Governance Delegate & Voter Guide 🌊🏆
The PoolTogether community consists of countless different sorts of people. Very broadly, we can differentiate between three groups: users & fans, contributors, and token holders.
Whereas you don’t need any POOL tokens to use the protocol, you don’t have to participate in governance if you just want to use the protocol to save money. One person can be part of two, or even all three groups.
This guide is particularly for the POOL token holders that govern the PoolTogether protocol.
- Governance Delegate & Voter Guide 🌊🏆
- How is PoolTogether governed?
- What can I do with my POOL?
- What’s right for me?
- Delegating your voting power
- What are governance delegates?
- How do I delegate?
- Who can vote?
- How do I vote?
- What about POOL on Optimism or Polygon?
- How do I know when proposals are up for vote?
- When does a proposal pass?
- Who can create proposals?
- Want to dive deeper?! 🤿
How is PoolTogether governed?
The world’s savings account, run by you (and your POOL).
POOL is the governance token of the PoolTogether protocol. Every POOL token represents a vote in protocol governance. Control over the PoolTogether protocol rests solely in the hands of the community of POOL holders.
These holders align under the mission of helping people build wealth in a fun and engaging way, and take actions based on the Protocol Constitution.
Token holders are granted certain rights, which include the management of:
- POOL Distribution
- Treasury Funds
- Protocol Upgrades
- Team Mandates
Any change to these parameter has to undergo the PoolTogether Improvement Proposal (PTIP) process and be voted on.
What can I do with my POOL?
A healthy governance system is good for PoolTogether, its users and for the POOL token holders. You can help by putting your voting power to use!
If you are holding POOL, you have two options in protocol governance:
- Delegating your votes to someone else to vote on your behalf
- Vote on proposals yourself
What’s right for me?
Only you can decide that!
Active governance participation might not be for everyone. It includes doing research, providing helpful feedback, joining meetings, coordinating with other delegates, take educated decisions to vote on proposals, and requires a certain time-commitment. On the other hand, you get to decide in the future of PoolTogether, gain a lot of experience & insight, and help to grow the protocol.
If you have no previous experience in decentralized governance, it’s recommended to delegate first and get used to it by following the process on gov.pooltogether.com.
Delegating your voting power
You can delegate the voting weight of your POOL tokens to someone else that makes governance decisions on your behalf. You still retain full ownership of your tokens, but your delegate will be able to vote.
This helps to put as much POOL voting weight to use, keep the governance process fluid, and move the protocol forward.
What are governance delegates?
Delegates are community members who volunteer to play an active role in PoolTogether protocol governance. Everyone can volunteer to be a governance delegate. Nonetheless, you don’t have to be a governance delegate to be able to vote on proposals.
You can read through the Delegate Proposals in this thread. Please feel encouraged to post your own governance proposal!
How do I delegate?
If you don’t want to delegate your POOL tokens anymore, you can take your delegation back anytime by delegating to yourself.
Who can vote?
PoolTogether governance exists on the Ethereum blockchain. Anyone, either holding POOL or being delegated POOL on Ethereum, can vote.
How do I vote?
Voting happens on-chain. To cast your vote you can use the PoolTogether interface or any other tool, like Snapshot, Sybil, Tally, or Karma. The outcome is the same, the only difference is the interface.
Note: As voting happens on-chain it requires an Ethereum transaction fee.
What about POOL on Optimism or Polygon?
POOL tokens on the Optimism or Polygon are currently only eligible to vote in off-chain governance. This includes decisions that don’t require moving treasury funds or upgrading the protocol. This is expected to change with multi-chain governance.
How do I know when proposals are up for vote?
Proposals are generally posted for vote on Mondays,
All active proposals are
- posted on the PoolTogether governance forum
- announced on Discord
- displayed on the account tab in the PoolTogether app
Tip: You can use HAL.xyz to set up reminders.
When does a proposal pass?
Once submitted, governance proposals are voted on for five days. A proposal will pass if, after five days
- the majority of votes are in favor
- AND at least 100,000 votes have been casted in favor
There is a two day “timelock” before the proposal is actually implemented.
Who can create proposals?
Creating a proposal requires 10,000 POOL (0.1% of total supply) in total. Anyone who either
- holds 10,000 POOL tokens
- has 10,000 POOL tokens delegated to them
- or, has 10,000 POOL combined from both
can submit a governance proposal. All proposals must be submitted in the form of a PTIP (PoolTogether Improvement Proposal) on the governance forum and must be clear, concise, and unambiguous. Organizing the proposals in this way makes it easy to track and discuss changes to PoolTogether.
Want to dive deeper?! 🤿
This guide explains governance voting and delegation. To learn more about the PoolTogether Improvement Proposal process, please see here.
PoolTogether Governance Links:
As always, stay safe and see you around the pool! 🌊🏆