Announcement: Deri Snapshot Space
Deri has launched a Snapshot space that will be integrated into the Deri governance process.
What is a Snapshot?
Snapshot is a gasless, off chain voting mechanism. Token holders can cast votes with a signed message from their wallet, which removes the need to pay transaction fees to participate in governance. We hope that this Snapshot space can further enhance Deri governance participation.
Use Cases
Snapshot can be used for any governance matters or decisions that don’t require accessing the protocol’s funds or admin functions. A great example would be community voting on changes to the Deri branding or slogan, sentiment checks on listing new trading symbols, governance process changes, and other off-chain matters.
Snapshot Limitations
While Snapshot is a powerful tool for governance coordination, it does have some limitations.
With Snapshot, votes are recorded off chain, and it’s not currently possible to trigger on chain effects or protocol changes with the vote results without additional plugins. Given these limitations, the initial implementation of Snapshot will be limited to votes on proposals that don’t require accessing the protocol’s funds or admin functions.
Voting Eligibility & Snapshot Moderation
In the current setup, only DERI holders are eligible to vote through Snapshot. Additional voting eligibility criteria can be proposed and voted on in future Snapshot votes.
Ultimate authority over the Snapshot page will be decided by the governance process. These powers can be delegated to designated admins, who then have the power to change settings and remove spam proposals from the front end interface. The ENS owner can add new admins or revoke these powers at their discretion.
Snapshot Voting Process & Standards
- Snapshot votes will be announced at least 2 hours in advance of the start of voting.
- Voting period will last 48 hours.
- Voting results will be announced within 48 hours of voting completion.
- Poll question and choices should use neutral phrasing (avoid introducing bias)
- Polls should include an abstain option (allows for participation without influencing vote)
- Poll text should link to a discussion on the Deri Discord to allow for feedback and suggestions
Additional best practices (= use cases?) will be added over time as data is gathered about Snapshot usage in the Deri Community Engagement process.
Any questions or suggestions around Snapshot should be discussed in the Deri Community Discord Server
About Deri Protocol
Deri Protocol = (Perpetual Futures + Everlasting Options) x Decentralized.
Deri is the DeFi way to trade derivatives: to hedge, to speculate, to arbitrage, all on chain. With Deri Protocol, trades are executed under AMM paradigm and positions are tokenized as NFTs, highly composable with other DeFi projects. Having provided an on-chain mechanism to exchange risk exposures precisely and capital-efficiently, Deri Protocol has minted one of the most important blocks of the DeFi infrastructure.
