Voting Rights & Mechanics
1.Basic Governance Flow
SWELL’s governance generally follows these steps:
Proposal
Community members or the core team formally submit ideas for protocol improvements, parameter changes, or new feature implementations.
Proposals include an overview, objectives, potential impact, and how they will be executed, so that the community can easily understand the scope.
Discussion
After a proposal is published, discussions take place on forums, social media, or off-chain voting tools.
The community explores pros and cons and may propose alternatives, fostering constructive dialogue.
Voting
Once a defined discussion period ends, an on-chain vote (or a specified signaling method) is held.
Voting rights may be tied to SWELL token ownership or staking status, and results are recorded on the blockchain.
Certain approval thresholds, such as a majority vote or a quorum, may be required for adoption.
Implementation
Approved proposals are implemented by the development team or the community.
Post-implementation testing and reviews ensure safe and reliable deployment.
2.On-Chain Voting and Off Chain Signaling
On-Chain Voting
Votes are recorded as transactions on the blockchain, offering high integrity though incurring transaction costs.
In some cases, results may trigger automated smart contract execution, while others may require a final confirmation.
Off Chain Signaling
Community members use forums, social media, or specific voting tools to gauge sentiment before committing to an on-chain vote.
This step often makes the ultimate on-chain vote smoother, ensuring higher awareness and clarity.
3.Voting Power and Staking
SWELL tokens held or staked typically determine voting power.
Users who stake tokens not only earn rewards but also gain incentives and responsibilities to participate actively in governance.
Broader distribution of tokens leads to more diverse perspectives, resulting in a more democratic decision-making process.
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