Cover Protocol Governance Release

Cover Community,
Thank you so much for your ongoing support as we build out our vision. We are excited to announce the launch of our governance portal. You will be able to help shape Cover Protocol through proposals and gauge voting.

Governance through CIPs

First, any community member can make a proposal (CIP) (Cover Protocol Improvement Plan) by creating a new topic on forum.coverprotocol.com, following the format here. The proposal will be discussed and voted on prior to being uploaded to Snapshot.

Second, if the proposal has gained enough traction and has positive sentiment, the proposal creator can contact a team member to have it added to snapshot.page as a core proposal. Community members can also add it themselves if they have 10 or more $COVER tokens.

Third, after the snapshot vote has concluded, the team will wait 48 hours before executing the decision.

Governance through COVER Gauge Voting

You can vote on the $COVER shield mining rewards for the next period (~ 7 days) on the governance portal, follow instructions on the UI to vote.

  • Voting Start — a target block (shown on UI) will be chosen in advance, which will dictate the start of the current voting session (the upcoming voting period will begin on block 11,460,000).
  • Voting End — voting for the indicated period will end 40,320 blocks (~7 days) after the start block, at which point a new voting session will begin.
  • Voting Power — A snapshot of your $COVER balance and staked $SLP (in the shield mining contact) will be taken at the start block. It will be used as your voting power. You can adjust your vote unlimited times before the deadline.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store