Onchain voting
On-chain voting is done on Tally and is used to ratify decisions made offchain during Snapshot votes and that require withdrawing funds from Gitcoin's Treasury.
If no funds need to be withdrawn, there is no need to go to Tally. Additionally, withdrawals from Gitcoin's Matching Pool do not need to go to Tally - the releasing of these funds are coordinated by the Matching Pool Guardians.
The purpose of running 2 votes is to minimize gas fees for Stewards. This second step is seen as more of a formality to ensure payouts are made as needed.
Contract Parameters
| Parameters | |
|---|---|
Proposal threshold | 1M |
Quorum needed | 2.5M |
Proposal Delay | 2 days |
Voting Period | 5 days |
Execution Delay | 2 days |
| Contract addresses | |
|---|---|
Governor | 0x9D4C63565D5618310271bF3F3c01b2954C1D1639 |
Token (GTC) | 0xDe30da39c46104798bB5aA3fe8B9e0e1F348163F |
Timelock (Gitcoin Treasury) | 0x57a8865cfB1eCEf7253c27da6B4BC3dAEE5Be518 |
Time To Release Funds
As per the contract parameters above, it takes at minimum 9 days to release funds on Tally (in addition to the 7 business days required to run a vote on Snapshot). Below is the process for releasing funds from the treasury. Each action on Tally requires the user to pay ETH for gas.
Post the proposal (requires 1M tokens)
Wait 48 hours for the proposal to be "live"
Voting takes place over 5 days (requires 2.5M token votes at minimum to be valid)
After 5 days, the proposal must be "queued" for execution (no GTC necessary, anyone can queue)
Wait 48 hours for the proposal to be ready to execute on
Execute the proposal (no GTC necessary, anyone can execute)
Last updated