⚖️Proposals & Voting

Proposals

Each poll starts with a proposal, initiated by a community member or a group of people within the community.

There are two types of proposals:

• Text proposals. They consist of a title, a short description of the proposal and an optional URL.

• Parameter proposals. They consist of a text proposal and a list of executable messages that encode the instructions to be passed to the relevant Terra Vegas smart contracts. The list of messages will be executed from the Terra Vegas Gov contract.

Poll Stages

The following steps describe the usual lifecycle of a poll in Terra Vegas:

1. A new poll is created with an initial $VEGAS deposit, the Proposal Deposit

2. The poll enters the voting phase, in which any user with staked $VEGAS can vote. Users can vote yes or no. Voters can assign how many of their staked $VEGAS will be used for voting this poll.

3. The total amount of staked $VEGAS can be snapshotted to the poll within a time window of Snapshot Period before the poll's end. This value is used to calculate the poll's quorum.

4. The voting period ends after Voting Period has passed.

5. After the voting period has ended, the poll's votes a tallied. The poll passes if both quorum (minimum participation of all staked $VEGAS) and threshold (minimum ratio of yes to no votes) are met.

6. If the poll passes, its contents can be executed after Timelock Period blocks have passed. The poll must be executed prior to the Expiration Period, otherwise, it will automatically expire and no longer be considered valid. This step is only relevant for Parameter proposals.