Governance voting power
Everything you need to know about making your vote count
Last updated
Everything you need to know about making your vote count
Last updated
Voting power determines the weight of xDGMV token holders' votes, as well as their influence over the governance process.
To address common governance system issues, we plan to use an innovative mechanism to calculate voting power. Unlike earlier models, which relied solely on the amount of tokens held in wallets, we will calculate voting power within the DGMV governance system using three elements:
The amount of xDGMV tokens held
The amount of time xDGMV tokens have been held
Reputation level
The amount of tokens you hold is the biggest factor in determining your voting power, as it shows how invested you are in the project – your skin in the game.
In the smart contract, the token lockup period reflects the length of a your commitment and participation in the project's ecosystem. Longer lockups symbolize greater loyalty.
DigiCorp Labs will set an initial period for early adopters of $DGMV tokens. During this period, anyone who acquired $DGMV tokens before the launch of the governance system will have their voting power boosted based on when they first got the tokens – as if the tokens had been locked in a governance contract before the launch of the governance system.
Your reputation level directly reflects your contributions to the ecosystem. The more active and loyal you are, the higher it will be – and the more advantages you'll have. Along with your token holdings, your reputation level forms the baseline for your voting power – levelling the playing field for dedicated members dedicated members who actively contribute to the project's growth and success. Reputation is not a replacement for token holdings, but it does enhance the value of held tokens.
If you’re a xDGMV token holder, you’ll be able to choose people to use your tokens’ voting power on your behalf. This means token holders can benefit from governance participation without being actively involved or building extensive proposal knowledge. All tokens delegated in this way will be subject to misconduct and non-compliance penalties – so choose wisely!
Delegating your voting power means you'll get fewer incentives than if you actively participate in the governance process.