26. Elect Your Next Illuvinati Governance Council — 2nd Epoch: June 2021 — August 2021
Voting for the Illuvinati Council will take place HERE
This past season of governance, our inaugural Illuvinati Council* has been hard at work, and we have accomplished much as a DAO. They approved the Balancer Liquidity Pool bootstrap, and approved a motion by our investor Delphi Digital to lower the starting price to $50 to allow the community to purchase at a more favorable price. We then experienced the launch of $ILV as one of the most successful token launches by volume in Balancer history. They also approved the removal of locked tokens from the liquidity mining program (aka yield farming) to ensure the participants could act as distributed sources of liquidity of $ILV tokens and governance.
To say the Illuvinati Council has hit the ground running would be an understatement, because the Council Members are also incredibly active on Discord and make numerous contributions to Illuvium’s DAO, while maintaining their own careers and lives. We are grateful to this group for their service and dedication.
Now the time has come once again for our token-holders to steer the direction of our endeavor. Your vote in the upcoming Illuvinati Council elections will ensure that your interests, perspectives, and recommendations for Illuvium’s success are represented in the leadership you elect.
We encourage, as always, for our entire community of eligible voters to participate in this election.
The election for the Illuvinati Council begins on Tuesday, 25th of May at 08:00 UTC, lasts 72 hours, and ends Friday, 28th of May at 8:00 UTC.
We received an enormous number of nominations. There is a healthy mix of applications from community members, advisors, and influencers, and five will become official Council Members for the second Council Period, the month of May.
As written in our blog post 7 (The Illuvium Council), members will be in charge of voting and approving proposed changes to the Illuvium protocol.
The voting process will be performed on Snapshot through off-chain signatures with quadratic weighting. This ensures that voting is fair and eliminates the power of sizeable ILV wallet holders having too large an impact on voting.
The Illuvinati Council will be responsible for motioning whether or not the eDAO should execute any protocol updates added to the IIP and ICCP repository. The eDAO will still retain discretion not to enact a deleterious change to the protocol. This is to ensure that malicious proposals that manage to pass governance do not get implemented. We believe this is needed to maintain the longevity of the protocol.
Initial remuneration for Council members is 10 ILV per month and this will increase overtime as the workload for council members increases. The iDAO will initially pay this fee, and elections will be held Quarterly.
To vote in the Council Election, you must be a holder of ILV.
Each wallet address will be allowed to vote for a single Candidate where the number of votes cast will be determined by the following formula:
C = N²
Where the cost C is measured in ILV and N represents the number of votes cast for that candidate.
An example table is shown below:
Voting will occur on Snapshot Ilvgov.eth, and Council Members will vote on IIP’s and ICCP’s at https://gov.illuvium.io.
Voting commences Tuesday, 25th of May, 8:00 UTC, and lasts 72 hours, ending on Friday, 28th of May, 8:00 UTC. A voter can amend their vote before the end of the voting period.
Elected Council Members will receive an exclusive NFT, which gives them the right to vote. The eDAO is responsible for issuing and retracting the NFTs in line with the election results.
If community members have any questions regarding the governance process, please join our Discord discussion in the Governance section.
Every day, we are beyond thrilled to witness such an active, engaged, and enthusiastic community. Your participation in our governance ensures that Illuvium will be as successful as it can possibly be. Vote wisely, and, thank you in advance for voting.
Quick Links:
https://illuvium.io/
https://twitter.com/illuviumio
Join us: discord.gg/illuvium
You’ll be hearing more from us soon!
*The “eDAO” and “Illuvinati Council” is our initial governance model, and is subject to change. We strive to implement the best models of decentralized and decentralizing governance.
