✋Voting
The second step in the governance process is the voting phase. Voting is open to any eligible $REZ holder and is currently held on Snapshot.
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: To vote, $REZ token holders must have voting power to participate in the vote. Current REZ Voting Power instances include: (a) REZ holders who have delegated: either to themselves or to another delegate. A list of official delegates are available on the governance page. (b) Legacy REZ staking contract, i.e. REZ holders who previously staked their tokens in this contract. (c) ezREZ token holders. Note: Staked REZ and ezREZ are automatically self-delegated. If you’re just holding REZ in your wallet, you’ll need to manually delegate it to yourself or someone else to be eligible to vote.
Casting votes: Token holders with voting power can cast their votes. Depending on the REZ instance, votes are weighted on a linear basis.
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. While there is a list of official delegates available on the governance page, users can also simply delegate to any address of their choice.
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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