🧑‍⚖️Voting

What gets voted on at Ajna? How does the voting system work? How do I vote on a proposal? What is the screening stage? What is the funding stage? What proposals are voted on in the funding stage? What is the challenge stage? If an optimal slate is not submitted during the challenge stage, what happens? How are votes counted? Is there a minimum vote requirement for a proposal to receive funding? Who is eligible to participate in the voting process? Why should I vote? What is a delegate? How do I delegate my voting power? How do I undelegate my voting power? Why should I delegate? Can I delegate to myself? Can I delegate to multiple parties? Can I earn rewards for delegating? How much do delegates earn? Can I earn rewards for voting? Can I cancel or modify my vote? What is Quadratic Voting? Why is Quadratic Voting only used in the Funding Stage? How often are votes held? How long do participants have to cast their votes in the screening stage? How long do participants have to cast their votes in the funding stage? Can I change my vote after it’s been cast? Can participants propose changes to the voting system? Are there any incentives for participating? What happens if a proposal is passed but is not technically feasible? Can the voting system be used to amend the protocol's smart contracts? Can a proposal be resubmitted?

What gets voted on at Ajna?

Grant applications. That's it.

How does the voting system work?

Ajna's voting system has three stages. The first is a screening stage which runs for 73 days and counts 1 token = 1 vote. The second is a funding stage which runs for 10 days and uses a quadratic system for votes. The third is a challenge stage which runs for 7 days and allows anyone to propose alternative payout configurations that might be more optimal.

Voting Cycle Stages

For more detail review sections 9.2.1 in the whitepaper.

How do I vote on a proposal?

To vote on proposals visit https://grants.ajnafi.com, delegate to an address yourself, then vote. Another option is to delegate your votes to an address that will participate on your behalf.

What is the screening stage?

The screening stage is for voters to filter out the proposals they are not interested in funding. The Screening stage runs for 73 days and counts 1 token = 1 vote. An uncapped number of proposals can be submitted, but only the top 10 move on.

What is the funding stage?

The funding stage is the second stage of the voting cycle which runs for 10 days and uses a quadratic system for votes. The top 10 proposals from the screening stage advance to the funding stage where they may receive both positive and negative votes in a quadratic manner; Meaning the number of voting credits they have increases with the number of proposals they vote on (see image below).

What proposals are voted on in the funding stage?

Only the top 10 proposals from the screening stage can be voted on in the funding stage.

What is the challenge stage?

After the Funding Stage concludes, there is a one-week challenge stage where alternative sets of winning proposals can be submitted. During this time, the optimal batch of proposals is selected by considered factors such as budget constraint and votes received. If a new batch is submitted that is just as optimal as the current one, than the current one stays in place. If a non-optimal configuration is submitted, anyone can challenge it with the optimal configuration.

If an optimal slate is not submitted during the challenge stage, what happens?

If no slate is submitted than no proposals can be executed and the tokens would be returned to the treasury.

How are votes counted?

Screening stage: Voting power is based upon a snapshot of an address' voting power 33 blocks prior to the screening stage’s start block, where one token is equal to one vote. Funding stage: Voting power is based upon a snapshot of an address' voting power 33 blocks prior to the funding stage's starting block, and uses a quadratic system. Challenge stage: There is no voting during the challenge stage. Rather, anyone can submit an alternative optimal set of results from the funding stage. There are no quorums. Note that the Ajna tokens need to be available/delegated for the entire 33 block snapshot before in order to be eligible. Being present for one block then moving the tokens out wouldn’t include moved tokens in voting power calculations.

Is there a minimum vote requirement for a proposal to receive funding?

Proposals with 0 or negative votes in the funding stage will not be eligible for funding.

Who is eligible to participate in the voting process?

One must either have AJNA tokens or be delegated AJNA tokens to vote.

Why should I vote?

The two reasons an AJNA holder votes are to influence grant funding decisions and to earn rewards.

What is a delegate?

A delegate is an individual or group, identified by an Ethereum address, who represents themselves and other AJNA holders in grants voting.

How do I delegate my voting power?

Go to an app that supports Ajna Grants and find the "Delegate" button. Then, simply input the address of the delegate and submit the transaction. Delegations are assigned in full and cannot be split across multiple delegates.

How do I undelegate my voting power?

There is no direct way to undelegate. Instead, move the delegation to the 0x0000000000000000000000000000000000000000 address or your own address.

Why should I delegate?

Delegation is a great way to support the growth of the protocol after launch. There is also an opportunity to earn rewards if you self-delegate.

Can I delegate to myself?

Yes, you can self-delegate. This is done in order to earn delegate rewards.

Can I delegate to multiple parties?

No, delegations are assigned in full and cannot be split across multiple delegates.

Can I earn rewards for delegating?

Only if you self-delegate and participate in both the Screening and Funding Stages.

How much do delegates earn?

10% of the quarterly distribution is awarded to delegates who participate in both the Screening Stage and the Funding Stage.

Can I earn rewards for voting?

Only if you self-delegate. Keep in mind, only delegates who participate in both the Screening Stage and the Funding Stage will be eligible to receive delegation rewards.

Can I cancel or modify my vote?

No, votes cannot be cancelled or modified. They are final once submitted.

What is Quadratic Voting?

Quadratic voting is a system that allows individuals to express their preferences using a budget of voting points. Unlike traditional "one person, one vote" systems, individuals can allocate their voting points based on the importance of the issue to them, giving more weight to their individual opinions. The allocation of voting points follows a quadratic function, which means that the number of voting points increases as more items are voted on. This system incentivizes people to vote on all items and can lead to a more accurate and nuanced representation of individual opinions.

Why is Quadratic Voting only used in the funding stage?

The screening stage allows unlimited entries, which breaks quadratic voting due to the way voting credit is counted.

How often are votes held?

Each cycle runs for 90 days and has three stages. The first is a screening stage which runs for 73 days. The second is a funding stage which runs for 10 days. The third is a challenge stage which runs for 7 days. Votes can be submitted at at any time, but may not be modified.

How long do participants have to cast their votes in the screening stage?

73 days. Votes cannot be cancelled or modified.

How long do participants have to cast their votes in the funding stage?

10 days. Votes cannot be cancelled or modified.

Can I change my vote after it’s been cast?

No, votes cannot be cancelled or modified.

Can participants propose changes to the voting system?

No.

Are there any incentives for participating?

Yes, delegates earn 10% of the AJNA distribution per cycle.

What happens if a proposal is passed but is not technically feasible?

Then the AJNA tokens are still distributed and the protocol funded something it should not have funded. This would be a failure of due diligence by the voters.

Can the voting system be used to amend the protocol's smart contracts?

No.

Can a proposal be resubmitted?

Proposals can be resubmitted, there is no limitation on how many times.