The first xMoney governance proposal and referendum is here, setting the context and making preparations for the transition to UTK 3.0 economics.
The xMoney transition, covering the new economics, utility and mechanics of UTK, has been defined in this post published on the 5th of July 2023: https://www.xmoney.com/growth
What is the timeline of the xMoney Governance?
24th - 30th July, 2023: Random Snapshot
7th - 13th August, 2023: The governance voting start is scheduled for 7th of August at 18:00 UTC
What is governance?
Governance democratizes decision-making, enabling interest alignment for all parties participating by allowing them to have a say in the future directions of the protocol.
Who can vote on governance proposals?
A random snapshot of UTK (ESDT) holdings will be taken at a certain time. All users holding UTK (ESDT) at the time of the snapshot, be it available in their wallets, staked in Metastaking, or in farms are eligible to vote.
Note: UTK ERC20 holders will need to bridge their tokens from Ethereum to MultiversX through bridge.multiversx.com or to withdraw from supporting exchanges, like Binance, their UTK as an ESDT on MultiversX.
It is important to mention that the voting power equals the UTK (ESDT) balance recorded during the snapshot.
The user can check his or her voting power by connecting the personal wallet to the governance module on the xMoney website.
How many days will voting last?
The voting procedure for a proposal will span over 7 days.
How will votes be cast?
Here are the 3 available voting options:
1. Yes – this will register you with your total voting power as PRO/YES for the switch to UTK 3.0 Tokenomics
2. No – will register your total voting power as AGAINST/NO
3. Abstain – will register your voting power as NEUTRAL.
But even if it may seem unimportant, these votes help the proposal and thus put the power in the hands of the people who vote and care about the network.
Users are encouraged that don’t have a strong opinion, to still vote so that the decision for the proposal is made based on the governance votes rather than users who are not interested in the proposal vote.
How can the proposal pass?
In order for a proposal to pass it needs to pass with a simple majority.
In other words, more than 50% of votes should be UpVotes to pass a proposal.
For more information about the UTK 3.0 Proposal, please visit:
Listen to the leadership explaining the context & details: https://www.youtube.com/watch?v=fg7gS4ozTYQ