Product Update 27 — Welcome to Governance Beta
CommUNNity Governance Beta Rollout
It has always been our goal at UNION to create a fully decentralized protection platform where anyone and everyone can freely trade risk. The idea of a decentralized governance framework was covered in our Whitepaper, and we have been working towards transforming this goal into reality. Today, we take our first steps to introducing a governance system that will ultimately replace UNION Protocol’s centralized administration with more open, community-supported processes.
This rollout is a beta.
We’ve taken a number of inputs, but we recognize the key to having and maintaining a vibrant governance platform is endurance through initial, unexpected rough patches, and simply using it. We expect feedback. Please provide, liberally.
Voting on Snapshot
Snapshot is a tool that allows all UNN holders the ability to signal for free. With sky-high gas fees on the Ethereum blockchain, Snapshot will allow UNN holders to signal their preference on UNION proposals. Importantly, voting is completely free.
How to Snapshot
Please go to https://snapshot.org/#/unn.eth, and connect a wallet that contains your UNN.
Review the proposal(s), pick your desired outcome, and click Vote. It is that simple.
Your wallet will prompt you to sign a transaction (this is a completely free transaction with no cost to you) and your vote will be recorded.
UNN and Voting
Involvement in this process requires the UNION Protocol Governance Token, UNN. Since its creation, UNN was designed to empower community governance. Anyone who holds UNN is considered to be a community stakeholder eligible for participation in the governance process. UNN holders may cast 1 vote per UNN token held. To illustrate, a person who has 20,000 UNN may cast 20,000 votes, while a person who holds 1,000,000 UNN may cast 1,000,000 votes.
In the future, UNN holders will also be able to delegate their voting rights to other users, who may then vote on their behalf.
Initial UNION proposals will cover topics that range from types of protection pools to protocol payout processes. We encourage all UNN holders to frequently check the voting page for updates.
Proposals on Snapshot and Discourse
Initially, any user with 5,000,000 UNN tokens may submit proposals directly on Snapshot.
We have implemented a Discourse server for the purpose of more focused community engagement. Key among the new forums is our Governance category. We encourage the community members to develop proposals and find sponsors, who hold the requisite number of tokens, to post those proposals on Snapshot.
Only proposals that have requisite endorsement to be listed on Snapshot will be given consideration in voting.
As UNION begins to roll out its SCP / U-CDS protection pools, the UNION Community will be the initial arbitrators of all matters. UNN holders will vote to accept or reject all submitted claims. UNN holders will eventually be able to delegate their voting rights here, as well.
The UNION team will have no role, apart from that of members of the broader UNION community, in deciding the outcome of these claims and UNION Treasury tokens will not be voted.
We will publish a detailed article on this process as we get closer to the first SCP / U-CDS pool going live.
Next Steps towards Full Decentralization
The transition to full community governance will be gradual to ensure the security and stability of the UNION Protocol. Our next immediate steps are the finalization of the UNION DAO and the ability for UNION holders to directly propose a governance action for community vote, using a more fully decentralized governance framework.
We are thankful to our community for their engagement and enduring support.
More Information and Social
Telegram ANN: https://t.me/UNNFinanceANN