LON community governance announcement
Tokenlon has launched a community governance pilot via Snapshot on October 28, 2020. During the governance pilot period, the core team will be able to submit Tokenlon governance proposals (TIP), aiming to bring better mining experience. TFT (TokenFans Token) holders will be able to vote on the proposals by logging into Tokenlon governance page. The voting deadline is October 30, 2020 04:00 UTC (12 pm, Singapore time).
Why introduce pilot community governance?
LON, or Tokenlon Network Token, was originally designed to align all parties in the ecosystem, give the community the right to participate in community governance, and work together to promote ecosystem development. As of the fourth week of LON mining, more than 28,000 users have received a total of 4 million LON allocations.
With the growing LON community group, the team decided to launch the community governance pilot through Snapshot, invite the community to participate in project decision-making, and gradually open up governance.
Proposal from Tokenlon core team
Proposal 1: TIP1 - LON mining settlement cycle adjustment
The current LON mining settlement cycle is once a week, and the settlement time is every Saturday at 0:00 UTC. The settlement cycle is long, so it takes a long time for miners to know the exact LON allocation result.
Shorten the mining settlement cycle so that miners can obtain LON allocation results faster.
Change the LON mining settlement cycle from once a week to once a day, and the settlement time to 0:00 UTC every day. It will take effect starting with the start of the second phase of LON mining.
Proposal 2: TIP2 - Minimum LON mining power for every trade
According to the current LON mining rules, users need to incur a net fee to obtain LON. Due to the Ethereum miner fee, it is difficult for small trades to generate a net fee. Thus many users who only make small trades cannot obtain LON.
Allow users who trade in small amounts to obtain LON, thereby enjoying fee discounts by holding LON, and gaining the right to participate in community governance.
- Add rule: A trader will receive a base LON mining power for every trade, base power = gas fee in USD * 0.1
- Example: If you make a trade and pay $2 in USD for gas fee, you will receive 0.2 base power for LON mining.
- Implement it to take effect starting with the second phase of LON mining.
How to participate in LON pilot community governance
Participation qualifications: Users who hold TFT can participate in LON's pilot community governance
Web page: Users with TFT can use walletconnect to scan the code to log in to the Tokenlon governance page to vote on proposals
imToken APP user：Open the DApp browser and enter the URL https://snapshot.page/#/tokenlon to vote
What is Snapshot?
Snapshot is a voting platform that provides community governance services for projects on the Ethereum network, developed and launched by the Balancer team. Snapshot currently supports two functions, "Proposal" and "Voting", and both "Proposal" and "Voting" are completed off-chain. Community users can use Snapshot to easily participate in governance without having to spend miner fees. At the same time, all the signature messages generated by proposals and votes are stored in IPFS, thus ensuring the reliability of voting results.
The emergence of Snapshot simplifies the community governance process, reduces the complexity of proposals and voting, and also increases the enthusiasm and participation of the community.
What can Snapshot do?
For project side who expect community users to actively participate in governance voting, Snapshot provides a convenient and quick proposal and voting platform. The project side can create a project governance platform for free, publish project proposals, guide users to participate in governance, and expand community influence.
For community users who want to actively participate in project governance, Snapshot provides an efficient and secure governance tool that integrates proposal and voting. Community users use the Ethereum wallet to log in to the governance platform created by the project party and choose the proposals they support to vote. At the same time, community users can also initiate free proposals and decide the development direction of the project together with the project side. The signature information generated by all proposals and votes are recorded in IPFS, which ensures the reliability of the results.