Skip to main content

Governance mechanics

What is Governance?

Governance is a mechanism by which ANKR token-holders can propose and vote for changes to the Ankr Staking system. If a change receives enough votes, the Ankr team implement the agreed changes to the platform.

What does this mean?

The Ankr Community control the direction of Ankr projects by voting for ideas they support and making suggestions for improvements. For example the community may propose to increase reward ratios or add specific data to a display. If enough people want to make that change - we will do it! This allows Ankr Staking to evolve in the direction that ANKR token-holders want to go in as well as introducing a very exciting utility to the token itself.

How does it work?

We have chosen to adopt a Proposal model that has already been successfully applied in other major crypto projects. A Proposal is submitted and the community votes on whether or not to accept it. If it is accepted then the Ankr team ensure it comes to fruition.

STEP ONE: Create a Proposal

For a change to be made, a proposal must be made. To make a proposal, the proposer must lock 5,000,000 ANKR and one wallet can raise at most two proposals per month.

STEP TWO: Proposal submitted.

Once the proposal is submitted, it queues for 2 days whilst the Governance admin team can ensure it is clearly stated, and does not contain anything inappropriate etc.

STEP THREE: Proposal Approved

If a proposal is approved, it is then voted upon over the number of days set by the proposer.

STEP FOUR: Voting for the Proposal

The proposers’ ANKR is locked for 14 days.

Votes are cast by ANKR token-holders on the basis of 1 ANKR per vote, and ANKR used for the vote is locked for the duration of the vote. ANKR tokens locked for voting can be used to cast votes for multiple proposals.

STEP FIVE: Proposal agreed on (Subject to voting)

If a Proposal is successfully voted for then it is implemented as a matter of priority by the Ankr team.