Delegation is a mechanism through which fBEETs holders can entrust their voting power via Snapshot to one or more chosen delegates. This is done through snapshot’s UI.
Sometimes token holders don’t want to vote themselves, or think their vote will not “change the game” because they don’t have enough tokens. Delegation allows them to participate and have their voice heard.
Delegation helps to reduce the communication and direction barriers that arise in the governance of a big decentralized protocol.
When you have known delegates, with a known voting power, you can allow better coordination & communication between the ones who actually formulate proposals and the big voters.
This should help to better shape the desired goals & direction - both long-term and short-term - and achieve them in a faster and more efficient way. Being a delegate is open to any individual or organization and represents a commitment to engage actively in BeethovenX’s governance process.Delegates are required to give a brief explanation on the rationale behind voting for each proposal
If the Guide Tones (GT) conclude that a delegate is not acting within the interest of BeethovenX, they can vote to remove the delegate. The delegate will be removed upon a vote in favor by at least 75% of the GTs. Each GT shall have only 1 vote. If a GT is the delegate that is subject to such a vote, the GT will not be eligible to vote and the 75% threshold will apply to the remaining GTs who are eligible to vote.
A Ludwig is not bound to the voting strategy of a delegate. A Ludwig can override the vote if a delegate by voting for the same proposal. i.e.: If a Ludwig and a delegate vote differently, the vote of the Ludwig (underlying wallet address) is counted and not the delegate. It would not be necessary to revoke the delegation. However, if a Ludwig wanted to, they could revoke their delegation at any time.
Some of the expectations of a delegate include:
- Read, understand, and provide feedback if necessary on governance forum posts.
- Always vote in the best interests of the DAO and the community over their own personal interests.
- Not accepting personal bribes or other favors for votes.
- Actively vote on governance proposals and explain the thinking behind each vote.
- Have an understanding of Beethoven’s key metrics and ecosystem.
- Creation of a profile on snapshot.
Each prospective delegate will create a thread in this section of the forum. The first post should be your pitch to fBEETs holders about why you would be a good delegate. Following that you are expected to update your thread each time you cast a vote and include the reasons why you voted that way. This allows a track record to be built which fBEETs holders can assess.
The following is an example template but you have the freedom to be creative if you desire.
- Snapshot profile:
- Discord username:
- I have read and understood the Delegate process:
- I understand that becoming a delegate is a significant commitment:
- My reasons for wanting to be a delegate:
- Which protocols present a conflict of interest (expectation is that delegates would abstain from these votes)