Only staked PSB in a single-sided SAR NFT will be able to participate in the vote.
1 PSB staked in single-sided SAR NFT = 1 vote.
Your voting power includes the number of PSB staked across all your single-sided staked NFTs.
A snapshot is taken once the proposal is live, and only the PSB staked in a single-sided SAR NFT will go toward your voting power. There is no gas fee to vote.
You can vote on each proposal yourself or delegate your votes to a third party. To be eligible to vote, you must hold PNG in your wallet and delegate it at the start of voting.
Staked/Pooled PNG are NOT eligible! Un-Stake/Un-Pool PNG to vote.
Submitting a Proposal
1.000.000 PNG Token required to submit a proposal
The proposer must have at least 1,000,000 PNG, as holdings in the wallet or as a result of delegations from other participants.
Types of Proposals: Off-Chain & On-Chain
Off-Chain Proposals via Snapshot
Snapshot is a off-chain, gasless, multi-governance community-polling dashboard.
Pangolin community members can submit proposals without writing code. It is free to vote and does not require any spending or transferring of PNG.
The proposals on Snapshot are non-binding and act as a means to gauge community support for a proposal prior to implementing the code. Anyone can submit a proposal, and proposals can be multi-option.
You must have PNG tokens in your Wallet at the start of the proposal. You cannot participate in Snapshot polling with staked or pooled PNG.
On-Chain Proposals via Pangolin
On-chain proposals are code and not written proposals. Although they come with a written description, their power comes entirely from the smart contracts they execute.They represent widely supported submissions from the Pangolin Snapshot polls.Proposals have the power to execute any smart contract call from the protocol’s Timelock contract. These calls can do things like spend funds from Pangolin’s community treasury or change the contracts that manage daily PNG reward distribution.
All proposals must meet the following requirements:
Code must be complete at submission date.
Proposals are pass-fail only, no multiple-choice or variants within a single proposal.
Proposer must have 1,000,000 PNG, either in own Wallet or delegated by third-parties.
For example, Proposer A holds 25,000 PNG, and the other 975,000 PNG are delegated by third-parties/community members supporting the proposal.
Proposer must maintain the balance of 1,000,000 PNG tied to the wallet until the proposal fails or is executed. During the proposal period these PNG tokens cannot be allocated into liquidity pools or moved.
If the balance falls below the threshold, the proposal may be cancelled by anyone.
Only one active proposal per wallet at a time.
The proposal will then follow the following process:
1.Delegation Period The proposal is registered as “Submitted” and begins a 24 hour holding period before voting begins. Interested voters use this time to prepare for voting and ensure their PNG is properly delegated.
2.Voting Period The proposal moves to the “Active” stage and begins a three day voting period. Votes are then cast either for or against the proposal by individuals or their delegated representatives (more on the voting process below).
3.Timelock Period or Termination Proposal either “Fails” or goes to “Pending/Queued” status, where it will spend seven days waiting to be executed by the Timelock contract. Failed proposals do not proceed further.
4.Implementation After the seven-day waiting period, the Timelock contract executes the “Pending/Queued” proposal and the changes are adopted across Pangolin.
Delegating
BEFORE the on-chain vote, you need to delegate your PNG to yourself. Make sure to unstake and/or withdraw your PNG to delegate.
Voting
During the voting period, you have to hold PNG tokens in your wallet. Staked or pooled PNG tokens are NOT eligible and MUST be unstaked and/or unpooled in order to participate in the voting process. After voting has begun, you may pool or spend your PNG.
un-stake > delegate > vote > re-stake
Finish line
Governance votes are decided by simple majority. There is no quorum threshold of votes. If a proposal passes, it will be executed after it was queued in a 7-Day Timelock contract.
