In the Bumper DAO, BUMP token holders have the chance to share their thoughts, develop ideas, and collectively shape the project's future.
This democratic process has two main steps, beginning on Bumper's Discourse forum, where the community discusses and crafts potential proposals. To understand the community sentiment around these proposals, an off-chain snapshot vote can be initiated using Signal. These preliminary stages are critical to fostering the spirit of the DAO - one of transparency, participation, and shared governance.
An integral aspect of the Bumper DAO is the proposal system. Proposals arise from community discussions, taking the form of initial Bumper Improvement Proposals (iBIPs).
To put forward an iBIP, a user needs to hold at least 1% of the available BUMP tokens. Following this, the iBIP is subject to scrutiny by the Technical Steering Committee (TSC). If the TSC approves, the iBIP transforms into a full-fledged BIP, marking the start of the "warmup period."
The warmup period serves as a preamble to the voting period. During this phase, BUMP holders can delegate their vBUMP voting power to a proxy. This can be an ideal strategy for those who prefer to entrust their voting rights to individuals with more experience or knowledge in specific areas.
Once the warmup period concludes, the voting period commences. At this juncture, community members can vote FOR or AGAINST the proposal, with votes being cast on-chain for full transparency.
An interesting feature of the Bumper DAO voting system is the ability to change or cancel your vote during the voting period. This flexibility ensures that every vote is a considered one, reflective of the voter's most current perspective.
The currency of democracy in the Bumper DAO is the vBUMP token. Every vote is counted in terms of vBUMP. Members can acquire vBUMP by staking their BUMP tokens, with the staked-to-vBUMP rate being 1:1. Alternatively, users can lock their tokens to receive a vBUMP multiplier, thereby amplifying their voting power.
For a proposal to pass, it must meet two conditions.
Firstly, a quorum must be achieved through a certain level participation in the vote, as measured by available vBUMP which has been granted globally.
Secondly, a minimum threshold of 60% of all votes cast must be FOR the proposal. If a proposal fails to meet these requirements, it doesn't proceed, maintaining the ethos of fair and balanced governance.
Active participation in the voting process is straightforward.
As long as the voting period is live, and a user holds vBUMP when the voting period begins, they can vote. This is done through the DAO dApp, where users can view a list of active proposals, understand what they entail, and cast their votes accordingly.
It's important to remember that if you delegate your vBUMP, you forfeit your personal voting rights to your proxy, so make sure that if you are determined to vote yourself that you pull your vBUMP back during the warmup period before voting begins.
In conclusion, the Bumper DAO creates an environment where collective decision-making thrives, and every member has a voice, and the voting system is structured to ensure fair and effective governance. If you are a BUMP token holder, voting in the Bumper DAO is an opportunity to be an active part of the evolution of this exciting project whilst earning rewards for your participation.Visit our Gitbook for full instructions on how to vote in the Bumper DAO.
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