- PEAK: An ERC-20 token that designates the weight of a user's voting rights. The more PEAK a user has in their wallet, the more weight their delegation or vote on a proposal holds.
- Delegation: PEAK holders cannot vote or create proposals until they delegate their voting rights to an address. Delegation can be given to one address at a time, including the holder's own address. Note that delegation does not lock tokens; it simply adds votes to the chosen delegation address.
- Proposal: A proposal is executable code that modifies the governance contract or treasury and how they work. In order to create a proposal, a user must have at least 0.5% (10M PEAK) of all PEAK delegated to their address. Proposals are stored in the "proposals" mapping of the Governor smart contract. All proposals are subject to a 7-day voting period. If the proposer does not maintain their vote weight balance throughout the voting period, the proposal may be canceled by anyone.
- Quorum: In order for a vote to pass, it must achieve quorum of 2% of all PEAK (40M) voting in the affirmative. The purpose of the quorum is to ensure that the only measures that pass have adequate voter participation.
- Voting: Users can vote for or against single proposals once they have voting rights delegated to their address. Votes can be cast while a proposal is in the "Active" state. Votes can be submitted immediately using "castVote" or submitted later with "castVoteBySig" (For more info on castVoteBySig and offline signatures, see EIP-712). If the majority of votes (and a 2% quorum of PEAK) vote for a proposal, the proposal may be queued in the Timelock.
- Voting Period: Once a proposal has been put forward, PEAKDEFI community members will have a seven day period (the Voting Period) to cast their votes.
- Timelock: All governance and other administrative actions are required to sit in the Timelock for a minimum of 2 days, after which they can be implemented.