Product

Chain Launches Chain Polls, A Snapshot Polling Integration

Chain Launches Chain Polls, A Snapshot Polling Integration

Chain is excited to announce the launch of a community polling tool based on a gas-less protocol Snapshot. Snapshot is utilized throughout the cryptocurrency ecosystem from projects such as Uniswap and others so token holders can execute Governance abilities without fees.

Chain Governance, which is currently under audit, will be deployed in the coming weeks and will control the Chain DAO and Chain DAO Treasury, which is currently worth nearly $1 billion dollars. Chain Token (CHN) stakers will have the ability to vote on proposals put forth by any member of the community that has the threshold vote weight. All of these Chain Improvement Proposals (CIP) are recommended to be discussed with the community followed by a Chain Poll to gauge community sentiment prior to launching the proposal on-chain. Proposals should also have pull requests done in the Chain Improvement Proposals GitHub Repository.

Chain Polling is a new tool deployed by the Chain Team where thresholds are very low when compared to what’s required for Governance changes. This is because polling itself does not interact with the Governance smart contracts, but is a tool designed to gauge sentiment by the community so that when proposals are deployed they have been sufficiently vetted. One case study on a protocol that utilizes both polling and standard governance voting is MakerDAO, which shows it is effective in weeding out frivolous proposals within the community.

Chain Polling could also be utilized by the community to vote on items where a traditional Governance based proposal is not needed. We recommend that a Community Constitution be established in the near future where general rules and consensus within the community can be established.

Chain Polls:

Website: https://snapshot.org/#/chaingov.eth

Proposal Threshold: 1,000 CHN

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