Who can vote on 1inch proposals?

1inch is a decentralized exchange that allows users to trade cryptocurrencies with low fees and high speeds. As a decentralized platform, 1inch has a unique governance system that allows users to propose and vote on changes to the platform. However, not everyone can vote on 1inch proposals. In this blog post, we will explore who can vote on 1inch proposals and how the governance system works on the platform.

To be able to vote on 1inch proposals, a user must hold at least 1000 1inch tokens. These tokens give users voting rights in the platform's governance system. The more tokens a user holds, the more voting power they have. This means that users who hold more tokens have a greater say in the decision-making process of the platform.

The 1inch governance system is based on a quadratic voting mechanism. This means that each vote is weighted by the square root of the number of tokens held by the voter. For example, if a user holds 1000 1inch tokens, their vote is weighted as 31.62 votes (square root of 1000). If a user holds 10,000 tokens, their vote is weighted as 316.23 votes (square root of 10,000).

In addition to holding 1000 1inch tokens, users must also be registered on the platform's governance module to participate in the voting process. Registration involves linking a user's Ethereum wallet to the governance module and staking their 1inch tokens. The staked tokens are used as collateral to prevent users from double voting or manipulating the voting process.

The proposals that are submitted to the 1inch governance system are reviewed by the community and the platform's development team. Once a proposal is approved, it is added to the voting ballot and users can vote on it. Proposals require a minimum quorum of 4% of the total supply of 1inch tokens to be considered valid. If the proposal is approved, the changes are implemented on the platform.

1inch's governance system is designed to ensure that users have a say in the decision-making process of the platform. To be able to vote on proposals, users must hold at least 1000 1inch tokens and be registered on the platform's governance module. The quadratic voting mechanism ensures that users with more tokens have a greater say in the decision-making process. By allowing users to propose and vote on changes to the platform, 1inch is building a community-driven platform that is designed to meet the needs of its users.