How to Delegate Voting Power in the BancorDAO

This article was first published on Bancor - Medium

Vote delegation allows community members to nominate other community members to vote on their behalf.

The vote delegation option can be accessed via the Bancor Snapshot UI; it appears in a dialogue box to the left of the current proposals.

After clicking on the ‘Delegate’ menu item, you are brought to a splash page with two input fields. The first, ‘To’, asks for the address of the delegate (the address to which you would like to assign your voting power). Snapshot supports both ENS domains, and regular ethereum addresses. The second input field asks for the specific Snapshot space, which should be set to bancornetwork.eth by default.

After adding the delegate’s address or ENS domain, the ‘Confirm’ button becomes active. Clicking this button will call Metamask and ask for a confirmation of the transaction. At the time of writing, gas prices were 25–30 gwei, and the set delegate action cost was around $3.00.

After completing these steps, refresh the page to view the delegate address, which will appear under the heading ‘Your delegation(s)’.

Removal of delegations is performed via the same page. Under the ‘Your delegation(s)’ section, the ‘×’ icon begins the process of removing your delegation from the previously assigned address. A new dialogue box will appear, asking you to confirm the delegation removal. Click the confirm button to proceed, and confirm the transaction via Metamask. At the time of writing, gas prices were 25–30 gwei, and the clear delegate action cost was around $2.00.

More on Vote Delegation

The Bancor ecosystem is controlled by its DAO. Users who contribute BNT liquidity receive the vBNT token, which can be staked in a separate contract to participate in DAO operations via voting. Voting is an essential component in maintaining and developing the Bancor project. Managing the insurance whitelist, ...

To keep reading, please go to the original article at:
Bancor - Medium

Comments (No)

Leave a Reply