Governance
Process
Submit Treasure DAO Improvement Proposals (TIP) via our Treasure DAO forum to gauge interest and spark healthy conversation - discussion which can be continued in our new dedicated Discord channels for "TIPs" and "Governance."
If quorum and sufficient engagement are achieved, move to formal Snapshot voting which will ratify proposals for implementation by the DAO.
Typically, voting lasts 24-48 hours.
Who is allowed to vote?
Only MAGIC stakers (Harvesters and Governance Staking) and those with $MAGIC-WETH SLP in the Arbitrum LP Rewards contract are eligible to vote with gMAGIC.
Note: the Atlas Mine has been sunsetted as part of TIP-23 as of January 2023.
gMAGIC
Governance $MAGIC (or "gMAGIC") introduces concepts from the veCRV model where governance rights are weighted towards community members who commit and provide to the longer term success of the DAO. As such:
Only staked $MAGIC (veMAGIC) or $MAGIC-WETH SLP within the Arbitrum LP Rewards contract will count for voting - liquid $MAGIC (eg. unstaked or uncommited $MAGIC) will NOT count for governance.
gMAGIC derived from Harvesters is calculated on a 1:1 basis for MAGIC staked.
gMAGIC derived from Governance Staking is calculated on a 1:1 basis for MAGIC staked.
gMAGIC automatically adjusts for new positions in the Harvesters, SLP rewards, and Governance Staking contract.
Snapshot Voting
Snapshot voting will be based on your gMAGIC holdings on Arbitrum only.
If you're already staked in the Harvesters, Governance Staking, or you have SLP within the LP Rewards contract, you do NOT need to do anything.
To participate in voting, you'll need to connect your wallet to our Snapshot page (to be shared at later date) and your gMAGIC holdings will automatically appear. You must be connected to the Arbitrum network.
The TIP will be ratified when quorum is reached with a greater than or equal to 75% vote 'for' in the Snapshot vote.
We look forward to building Treasure together with the community!
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