Introducing Commonwealth & Snapshot, SpiritSwap’s forum for DAO management
Starting this week, SpiritSwap began the migration process toward full community governance over farm emissions. You can read this article for more info in case you missed it.
Once the entire migration process is complete, community members, protocols and holders of inSPIRIT will then be able to fully vote on farm emission allocations as well as request for new farms to be added.
Complementary to the boosted farm migration process, SpiritSwap is delighted to introduce our forum for DAO proposals and snapshots. Now let’s discuss timing.
First Official Snapshot: January 3, 2022
The first community decision will be the approval or rejection of SpiritSwap’s multi-sig members. This Snapshot proposal will run for 7 days. Once the multi sigs are agreed on, the thought process is at this stage to allow for community members to make proposals for the time being, in commonwealth. Any proposals that carry merit / are easy to implement, will be opened up for the community member to push this snapshot. We will be running snapshots in this restricted manner up until V2 development is complete and live. The reason for this being that we don’t want to de-rail V2 development by having to re-allocate developer resources for arbitrary feature requests that may be voted in via snapshot. Once this next step in important DEX infrastructure is complete, full community proposals will be open and the community can run wild with their proposals.
The proposal and voting process will require users to be familiar with both Snapshot and Commonwealth. This article aims to familiarize you with how we expect users to use these governance tools. In short, the SpiritSwap commonwealth forum is a place where any proposals can be made to the DAO and then voted on. Let’s jump into how to get started.
Vocabulary Key:
Proposal — A proposal made within Commonwealth to present and idea and garner support from the community
Snapshot — A proposal using Snapshot that actually carries weight and launches a community vote to “approve” or “decline”
1. Connecting your wallet
To have an account set up with Commonwealth / Snapshot, you simply need to sign in using your wallet. Please note, if you would like to vote, you should use the same wallet that contains your inSPIRIT as this is what will be used to allocate voting weight to proposals and snapshots.
Below is a walkthrough for connecting your wallet to the commonwealth forum.
Step 1. Click “Log in” on the top left hand side of the forum page.
Step 2. Click “Continue with wallet” and select “Ethereum Wallet (Metamask)”. Disregard the Ethereum notice, as FTM is EVM compatible, there will be no issues.
**Reminder, use the wallet that holds your inSPIRIT
Step 3. Select the wallet you want to log in with. Note that the wallet prompted in the pop up will be the wallet you are currently signed into in MetaMask. If you want to change the wallet that pops up, simply change the wallet you are connected to in MetaMask at the time.
Step 4. Once you select your wallet address, MetaMask will prompt you to sign off on the transaction to connect your wallet with Commonwealth. Sign the transaction.
Step 5. Once the transaction is signed off you are then logged into Commonwealth and can now customize your profile by clicking on your wallet and selecting “Edit profile”. You are now eligible to vote on proposals and Snapshots, which we will cover in the next topic below.
3. Proposals
The first step in the process will be for community members to make proposals. A proposal can be made when:
1. You want to present an idea to the community. Whether you meet the minimum inSPIRIT requirements or not, anyone is allowed to make a proposal. Should you not have enough inSPIRIT, people with inSPIRIT will see this proposal and may carry it on into a Snapshot.
2. You intend to make a Snapshot vote yourself, but want to make sure the community is well educated and engaged enough to support your Snapshot proposal.
As previously stated, to retain the sanctity of our forum, and keep it clear of spam or nonsensical proposals, there will be a minimum threshold of 10,000 inSPIRIT held in order to make a proposal. This in essence means you need to be reasonably invested in the project in order to make a proposal for the community to consider.
Please find our template below for how we expect proposals to be structured when submitting one for the community DAO to consider.
Community proposal template
Here is a template for how a community proposal must be structured:
Title — Summarize your proposal in a short title
Description — Explain what your proposal is, then outlay the following points
Benefits — Bullet point the benefits of your proposal to the community
Risks — If any, bullet point any risks associated with your proposal
Conclusion — Conclude your proposal by giving a summary of key points
Reference links — Add any links that need to be referenced that pertain to your proposal
Remember, this is your way of lobbying for community support. Try to keep the proposals clear, brief and well structured.
Example Proposal
Title:
Proposal to add XYZ- FTM LPs to boosted farms
Description:
XYZ is an emerging project within the Fantom ecosystem. Their team consists of 6 full time developers and a solid community support team. The team have demonstrated clear ability to deliver and are actively in a partnership with SpiritSwap.
Benefits:
- Gain more exposure of XYZ and thus XYZ itself, driving more users to using XYZ’s products, which in turn will see inSPIRIT holders rewarded (a positive feedback loop achieved).
- XYZ team will be incentivised to farm SPIRIT tokens with their protocol owned liquidity positions, which they will most likely use to lock up for inSPIRIT in order to boost their farm further (more spirit out of circulation and locked into inSPIRIT).
Risks:
No known risks, but am open to any unforeseen risks about this proposal being discussed in the forum.
Conclusion:
- XYZ are an existing partner of SpiritSwap
- 50% of funds earnt from XYZ go to inSPIRIT holders
- Team will likely farm SPIRIT in order to lock it up and earn more boost to their farm (more SPIRIT out of circulation)
References:
List resource links such as documents, audit, or any articles that support your proposal.
4. Discussion
After you have posted a proposal make sure to engage with community feedback on the proposal. Answer questions and discuss the ramifications of your proposal. It’s important with any form of governance that people have the right information on hand to make informed decisions on behalf of the DAO. If you are trying to garner support from the community to make a Snapshot on your behalf, it’s important to properly educate other users as to why you believe the proposal is in the best interest of the community.
For those who have the right amount of inSPIRIT and intend on making a Snapshot regardless, it is advisable that you allow the community up to 7 days to participate in your proposal discussions before you launch a Snapshot.
Questions relating to the proposal directly should be posted within the proposal “thread” directly.
More in depth discussions should happen in the discussions topic tab. The process for this would be to title the proposal that your discussion pertains to and open a more direct discussion there to avoid spamming the original proposal thread
5. Snapshot
After the community has had 7 days to be actively involved in discussing a proposal (not mandatory but recommended), a Snapshot can be deployed. Within this Snapshot, you can then allocate your inSPIRIT voting weight towards passing or declining the proposal.
To keep Snapshot proposals serious and genuine, the minimum threshold for launching a Snapshot will be 100,000 inSPIRIT held in your wallet.
If you have 100,000 inSPIRIT in your wallet, you can create a snapshot, the process is as follows.
Step 1. Head to SpiritSwaps Snapshot page (currently snapshot proposals are disabled until the farm migration process is complete)
Step 2. Join the SpiritSwap Snapshot community
Step 3. Connect and log in via the wallet of your choice, MetaMask is recommended. Remember to log in with the wallet that contains your inSPIRIT.
Step 4. Once logged in, you will be able to see current “Proposals” (which you can vote on) and “New Proposal” if you want to create a Snapshot yourself.
- “Proposals” are where you can view current proposals to vote on please note you will be able to see and vote on these directly within our commonwealth forum.
- “New Proposals” is where you can create a Snapshot proposal, subject to you holding re required amount of inSPIRIT in your wallet (currently 100,000 inSPIRIT)
Step 5. When creating a proposal simply :
- Add the title of your proposal “ask a question”
- Fill out the details of your proposal as per the aforementioned proposal template “Tell more about your proposal”
- Select a start date (Snapshots will by default run for 7 days)
- Click “publish”
Once you click publish the Snapshot will go live as of your start date and automatically appear in the SpiritSwap commonwealth forum.
6. Proposal passed or declined
In the event that a proposal is declined, no action will be taken, the vote is dead. On the other hand, if a proposal passed then actioning the proposal will initially be carried out via multi-sig approval. Once full on-chain governance is established, any passed proposals will happen automatically as per on chain governance.
7. Conclusion
We hope this process walkthrough has provided you with a clear outline surrounding how this forum will operate. If you have any questions, concerns or doubts, please don’t hesitate to reach out to one of our admins in Discord for further support.
We look forward to supporting our community and vice versa in these exciting times of transitioning to a fully functional DAO.
Best Regards,
SpiritTeam
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Twitter: twitter.com/Spirit_Swap
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Merch: spiritswap.store
Commonwealth: https://commonwealth.im/spiritswap/
Snapshot: https://snapshot.org/#/spiritswap.eth
