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Help & FAQs / Governance

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How does CoinList’s governance product work for Snapshot based protocols?

CoinList tallies up all CoinList voters’ decisions and submits everything in one single vote. CoinList’s supported Snapshot-based protocols use Snapshot’s weighted voting strategy to ensure CoinList’s single vote accurately reflects its users’ preferences.


Example: if 40% of CoinList users submit yes, 25% of CoinList users submit no, and 35% of CoinList users abstain, then CoinList will submit a single weighted vote that reflects 40% yes, 25% no, and 35% abstain. 



Other Governance Questions

How does Snapshot-based governance work?

To learn more about Snapshot based governance, you can visit Snapshot’s official docs

https://docs.snapshot.org/


What are potential drawbacks of voting via CoinList for Snapshot based protocols?

1. Users’ votes may be diluted down proportionately on CoinList as CoinList doesn’t delegate all of its tokens for governance. As CoinList’s voting power is based on the amount of tokens delegated at the time of each proposal’s snapshot, if the amount of voting power that actively participates in a vote exceeds CoinList’s voting power, users’ votes may be diluted down proportionately.


Example: Assume 1 token amounts to 1 vote and CoinList delegates 100,000 tokens at the time of the snapshot, representing 100,000 votes.

 

If 1,000 CoinList users with 200 tokens each vote (representing 200,000 votes), CoinList’s vote will dilute each CoinList voters’ voting power by 50% as CoinList will only be able to submit 100,000 votes, rather than the 200,000 votes represented by those 200 tokens. 


CoinList will do its best to ensure there are sufficient funds delegated and that this scenario is prevented as much as possible. Note that any tokens held on CoinList at the time of the snapshot will only be able to vote through CoinList, as the time to move the tokens to a wallet with the capacity for a direct vote will have passed when you make your voting selection through CoinList.


2. CoinList will submit its vote 12-24 hours before each proposal period ends. You will no longer be able to submit a vote once CoinList closes its internal vote and submits its vote on-chain. Thus, the CoinList voting period is slightly shorter than the on-chain voting period.


3. Other token holders will not be able to delegate their voting power to you if you vote through CoinList. Additionally, your wallet will not be associated with the vote. 


Will CoinList participate in every governance proposal for Snapshot based protocols?

No, CoinList will not participate in every governance proposal. CoinList reserves the right in its sole and absolute discretion to decide which proposals that it will make available through CoinList Governance. 


How is my voting power affected if I participate in Snapshot governance via CoinList?

As CoinList’s voting power is based on the amount of tokens CoinList had delegated to governance at the time of each proposal’s snapshot time, if the amount of voting power that actively participates in a vote exceeds CoinList’s delegated voting power, users’ votes may be diluted down proportionately.


Example: Assume 1 token amounts to 1 vote and CoinList delegates 100,000 tokens at the time of the snapshot, representing 100,000 votes.

 

If 1,000 CoinList users with 200 tokens each vote (representing 200,000 votes), CoinList’s vote will dilute each CoinList voters’ voting power by 50% as CoinList will only be able to submit 100,000 votes, rather than the 200,000 votes. 


CoinList will do its best to ensure there are sufficient funds delegated and that this scenario is prevented as much as possible. Note that any tokens held on CoinList at the time of the snapshot will only be able to vote through CoinList, as the time to move the tokens to a wallet with the capacity for a direct vote will have passed at the time you make your voting selection through CoinList.




On the flipside, in the event that CoinList users' voting power does not meet the CoinList’s delegated voting power, CoinList will allocate the excess voting power to abstain from such vote to ensure CoinList does not misrepresent users’ intentions or otherwise influence the vote results. 


Example: Assume for a particular proposal that 1 $token  amounts to 1 vote and CoinList delegates 100,000 tokens at the time of the snapshot, representing 100,000 votes.


If only 500 CoinList users with 100 tokens each vote (representing 50,000 votes), CoinList will abstain from the vote for 50,000 of the votes it had delegated to governance for the proposal so as to accurately reflect CoinList users’ preferences.


Can I vote with my unvested tokens on CoinList?

No, your unvested tokens on CoinList will not count towards your voting power.


Can I participate in Snapshot governance both on CoinList and on-chain with the same tokens?

No, you cannot participate in governance both on-chain and off-chain with the same tokens, as your voting power is only calculated once, at the time of the snapshot.


Are my voting tokens locked during the CoinList voting period?

No, as the governance snapshot is taken before the voting period, you can move your tokens during the voting period. Your voting power for the proposal remains constant during the voting period based on how many tokens you held at the time of the governance snapshot.  


When can I participate in Snapshot based governance via CoinList?

You can participate in each proposal’s governance during CoinList’s voting period for each proposal, as CoinList determines in its sole and absolute discretion. CoinList will publish proposals within approximately one hour of the proposal being published by the applicable protocol. CoinList will submit its vote 12-24 hours before each on-chain proposal voting period ends. You will no longer be able to submit a vote once CoinList closes its internal vote and submits its vote on-chain. Thus, the CoinList voting period is at least 12 hours shorter than the on-chain voting period.


Who can participate in Snapshot governance via CoinList?

Users who hold $50 worth of supported tokens in their CoinList Wallet at the time of the proposal’s governance snapshot will be able to participate. Please note that users in certain jurisdictions will not be able to hold supported tokens in their CoinList Wallet due to regulatory constraints. Additionally, user balances in CoinList Pro will not count towards their available voting balance at this time. 


Will I earn CoinList Karma through participation in governance proposals on Snapshot based protocols through CoinList Governance?

Participating in CoinList Governance earns eligible users Karma in two forms: 


  • Governance Starter Karma
    Participate in a single governance vote on CoinList, and you will earn a one-time Karma boost of 100 Governance Starter Karma points (available only once per user).
  • Governance Weekly Karma
    Users may receive 25 Karma for each proposal on which you vote through CoinList Governance thereafter, capped at 50 pts a week. Weekly Karma is issued once a week on Monday and expires after 18-weeks. Governance Weekly Karma will be awarded within a week of the applicable voting period closing.


See https://coinlist.co/help/how-is-karma-awarded for more details 


How do I participate in Snapshot governance via CoinList?

You can participate in Snapshot governance on CoinList if you hold $50 worth of the supported tokens in your CoinList Wallet at the time of each proposal’s governance snapshot (start date/time of the proposal). Please note, your balances in CoinList Pro will not count towards your available voting balance at this time. There will be a snapshot for every proposal that determines your voting power for each proposal. To participate, go to coinlist.co/governance, select the proposal, and vote during the voting period.



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