The launch of xSNOB brought revenue sharing, reward boosting, and dynamic SNOB reward allocations. These features have been extremely popular, and to this date, over 3,200,000 SNOB has been staked. That’s over 21% of the circulating supply.
However, one of the main features of xSNOB is a safer voting mechanism that gives power to long-term supporters of Snowball. This mechanism expands voting from weekly SNOB reward allocations, to general Snowball proposals.
Today we are announcing the launch of Governance version 2, an on-chain governance system fully operated by xSNOB holders. This system is more versatile and secure than our previous system.
Understanding Governance v2
Proposals
Proposals can be submitted by anyone who holds the minimum requirement of 100,000 xSNOB tokens. This is the equivalent of 100,000 SNOB staked for 2 years.
Upon creation of a proposal, the creator determines what will be voted on and the duration of the voting period. This period must be set to a minimum of 72 hours.
Each proposer can only have one active proposal at a time.
Voting
Anyone with xSNOB tokens can vote on proposals. Learn more about xSNOB here.
Proposals allow for two options to be voted on. A proposal is passed if there are more in favor votes than against votes and there are a minimum of 300,000 in favor votes.
After you vote, you have the option to change your vote. Additionally, if you vote and then acquire more xSNOB, you can vote again with that additional xSNOB.
Timelocks
Each proposal has a voting period equal to at least 72 hours. Once voting ends, there is an execution delay of 24 hours for any technical changes to the Snowball protocol.
Each proposal also has an execution window of 14 days, after which, the proposal is considered void.
Contract Addresses
Governance: 0xFdd994AD468cd39a4a3a3C3A0c460BB2213159B6
Join Snowball
Website: https://snowball.network/
Twitter: https://twitter.com/throwsnowballs
Discord: https://discord.gg/BGpEHvehMz
Telegram: https://t.me/throwsnowballs
GitHub: https://github.com/Snowball-Finance
Docs: https://snowballs.gitbook.io/snowball-docs/
Disclaimer
Contributors to Snowball have made reasonable efforts at ensuring the integrity of the protocol including tests. Snowball is monetarily valueless and has 0 entitled financial value. Anyone who chooses to engage with these contracts, including the Snowball token contract, is doing so at their own risk. You should perform your own due diligence.
