In this article, we will cover the following topics:
First step: Stake some 1INCH tokens
Before participating in 1inch Network DAO governance, you must first stake some 1INCH tokens.
Once your 1INCH tokens have been staked, they will show up as "st1INCH" tokens in your wallet and on the block explorer, and you will then be able to participate in the governance voting process. If you don't see the tokens in your wallet, you might need to add the token contract address to your wallet manually.
For reference, here is the token contract address for st1INCH (V2):
How to participate in 1inch DAO governance
The 1inch Network governance process allows anyone to create a proposal (1IP), or vote on existing 1inch proposals, which can be funded by the 1inch Network Treasury and implemented by a 3rd party team. This entire process takes place in 5 phases.
Phase 1 - Discussion
(Duration - Open ended)
Anyone can create, view, and comment on current ideas or proposals. To do so, head over to the DAO category in the 1inch Governance forum.
Phase 2 - 1IP Formalization
(Duration - Open ended)
Here, you will be able to create an official 1inch Governance Proposal (1IP) for Phase-2. (If creating a proposal, you will need to use this template)
All official 1IPs must have the following components (refer to the template for a detailed breakdown):
Phase 3 - 1IP Temperature Check
(Duration - 5 days)
At any point, the Phase-2 author may finalize their 1IP by initiating a community temperature check. To initiate Phase-3, simply change the tag of the forum post to Phase-3, and add a forum poll to gauge the community’s sentiment.
Please note: Each poll will only remain open for 5 days. Once Phase-3 is initiated, it cannot be reversed.
Phase 4 - Snapshot Proposal
(Duration - 7 days)
The snapshot vote determines the final outcome of the proposal. If voted in, then Snapshot's "Safesnap" module has the power to directly implement the proposal on-chain. Each snapshot proposal has an open voting period of 7-days.
To create or view 1inch Snapshot, head over to the 1inch Snapshot page.
Please note: Participants will need to hold, or be delegated, a minimum of (25k) st1INCH tokens to create a Snapshot proposal.
Then, click either the "Join" or " Connect Wallet" buttons to connect your wallet.
Once connected, you will then need to sign a transaction in your wallet, by clicking "Join" again.
Now you will be able to either vote on an existing active proposal or create a new proposal (if it passed Phase-3 Temperature Check).
How to vote on an existing Snapshot proposal:
Once your wallet is connected, select the desired proposal on the main 1inch snapshot - page.
Then, select the option(s) you want to vote for.
Lastly, sign the message within your wallet. Once the signature is complete, your vote will be successfully recorded.
How to create a snapshot proposal (for original proposers only):
***Please note: All Snapshot proposals must link to the results of the successful Phase-3 forum poll and include the full text of the finalized 1IP.
Click on "New Proposal"
Next, enter the title, description, and voting options. Then click "Publish".
That's it! You have now created a snapshot proposal.
Helpful links and information