How to Vote: Step by Step Guide from VeleroDAO

April 20, 2022
Ecosystem Updates , Guides , Stablecoin , Velero Dao
0

Dear community! We prepared a detailed guide on how to vote with VeleroDAO.

We hope it will help you make the right decisions faster for the more benefit of the product.

Let’s check it up:

  1. Open https://governance.velero.finance/?network=velas.
  2. Сonnect Metamask.
  3. Go to the «Executive tab».

4. If you have not previously contributed $VDGT or want to add more, press «Deposit».

5. If you haven’t done approve to use your $VDGT contract before, then we do (transaction is sent).

6. Enter the amount and make a deposit.

7. Make sure that $VDGT appeared on the account.

8. On the poll you want to vote for, press «VOTE».

9. Press «Submit Vote», if you previously voted for another proposal, then below there will be a checkmark to leave a vote for previously selected proposals (you can support several proposals at the same time). If you want to remove your votes from previously selected proposals, then uncheck.

10. You can withdraw your $VDGT from voting at any time, however, please note that in this case, your $VDGT will no longer be taken into account, even if you voted for any proposal (Your $VDGT only have the right to vote when they are locked in the contract).

11. To accept a proposal, it is necessary for the proposal to gain more votes than it is currently given for the accepted one (accepted is marked with the «GOVERNING PROPOSAL» icon).

12. You should withdraw your tokens only after the vote has been accepted, when the proposal has the «GOVERNING PROPOSAL» icon.

13. If you are against acceptance, then you must vote for the proposal with the «GOVERNING PROPOSAL» icon, thus increasing the threshold required to accept a new proposal. Therefore, the new offer may not be accepted.

14. If possible, do not withdraw tokens after voting, so as not to reduce the threshold for accepting a new proposal, this will prevent malicious voting

EXAMPLE

To accept the upper proposal, it is necessary that there be more votes than the lower one, for this you need to vote for the upper one, and if you voted for the lower one, then it is better to withdraw your votes from it, this will lower the threshold at which the upper proposal will be accepted.

If you are against, then you must vote for the bottom.

Follow us on Twitter, join our official official Telegram group, and feel free to ask your Q’s to. Stay tuned the latest news and keep abreast!

The documentation and VeleroDAO codebase are publicly available on Github.

In addition, visit our official website and subscribe to our YouTube channel.

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