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πŸ‘‘ YSL.IO Governance
sYSL holders with a minimum balance of 250 sYSL are able to create and vote on proposals.
The sYSL token (BEP-20) will operate as the governance token for the YSL.IO platform. The community-governance function will enable token holders to vote on various proposals that will help spread awareness and increase the protocols utility demand.
sYSL token holders with a minimum balance of 250 sYSL will be able to create and cast their vote on various initiatives put forward by the community. The weight of a vote will be dependent upon the user's sYSL token balance. In other words, the greater a user's sYSL token balance, the greater the weight of their vote.
YSL.IO will utilise a technology called Snapshot to facilitate the voting process for governance. The single choice voting type will be used for the community-governance function, which means each voter may select a single choice to give their total voting power to.

βœ… How does Snapshot work?

When a new proposal is created, several core elements are provided for that proposal:
  1. 1.
    Snapshot Block - This is the BSC block in which a single "snapshot" of sYSL holdings will be captured. This snapshot captures each addresses voting power for a proposal at a single moment in time.
  2. 2.
    Start Time - This is the time in which voting commences. The Start Time may coincide with the Snapshot Block's timing, but not always.
  3. 3.
    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:
  1. 1.
    Pending - A proposal has been created, but the Start Time has not occurred yet. These proposals cannot be voted upon.
  2. 2.
    Active - A proposal that can be actively voted on. Active proposals are between their Start Time and End Time.
  3. 3.
    Closed - A proposal that is past its End Time and a result was determined. Once a proposal is closed, it cannot be voted upon.

βœ… How to Vote on a Proposal?

  1. 2.
    Click on the "Connect wallet" button in the top right corner
  2. 3.
    Connect with the wallet provider where you hold your sYSL balance
  3. 4.
    Click on the option you wish to vote for
  4. 5.
    Sign the message via your wallet and you're done!

βœ… How to Create a Proposal?

  1. 1.
    Visit the YSL.IO Snapshot page and click on "Connect Wallet" in the top right corner
  2. 2.
    Connect with wallet provider where you hold your sYSL balance and click on β€œNew Proposal”
  3. 3.
    Fill out the Title and provide a summary with details of your proposal.
  4. 4.
    Go to the β€œActions” box and select "Single Choice Voting". Then enter the start date and the end date of your proposal.
  5. 5.
    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.
  6. 6.
    Click on β€œPublish” and your proposal is created!

βœ… Types of Proposals

A Proposal can be submitted by any community member provided that they hold a minimum of 250 sYSL. The community member will need to hold the 250 sYSL in the address that they would like to create the proposal from.
Examples of types of community proposals that may be submitted:
  • Influencer or social media marketing collaborations
  • Platform feature implementation
  • New tokens or LP pairs to list
  • Potential partnerships
Types of proposals that are not-eligible (results won’t be actioned)
  • Tokenomic and protocol decisions
  • Chain migration and Cross-chain decisions
  • Protocol fees, Multipliers and sYSL rewards
  • Any nonsensical or non-actionable proposals
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Last modified 30d ago