❔How to use aqua.network/governance
Last updated
Last updated
Aquarius Governance allows AQUA holders to change how the protocol should work through proposals and voting wallets. Anyone can put forward a proposal for the community to vote on, but keep in mind that if the proposal doesn’t benefit the Aquarius or Stellar ecosystem, AQUA holders are unlikely to vote for it.
Proposal publications work in two parts:
Part one is a mandatory 7-day discussion phase held mainly in the Aquarius discord server. During this time, creators can gather opinions on the proposal before making further edits, submitting it for final publication, or even deciding not to proceed if the proposal seems unpopular.
Part two is the publication phase. After seven days of discussion, creators can immediately publish the proposal for voting or continue discussions and editing for up to 30 days. Every edit is treated as a new proposal and renews the 7-day discussion & 30-day publication phases. If a proposal isn’t published within 30 days of creation or the last edit, it will become finished.
The following fee structure applies when creating, editing, or publishing a new proposal:
Creation — 100,000 AQUA
Editing — 100,000 AQUA
Publication — 900,000 AQUA
The proposal creator pays all fees to the AQUA issuer wallet, burning them out of existence and creating a deflationary effect. Charging a fee ensures proposals and any edits are well-thought-out before proceeding to publication.
A reward of 1.5 million AQUA is given to the creators of proposals that reach quorum & gain more than 50% of “for” votes! That means creators can get back the 1 million AQUA paid in creation & publication fees and up to a 500,000 AQUA bonus if no edits are needed.
Thanks to the discussion phase, greater community engagement can be achieved as creators and the community discuss the pros & cons of each proposal. These talks are essential as a quorum of 5% of the current circulating AQUA supply is needed for a proposal to become valid.
For example:
If the AQUA circulating supply is 2 Billion, 100 Million AQUA’s worth of votes will be needed (5%) before a proposal is valid.
A proposal could receive 100% of “for” votes vs. 0% “against” but may have participation of less than 5% circulating supply. This proposal will automatically get rejected for not reaching the validity threshold due to low participation.
Having this limit lowers the chance of proposals with little community interest becoming implemented.