Latest governance proposal now live!
December 19, 2022
We’re excited to announce the launch of our latest governance proposal! This proposal will allow members of the AVT community to determine whether to split the current AVT tokens in circulation in order to increase total supply, and the degree to which they are split.
Update: There will be a minimum quorum of 1M votes. If the total number of votes surpasses 1M, then the option with the most votes will be enforced.
Voting is now open and will close on 30 December, 12pm GMT.
When the AVT token was launched in 2017, there was no standard token creation model and very few examples in the market. As a result, the number of AVT tokens currently in circulation is significantly lower than the industry standard today which presents some challenges for widening community participation in functioning and governance of the ecosystem.
Benefits to the Aventus Community
The proposed token split will further our ultimate objective of decentralising governance of the Aventus Network by democratising access to the AVT token, and therefore the Aventus Network.
As the token split will impact AVT on all blockchain networks, the enforcement of this proposal is subject to the readiness of the exchanges we are listed on. Please rest assured that the outcome of this proposal will be enforced – but timelines are dependent on these external factors.
To ensure that your AVT balance before and after the split is consistent, we will be performing a number of coordinated operations on both Tier 1 (Ethereum) and Tier 2 (Aventus parachain).
- A significant number of AVT will be minted. This number is dependent on the outcome of this vote and thus will increase the total supply from 10.6 million to the new total supply after the multiplier.
- A portion of the newly minted AVT will be lifted to Tier 2 to allow for step 5 below.
- All AVT transactions will be paused for a brief window. This includes lifting and lowering tokens, minting NFTs and any fee-paying transactions. However, you will still be able to query the chain using the AvN Gateway. Given that stakers earn rewards from fee-paying transactions, this pause would impact the rewards earned, so we’ll make every effort to ensure this pause doesn’t last longer than it needs to.
- A snapshot of user balances on both Tier1 and Tier 2 will be taken.
- Execute a number of transactions to send the multiplied AVT to the user accounts, based on the outcome of this vote. For example, if an account had 10 AVT at the time of the snapshot, and we vote x50 split, the new balance would be 500 AVT.
- Restore (Unpause) AVT transactions.
How to Vote
There are two ways to vote on this proposal. You can either vote on our Ethereum-compatible governance platform or vote on an Aventus-compatible governance platform. The platform you vote on depends on where your AVT is at the start of this vote.
In order to vote on a proposal, you must have been holding or staking at least 1 AVT token at the time that the proposal was published. This means that if you attempt to vote on a proposal where the block number configured is in the past, and you were not holding or staking the required token back then, your vote will not be counted.
Please note that if you have staked all of your AVT on the Aventus Mainnet, you can still vote by using the Aventus-compatible governance platform.
To vote (on the Aventus-compatible platform):
- Click here on a computer.
- Ensure you have the PolkadotJS browser extension installed on your browser.
- Click on “Connect Your Polkadot Wallet”
- Once your wallet is connected, click on the proposal you want to vote on.
- Choose the option you want to vote for.
- Sign the voting message.
- 1 vote per non-staked AVT
- 2 votes per staked AVT
To vote (on Snapshot):
- Click here.
- Click on the “Connect wallet” button in the top right corner. You can vote using any of the five compatible wallets supported by the platform.
- Connect with the wallet provider that you used to stake your AVT or where you hold your AVT.
- Choose the option you want to vote for.
- Sign the message via your wallet.
- 1 vote per AVT