Home Coins Bytom (BTM) SUP Community Governance Proposal Draft V1 | by BYTOM BLOCKCHAIN | Sep,...

SUP Community Governance Proposal Draft V1 | by BYTOM BLOCKCHAIN | Sep, 2020


BYTOM BLOCKCHAIN

SUP is the value capture token of the MOV SuperTx protocol (an advanced and improved AMM trading alternative to Uniswap) and an important part of the MOV DeFi protocol suite.

SUP will have governance rights of MOV SuperTx. In the future, it will be able to:

1, determine the trading fee of the SuperTx protocol,

2, determine token pair listing in the liquidity pool,

3, determine the development direction of the SuperTx protocol (community proposal and voting).

On September 17, SUP liquidity mining was released with more than 54,000 SUPs mined to date.

On September 27, Bytom Foundation released the MOV SuperTx SUP community governance proposal draft V1 that details the rules of MOV SUP governance. We also welcome community members to give us your suggestions.

Governance participants: all SUP holders, including direct holders of SUP, holders of SUP Liquidity Provider Token, and SUP holders of “delayed gratification”.

Voting rules:

● 1 SUP = 1 vote

● LP Token will count votes based on the number of SUPs it represents. For example, if 1 SUP/BTM LP Token represents the liquidity rights of 5 SUP/1000 BTM, then 1 SUP/BTM LP Token = 5 votes

Example: If you invest in 5SUP, in the liquidity pool of SUP/BTM, then you have 5 votes

● SUP holders who choose “Delayed Satisfaction” will vote according to the number of SUP to be received, with 1 SUP = 1 vote.

Delayed gratification means that if you postpone the withdrawal of your SUP, you can receive more SUP than you would normally can get.

Example: For example, if you have 5SUP and choose to delayed gratification and you can finally get 10SUP, which translates to 10 votes.

Note: We hope that through this rule, all holders of SUP can participate in the governance of the SuperTx protocol.

The initiator of the proposal must hold at least 1,000 votes; after the proposal is initiated, the SuperTx core team will conduct a risk assessment of the proposal (Note: SUP voters have no minimum SUP holding limit, even if only 0.0001SUP can vote).

After the proposer initiates the proposal, the SUP used to initiate the proposal will be locked during the review and voting period. The locked portion cannot be used to participate in voting or other activities.

Once the proposal is released, it will enter the voting period. We propose a minimum voting period of 3 days and a maximum voting period of 7 days. During this period, SUP holders can vote on proposals by locking a certain amount of votes to the corresponding options.

A locked ballot can be unlocked at any time, but unlocking means withdrawing the vote. Voters can vote for other options or other proposals they care more about based on their latest evaluation.

Note: Through this rule, we hope to ensure that vote holders have enough time to evaluate proposals and vote carefully

At the end of the voting period, the number of votes allocated in the voting must exceed 5% of the total votes in order to be considered as effective governance; the voting results will only take effect under the premise of effective governance. (The total number of SUPs is 100,000, so all voting votes must exceed 5,000 votes for this voting result to take effect)

In addition, for the “for/again” binary voting, the voting result requires one of the options to occupy an absolute majority (>2/3) to be regarded as approved.

Example: MOV SuperTx will be listed on the LTC/BTC trading pair, do you agree? A. Agree, B. Disagree. If there are 1500 votes in total, there must be more than 1000 votes that choose to agree to make the result valid.

If it is a multi-choice vote, for example, MOV will have the following three trading pairs, and we have four choices:

A, LTC/BTC

B, BCH/ETH

C, LTC/USDT

D, BCH/USDT,

Then the first three votes are the effective results

Motivation: Through this rule, we hope to ensure that each proposal is fully discussed by the community and fully expressed, so as to ensure that the proposal is a valid and worthwhile concern of the SuperTx community.

If approved proposals conflict with each other, the most recently approved proposal will be given priority. If necessary, a new proposal for voting on conflicting proposals will be re-initiated.

Note: We want to determine the rules for conflicting proposals in advance.

The above is the MOV SUP Community Governance Draft V1 proposed by the Bytom Foundation. We welcome constructive comments from the community on the draft!



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