Whenever a proposal is submitted for voting a snapshot will be taken of a user's ViperVote balance at a specific block height. That balance then represents the total amount of eligible votes a specific user can cast for the given proposal.
The token is a read-only representation of a user's specific involvement in the Viper ecosystem. The token won't be airdropped, you just need to add it as a custom token to MetaMask using the following address:
A user's balance of the ViperVote token represents the following:
4x of the user's $VIPER position in the $VIPER / $ONE pool
2x of the user's $VIPER position in the ViperPit
33% of the user's locked $VIPER tokens
25% of the user's unlocked $VIPER tokens
Voting proposal rules
Voting proposals on the governance Snapshot platform are currently created by the VenomDAO team. Community initiated voting proposals will be initiated at a later stage.
For official voting proposals to pass they need to meet the following criteria:
>10% of eligible votes voting to establish the quorum.
For community proposals to pass they need to meet the following criteria:
>20% of eligible votes voting to establish the quorum.
The required quorum that needs to be achieved for a given proposal is based on the ViperVote token's total supply at the time of the snapshot for the given vote.
The total supply is calculated using the exact same set of rules as outlined in the "ViperVote design" section above.
Here's an example for how the minimum required vote count and minimum required quorum for a given vote will be determined: