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Governance
Make your voice heard and contribute to the governance process!
The bYSL token (BEP-20) will operate as the governance token for the YSL.IO ecosystem, enabling holders to vote on proposals that have been put forward by a member of the community or by the core team. YSL.IO will utilise Snapshot to facilitate the voting process and bYSL holders will need a minimum balance of 1000 bYSL to create a proposal. There will be no minimum balance of bYSL required to cast a vote, and the weight of a vote will be dependent upon the holders bYSL balance.
When a new proposal is created, several core elements are provided for that proposal:
- Snapshot Block -> This is the BNB Chain block in which a single "snapshot" of bYSL holdings will be captured. This snapshot captures each addresses voting power for a proposal at a single moment in time.
- Start Time -> This is the time at which voting commences. The Start Time may coincide with the Snapshot Block's timing, but not always.
- End Time -> This is when voting on a proposal concludes and a decision (or non-action) is derived from the results.
Proposals will have various statuses, each of which will dictate how you may interact with them. All of these statuses are dictated by the Start Time and End Time:
- Pending -> A proposal has been created, but the Start Time has not occurred yet. These proposals cannot be voted upon.
- Active -> A proposal that can be actively voted on. Active proposals are between their Start Time and End Time.
- Closed -> A proposal that is past its End Time and the result has been determined. Once a proposal is closed, it cannot be voted upon.
- Visit the YSL.IO Snapshot page and click on "Connect Wallet" in the top right corner.
- Connect with the wallet provider where you hold your YSL balance and click on “New Proposal”.
- Fill out the Title and provide a summary with details of your proposal.
- Go to the “Actions” box and select "Single Choice Voting". Then enter the start date and the end date of your proposal.
- Use the default Snapshot block number or you can change it according to your needs. The block number is the snapshot where the balance of voters will be counted.
- Click on “Publish” and your proposal is created!
Two types of proposals can be made: YSL.IO Team and Community. Team proposals are created by the YSL.IO team, and a community proposal can be submitted by any community member provided that they hold 1000 bYSL or more in a single wallet.
We will require a minimum quorum of 5% of the circulating bYSL supply for a proposal’s results to be honoured. bYSL that is held in wallets and staked in our bYSL AceVault will count towards the "circulating" bYSL supply for the purposes of the quorum calculation.
- 1.For a proposal to be honoured, the following three conditions must be met:
- Condition 1: Supermajority of 50%+ voters in favour of one proposal option.
- Condition 2: Simple majority of weighted votes in favour of one proposal option.
- Condition 3: Final approval from the YSL.IO team in favour of one proposal option.
- 2.As per condition 3, the results of proposals that fall into the following categories may be honoured:
- Influencer or social media marketing collaborations
- Altruistic initiatives & campaigns
- Platform feature implementation
- New tokens or LP pairs to list
- Potential partnerships
- 3.As per condition 3, the results of proposals that fall into the following categories may not be honoured as they could potentially disrupt the health and stability of our ecosystem:
- Tokenomics and/or protocol decisions
- Protocol fees, multipliers and/or rewards
- Chain migration and/or Cross-chain decisions
- Any nonsensical and/or non-actionable proposals
Last modified 1mo ago