As we enter a new year we’re also entering an exciting period for Mina Protocol and the Mina Foundation and its ecosystem partners, including O(1) Labs, are committed to decentralized governance through on-chain voting. This type of voting is facilitated by a dashboard developed by ecosystem partner Granola Systems, which displays on-chain voting by Mina account holders.
The first ever MIP (MIP#1) has been created by Gareth Davies and concerns removing supercharged rewards, which were planned as a short-term incentive to provide additional staking rewards to unvested tokens to increase staking adoption at the earliest stages of mainnet.
Visit the github page HERE.
Voting finishes at the end of this Epoch (14th Jan, 8.30am UTC) below is a more detailed breakdown of the process, but essentially at the moment if you are staking your Mina then the vote of your staking provider will count as your vote. If you do not agree with their voting intention you can unstake and vote independently.
Any Mina account holder, including block producers and token holders, can use their tokens to vote. Alternatively, they can delegate their voting power to another account holder, like a block producer, who will vote on their behalf based on the stake delegated to them. If an account holder disagrees with how the other account holder will vote, they can delegate their voting power to a different account holder.
How to Vote
To vote, a Mina account holder must send themselves a transaction using a Mina wallet with a specific keyword. Each proposal has its own keyword that will be used to vote. The exact spelling of the keyword is important to ensure that the vote is received and valid. To vote in favour of a proposal, the account holder should enter the keyword in the memo field. To vote against the proposal, they should enter the keywords “no” followed by the keyword in the memo field. An account holder can change their vote by sending a new, valid vote transaction. Only the most recent and valid vote will be counted in the results. Invalid votes will not be counted.
The votes will be displayed in the On-Chain Voting dashboard HERE. Invalid transactions will not be displayed in the dashboard, but all vote transactions can be viewed on Mina block explorers.
The voting results are calculated based on the stake of each account. The more stake an account has, the more influence their vote has. After the Voting Period, there will be a Results Period when the votes will be tallied and the results announced. If necessary, voting may be canceled or paused and run again if the integrity of the voting process or results is compromised for technical or other reasons. If you have any additional questions about the on-chain voting process, please refer to the Frequently Asked Questions, and for more information about the overall MIP process, visit the MIPs Github page.
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