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Proposal Process

Submitting a proposal to the GMX DAO follows a structured process, outlined below:

Phase 1: Ideation​

In this initial stage, the author seeks community feedback on their concept. Unique ideas can be tagged with #idea on the GMX governance forum, where they will have a dedicated discussion thread.

Phase 1 proposals are typically informally brainstormed in settings such as Discord chats or Telegram groups. This phase may involve garnering community endorsement for the specifications of a future Request for Comment (RFC) through multiple Telegram polls.

Duration: Open

Phase 2: Request for Comment​

During this stage, authors of proposals can formally seek community input by shaping their idea into a Request for Comment (RFC) using the provided template (Link pending DAO Approval).

Throughout the drafting process of the RFC, the author is expected to integrate community feedback and refine the proposal accordingly. The status of Draft RFC aims to accumulate sufficient feedback and endorsement to establish a soft consensus, thereby enabling the progression to a formal proposal with reduced risk of immediate rejection.

Proposal Format:

  • Summary
  • Motivation
  • Rationale
  • Specifications
  • Conclusion

Duration: Open

Phase 3: Snapshot Voting​

Snapshot allows a flexible range of voting options which is not possible in Tally.

Voting power for Snapshot is based on token balance which allows for coverage of a larger percentage of the GMX community.

Voting mechanism: Simple majority (requiring 50% + 1 of the smallest token unit)

  • Quorum: 50,000
  • Minimum token threshold for submitting proposals: 10,000
  • Voting window duration: 5 days

Upon Phase 3 completion, the proposal can transition to a GMX Improvement Proposal (GIP)

If a vote passes on Snapshot, and a GMX DAO delegate is against the results of the vote, the delegate should initiate a veto proposal on Tally as soon as possible.

Phase 4: GIP Proposals​

If an on-chain transaction is required, GIP proposals can be submitted to the governance platform Tally for execution.

The GIP proposal should include a title, a clear description of its proposed actions, and take into account the following criteria:

  • Voting mechanism: qualified majority (65% + 1 smallest unit of a token)
  • Quorum: click to view on Tally
  • Minimum token threshold for submitting proposals: 30,000
  • Voting period duration: 5 days
  • Execution period: 48 hours
  • Cooldown period: None

The minimum number of tokens required to propose a GIP can be increased depending on voter turnover and the DAO’s total voting power, if desired.

Actions that are follow-up implementations of proposals that were already previously approved on Snapshot, can be done without a new Snapshot vote.

GMX DAO delegates on Tally are expected to vote “For” proposals that have already passed the Snapshot vote, unless there was a veto proposal or there is a particularly strong reason to vote against the Tally proposal.