StormX Governance
This platform was created to enable our users to shape the future of StormX and the STMX token.
Governance Token Creation - Proposal #02
StormX began its mission to help the world earn cryptocurrencies. Along with that mission we’ve seen our StormX community and the greater crypto community grow and it is time to grow with them. StormX is only as strong as its community, so we are proposing a vote to create a governance token to further support ownership and stronger ties to the core team, product decisions, and issues that affect the StormX ecosystem.
The aim is to start down the path of decentralization to promote real ownership of the platform to its users. We believe this will create a stronger, better aligned community and, consequently, a better platform. At first, governance will be limited to specific proposals and topics designated by StormX. The intention is to ensure we don’t proverbially bite off more than we can chew. Governance in crypto is still new, experimental and rapidly changing. We do not assume to know all the best practices and have all the required resources upfront. Making this assumption could put us in a disadvantageous position as we focus on developing our core products: Shop, Debit Card, and Labs (NFTs and other experiments). We should instead slowly and intentionally move towards decentralized governance as the StormX community, and greater crypto community, learns and grows in this direction.
A guiding motto for our governance token development that we learned in our research is to “Start simple, start slow, stay flexible”.
With that in mind we propose the first iteration of a governance token:
Token Contract
Supports the standard ERC20 interface
The token is upgradable using OpenZeppelin Upgrades Plugins
Only the owner can upgrade token implementation
Token implements staking functionality using lock and unlock methods
The token name and ticker are to be determined. Let us know what we should call this thing!!
Token Economics
Supply is 1,000,000 at the genesis event and owned by a set of cold storage StormX wallets.
No minting after genesis.
Voting Method
Off-chain via Snapshot
Coin Voting method (1 token = 1 vote)
Discussion and Temperature Check in #governance Discord channel
Snapshot.org voting system does not require the user to pay gas and thus it promotes higher voter engagement. The simplest voting strategy to start is “coin voting” since it does not require us to make assumptions on the best voting weights to use initially. As the community helps us determine fair voting weights via Discord discussions we will propose new SIP, StormX Improvement Proposals.
There are many more governance considerations to take into account such as distribution, voting weights, LP Mining Program, etc., but by following our above motto, we’ll keep proposals simple so we can find consensus and build quickly.
StormX has already begun research into a POC to ensure the proposal is viable. Once approved, StormX will diligently work to complete research, roadmap, allocate resources and execute by Q4 2021.
Manual Token Swap - Proposal #01
Up to a few hundred $STORM token holders missed the token swap window last year. We're voting on a mechanism to allow them to swap this year. Just to be clear, the swap will re-open, we are just voting on the details of how to run the swap.
The following are the requirements for a wallet address to be eligible for the swap:
The wallet currently holds STORM tokens
The STORM tokens were in the wallet before the end of the last swap on Feb-05-2021 05:46:45 PM +UTC. You can verify the disableMigration function.
If the wallet address meets these requirements then the wallet owner can submit their wallet address to an online form which will be verified for eligibility. We understand using a smart contract to do this would be nifty, but using a form is the fastest way to help these community members ❤️ and kick off governance