- 1.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."
- 2.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.
Only veMAGIC holders (those staked in the Atlas Mine) and those with $MAGIC-WETH SLP in the Arbitrum LP Rewards contract are eligible to vote with gMAGIC. The longer the vest on your veMAGIC, the higher the weight of your vote.
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 the Atlas Mine is weighted based on timelock - the longer the lock, the higher the weight. gMAGIC derived from Harvesters is calculated on a 1:1 basis for MAGIC staked.
gMAGIC automatically adjusts for new positions in the Atlas Mine and SLP rewards contract.
If you're already staked in the Atlas Mine, Harvesters, 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!