount from the Treasury.
  • Agency: Any required multi-signature wallets or other technical prerequisites must be created and willing key holders must be assigned before the execution of the proposal. Gas fees will be reimbursed by TWG if the proposal is passed.

How Is A Proposal Executed?

The proposal requires a minimum of 9500 FOR votes to pass quorum and it needs to have more FOR votes than AGAINST votes.
Once a proposal has passed, it must be queued on-chain. This action can be triggered by anyone who is willing to pay the gas fee (usually done by a DAO member). The proposal then enters a holding period of 40 hours to allow users time to prepare for the consequences of the execution of the proposal.
After the holding period, the proposal's execution can be triggered by anyone within 14 days. If the proposal is not executed within 14 days, it will expire and is no longer actionable.