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Governance on Engage
Governance on Engage

Empowering token holders to shape the network's direction, policies, and protocols through decision-making, voting, and rule-setting.

Updated over a week ago

On Engage, governance of a blockchain system involves its users in decision-making processes, voting mechanisms, and rules that allow token holders to participate in shaping the direction, protocols, and policies of the network.

With Engage, stakeholders can collectively:

  • Govern the blockchain

  • Establish consensus

  • Propose and implement changes

  • Resolve conflicts

  • Ensure transparent and decentralized network operations

Making on-chain governance decisions

The Engage platform empowers token holders to play an active role in on-chain governance decisions. Voting power is determined by the number of FACTR tokens held by each user.

How many tokens are needed to participate in on-chain governance decisions?

You must have a FACTR balance of more than 0 to be eligible to vote.

Voting process on Engage

On-chain governance is recorded by use of smart contracts. At the beginning of the voting period, a snapshot of all blockchains is taken, capturing the balances of actively participating wallets. Voting will run for a limited period. This will be specified on the Governance page of the Engage App.

Defactor will run four voting ‘seasons’ throughout the year - These seasons will take place in the second month of each quarter: July, October, January & April. The exact dates will be announced as we approach the new season. In between the seasons we will be collecting proposals from the community to be added to the next season.

What information will the vote announcement provide?

When it comes to vote announcements, transparency is key. The announcement will include the voting period and snapshot date, ensuring all participants have a clear understanding. Your voice matters in shaping the future of the Defactor ecosystem.

What happens after the voting period?

After the voting period is over, all participants will receive an NFT commemorating their participation. Keep hold of these NFTs as we will be announcing reward campaigns and drops for holders.

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