Voting Process

Voting Weight#

1inch Protocol is controlled by the 1inch governance tokens. To ensure that the individuals with direct control over the protocol have a vested interest in its long term success, while also limiting the power of backers and core contributors, different voting weights were assigned to each class of governance token:

1INCH: The un-staked version of 1INCH does not have the ability to vote on governance proposals. It must first be staked.
st1INCH: This is the non-transferable ERC-20 which represents 1INCH staked within the 1inch protocol’s governance contract. This has a Voting Weight of 100%.
v1INCH: This is an ERC-20 which represents 1INCH tokens that are currently locked in the vesting contract. These tokens are held by backers, advisors, and core contributors but are not yet fully-vested. Each v1INCH has 1/5th (20%) the Voting Weight compared to st1INCH.

Staking#

1INCH must be staked in the governance contract to participate in voting. Staking is an on-chain event in which the user temporarily locks their 1INCH up and receives non-transferable st1INCH. At any point the user may reverse the process by using the Unstake token UI. however, there may be early withdrawal penalties.

Vote Delegation#

Holders of the 1inch governance tokens may delegate their Voting Weight to an address of their choice. Those who choose to delegate their voting rights to another address are known as Delegators, while those who receive delegation are known as Delegatees. 1inch Network DAO uses Snapshot's supported delegation strategy.

Anybody can participate in 1inch DAO governance if their address has received delegation, even if the address of the delegatee holds no governernance tokens.

1inch governance token holders may choose to delegate their voting powers in the Snapshot 1inch space, or, by interacting directly with the Snapshot delegation smart contract. Both locations can also be used to remove delegation from a previously assigned address.

If a Delegator delegates their voting power to a Delegatee and both of them vote on the same proposal, then the delegated voting power is ignored for that vote. In other words, even if a Delegator has allotted their voting power to another address, said Delegator always has the option to temporarily override that delegation by voting themselves.