Voting
The second step in the governance process is the voting phase. The voting phase is open to any $REZ holder and will be made available through an integration with Tally soon.
This phase follows the discussion phase and ensures that decisions reflect the collective will of the community. The following is a general overview of the voting process:
Final proposal submission: After a proposal has been refined and finalized during the discussion phase, it is officially submitted for voting. The final draft is made available for review by all voting members on Renzo’s voting page.
Voting period announcement: The protocol announces the start and end dates of the voting period. Upon the initial release of governance, the voting period will last five days and be subject to future upgrades.
Voting eligibility: Only eligible $REZ token holders can participate in the vote.
Casting votes: Token holders cast their votes using their $REZ governance tokens. Votes are weighted on a linear basis based on the number of tokens held.
Delegated voting: Some token holders may choose to delegate their voting power to trusted delegates who vote on their behalf. This allows for more efficient decision-making while still reflecting the preferences of the broader community.
Vote tallying: As votes are cast, they are securely recorded and tallied. Votes may be cast in favor or against a proposal. Voters may also choose to abstain from voting, providing more votes to reach the quorum requirement.
Quorum requirements: Renzo has a quorum requirement, which is the minimum amount of votes required to successfully pass a vote proposal. Upon the initial release of governance, the quorum will be 20,000,000 $REZ, subject to increase with future proposals as the circulating supply increases.
Majority threshold: Upon the initial release of governance, proposals require a majority of at least 50% + 1 vote to pass, subject to change with future governance proposals.
Result announcement: Once the voting period ends, the results are announced.
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