An overview of the voting process.
The Protocol is governed and upgraded by DYDX holders and delegatees.
There are two powers associated with each DYDX token:
- The proposing power gives access to creating and sustaining a proposal.
- The voting power is used to vote for or against existing proposals.
DYDX holders receive governance powers proportionally to their sum of owned and delegated tokens at a given block.
Proposing Power =
Proposing Power from DYDX token +
Proposing Power from staked-DYDX token +
Proposing Power from DYDX token received as delegatee +
Proposing Power from staked-DYDX token received as delegatee -
Proposing Power from DYDX delegated -
Proposing Power from staked-DYDX delegated
Voting Power =
Voting Power from DYDX token +
Voting Power from staked-DYDX token +
Voting Power from DYDX token received as delegatee +
Voting Power from stkDYDX token received as delegatee -
Voting Power from DYDX delegated -
Voting Power from staked-DYDX delegated
In order to participate in DYDX on-chain governance, you will need to have or be delegated DYDX tokens. You will also need ETH to cover transaction costs.
If you have tokens or have been delegated tokens and there is an active proposal, you are ready to vote in dYdX Governance.
Cast votes using your voting power
To cast your vote, navigate to the proposals page and click on an active proposal.
DYDX allows holders to delegate voting rights to the address of their choice. Anybody can participate in dYdX governance by receiving delegation, without needing to own DYDX. Users can delegate to one address at a time, and the number of votes added to the delegatee’s vote count is equivalent to the balance of DYDX in the user’s account. Votes are delegated from the current block and onward, until the sender delegates again, or transfers their DYDX.
Delegate away your voting & proposing powers
Token holders can choose to delegate one or both of the governance powers associated with a token, either through the governance portal or programmatically. A user that has received delegated power can not forward this delegated power to another delegatee.
Token holders can delegate proposing power and voting power to different addresses. However, there is no partial delegation (only 100% or 0% of power.)
To delegate your tokens to a wallet address:
- Click on "Delegate"
- Select type of power you want to delegate
- Enter a Wallet Address for a third party to whom you would like to delegate your voting and/or proposal power to. Delegating powers does not transfer your tokens
Delegating and undelegating DYDX require users to spend Ethereum gas fees.
Once a vote is cast on-chain, it is not possible to change your vote.
When a DIP is submitted on-chain, a snapshot is taken of current token holders. Users will need to own or be staked DYDX tokens before the start block.