The recent governance explosion makes this pilot especially relevant to the DeFi landscape. Conviction Voting eliminates the governance bottleneck of large distributed communities.
ANT snapshot - A snapshot of ANT balances will be taken and used to determine votable ANT per address during the pilot. The snapshot will occur at block 10724590 or approximately Wednesday, August 26, 12pm UTC. Be sure to have your ANT in your preferred address by the snapshot. Because of the snapshot, you are free to do whatever you like with your ANT after the snapshot and still retain the voting power from the snapshot.
ANT voting - Proposals can be submitted at any time during the six-weeks the pilot is running. An ANT holder can vote for multiple proposals or just a single proposal. Proposals will be listed in the Proposal View, see below.
Dashboard - Proposal View
Conviction accrual - Once a vote is cast, the token-weighted balance adds conviction potential to the proposal with conviction accruing over time as tokens are held. The time-based accumulation forces voters to prioritize where they place their conviction. Proposals are approved once their conviction accrual level meets the approval threshold.
Dashboard - Support proposal modal
Threshold calculation - The approval threshold for a proposal depends on its budget in proportion to the treasury funds. Therefore, proposals with larger budgets require more conviction to pass than smaller budgets. As proposals are approved, and the treasury depletes, all proposals' approval threshold will increase, requiring more conviction to pass. Conversely, as the treasury replenishes, the threshold for passing proposals will decrease. Note, however, the treasury for this pilot program will not be replenished for the duration of the pilot.
Approvals - Upon approval, the payout process is initiated automatically so work can begin as soon as possible. If a proposer fails to deliver, their reputation in the community will diminish and likely lack support for future proposals.
Select your proposal type - There are two types of proposals, signaling and funding. Signaling proposals can still be voted on, but cannot be enacted and do not request any funds. Funding proposals can be enacted and do request funds.
Write your proposal - Anyone can submit proposals with a project or initiative that may benefit the Aragon community and DAO ecosystem. See this document for proposal guidelines and requirements. For inspiration, see this list of proposal ideas.
Dashboard - Create new proposal button
Submitting your proposal - To submit your proposal, visit the Conviction Funding Dashboard (TBA on Wednesday) and click ‘Create new proposal’. You will be asked to select your proposal type, input your proposal's title, provide a link to your proposal's text, and accept the Terms and Conditions of the Conviction Funding program. For a funding proposal, you will be asked to input your requested amount of funds and the beneficiary address to receive the funds. Click ‘Submit,’ confirm the transaction, and you’re done! Your proposal will now display on the Proposal View with the other proposals.
Dashboard - New proposal submission form
Claiming your funds - For accounting purposes, the Aragon Association will require the proposer to provide the following information to claim their funds: natural name, country of residency and tax paying number or passport. The Applicant must send this information to email@example.com. This information will only be used for the purpose of this program and will not be shared with third parties. Once a proposal has been approved, wrapped ANT (AA-ANT) will be transferred to the relevant Ethereum address. Once the relevant information has been sent to Aragon, the account will be granted permission to unwrap the AA-ANT.