Creating a Proposal
First, an idea should gain traction within the community and a proposal should be drafted. Community members should utilize the appropriate channels on Umee’s Governance Forum and Umee's Discord to discuss potential proposals before starting the draft process. Proposal ideas should be reviewed rigorously before taking any further steps.
Refer to the "Creating a Proposal" user guide to learn the process for creating and submitting an on-chain governance proposal.
The Deposit Period
The deposit period refers to the period of time where UMEE token deposits need to be made in order to demonstrate that the proposal is legitimate.
The deposit period lasts a total of 14 days or until the proposal deposits reach 100,000 UMEE, whichever comes first.
Anyone can contribute to the deposit, and deposits of both passed and failed proposals are returned to the contributors. There are three instances in which deposits will be burned instead of returned to the contributors:
The Voting Period
After the minimum deposit has been met for a proposal, the proposal enters the voting period. The voting period is a fixed 5 day period where eligible community members can vote on the proposal. Votes can be cast in the following four ways:
|Yes||The voter approves the proposal in its existing form.|
|No||The voter does not approve the proposal in its existing form.|
|NoWithVeto||The voter strongly disagrees with the proposal and feels the deposits made should be burned. Community members should use “NoWithVeto” when they determine a proposal is spam, or harmful to the Umee Hub.|
|Abstain||The voter has no preference on the outcome of the vote, but has still participated in the voting process.|
In order for a governance proposal to pass, the following conditions must be met:
- A minimum of 100,000 UMEE needs to be deposited within the deposit period;
- The 40% voting participation quorum must be reached during the voting period;
- A majority (>50%) of votes cast needs to vote “Yes”;
- The total number of “NoWithVeto” votes needs to represent less than a third (33.4%) of the total votes.