SpiderDAO Voting process

The voting process with SpiderDAO is a whale resistant solution that pairs hardware with software. The 3-stage process ensures that the power is retained among consumers and away from large parties. Let’s have a look at the 3 stages in detail.

Deposit stage:

Voting stage:

The only participant that meet SpiderDAO’s predefined standards will be allowed to vote. They must ensure that access criteria are complied with in order to proceed to vote. Every SpiderConnect router is assigned only one vote implying that voting eligibility criteria are met. Participants have the ability to change their votes right up until the ending period.

Tallying stage:

Quorum: More than 40% of the total staked tokens at the end of the voting
period need to have voted.

Threshold: More than 50% or a majority of the tokens that participated in the
vote, excluding “Abstain” votes must have voted “Yes.”

Veto: Less than 33.4% of the tokens that participated in the vote, not counting
“Abstain” votes, have vetoed the decision “No (With Veto).”

In case any of the above conditions are not fulfilled, then the proposal gets rejected. The deposit associated with the denied proposal will not get refunded. The funds are directly transferred to the SpiderVault.

About SpiderDAO

Our ecosystem, then, is built on the foundations of fair governance. It includes the SpiderDAO, SPDR Token, and the SpiderConnect Router, which come together to create a robust, scalable, and community-driven ecosystem that will keep up with the pace of technology change and stand the test of time.

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SpiderDAO is the industry’s first hardware-enabled DAO that bundles multi-layered hardware and software tools on top of Polkadot. https://spiderdao.io