Snowball is democratically governed by the community through our governance protocol. To vote, members must stake their SNOB for xSNOB. This effectively locks SNOB for a minimum of 1 week. Members can submit proposals to the Snowball community or submit their own if they meet certain criteria.
Proposals can be submitted by anyone who holds the minimum requirement of 100,000 xSNOB tokens. This is the equivalent of 100,000 SNOB staked for 2 years.
Upon creation of a proposal, the creator determines what will be voted on and the duration of the voting period. This period must be set to a minimum of 72 hours.
Each proposer can only have one active proposal at a time.
Anyone with xSNOB tokens can vote on proposals. Learn more about xSNOB here.
Proposals allow for two options to be voted on. A proposal is passed if there are more in favor votes than against votes and there are a minimum of 300,000 in favor votes.
After you vote, you have the option to change your vote.
Each proposal has a voting period equal to at least 72 hours. Once voting ends, there is an execution delay of 24 hours for any technical changes to the Snowball protocol.
Each proposal also has an execution window of 14 days, after which, the proposal is considered void.