Original link:https://blog.injectiveprotocol.com/injective-governance-launch-spot-markets/
Original link:
We're excited to launch the Injective governance feature - proposals and voting for the spot market! Starting today, users participating in Equinox staking will be able to propose and vote on which spot markets they would like to list.
The governance process is a core component of the decentralized protocol and will play an important role in our future mainnet. Plus, participating in market proposal governance will earn you even more APY boosts on Equinox staking!
secondary titlehttps://staking.injective.network/
background
background
Equinox Staking was officially launched last week, and we have seen over 2 million INJ staked, totaling nearly $30 million.
Injective governance is a core part of the protocol. We firmly believe that in order for the web to be truly decentralized, it must be collectively determined by users distributed across the globe. In order to achieve full decentralization, we have chosen to formally introduce governance as part of Equinox Staking. It’s also a precedent-breaking move in the crypto ecosystem, as governance processes typically don’t go live until late in a protocol’s development.
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Injective Governance: A Truly Decentralized Protocol
Injective governance will allow you to propose brand new spot markets in our trading platform. Anyone interested in Injective is eligible to vote on specific proposals. Only when a proposal wins enough votes can it be passed and listed on the Injective Exchange.
As more users join our network, more individuals will have a say in these governance processes, and the network will further decentralize.
At the same time, the derivatives market governance proposal will be released shortly.
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Injective Governance Operations Guide
You can follow the guide below to familiarize yourself with the governance process and start proposing new spot markets.
1. Click "Governance" in the header.
2. Under the “Propose” section, open the drop-down menu and select “Launch a spot market.”
3. This will open an interface where you can select the Base Currency and Quote Currency for the spot market proposal. If the base currency or quote currency you want to choose does not exist, click "Create new Denom", Demon represents the token.
4. This will open a page where you have to fill in the contract address of the token you want to add. Before proceeding, make sure you have a certain amount of tokens in your Kovan wallet. After filling in the contract address, click "Get ERC-20 Token Balance" and sign the Metamask transaction.
5. The next page will show the balance of the contract address you entered in the previous step, enter the amount less than or equal to the token you hold, then click "Transfer" and sign the Metamask transaction.
6. After a few moments, the added coins will be available from the Base Token and Quote Token drop-down menus, after which fill out the rest of your proposal.
There is no amount limit for "Deposit". However, in order for the “Launch Spot Market” proposal to be accepted by governance to enter the voting stage, the proposal must have a security deposit of 1,000 INJ. If you deposit 1,000 INJ in a proposal, it will be automatically accepted for voting. If your deposit is less than 1,000 INJ and voters have not deposited funds for the proposal within two days, the proposal will fail and cannot proceed to the voting stage.
7. Click "Propose" and sign the Metamask transaction to submit your proposal.
8. Shortly after submitting your proposal, you can see your proposal appear in the "Deposit" stage.
9. If you click on the Proposal tab under Proposal, you can access more extensive information. From here, you can view the amount of INJ you have deposited and also increase the amount you deposit.
Once your proposal is accepted into the voting process, it will have 1 day to collect votes. A proposal must receive more than 50% of the votes in favor to be passed.
The quorum is 33%. A quorum is defined as the minimum percentage of voting power that needs to be invested in a proposal in order for the outcome to be valid.
The Threshold is 50%. Threshold is defined as the minimum percentage of affirmative votes (excluding abstentions) required for a proposal to be accepted.
10. Click the proposal tab under "Voting" to enter the voting page. Select Yes, No, Abstain, or Veto, and sign the Metamask transaction.
You'll be able to see your vote under the appropriate voting section, along with others who also voted in that category.
