Amp Governance uses off-chain, gasless signature voting via Snapshot. Amp users have the opportunity to vote on proposals presented by the community, including: future grant recipients, partnerships, cross-chain integrations, DeFi collaborations, and more. Note, with off-chain governance, votes serve as signaling rather than binding resolutions. The Amp token contract itself is immutable, without administrative functionality. In the first phase of governance, the token requirements to initiate a vote will be substantial to prevent spam and limit administrative burden. Gradually, as the community grows and matures, the token thresholds are intended to be modified via governance for more broad participation.
Process and requirements:
Introducing a proposal. Proposals are first introduced publicly via the forum for community discussion and feedback. Proposals must be live on the forum for a minimum of 48 hours prior to proceeding with a submission. Anyone can create a proposal, regardless of Amp token ownership.
Submitting a proposal. After the requisite introduction period, proposals can be submitted to Snapshot for voting. For the proposal to be valid, the submitter must hold at least 1,000,000,000 AMP (1% of total supply). If you do not possess the required AMP to submit a proposal it is encouraged to solicit support on the forum, and others may submit the proposal on your behalf.
Voting and quorum. For a vote to be successful, a quorum of 5,000,000,000 AMP (5% of total token supply) must be achieved, and a vote must be active for a minimum of 48 hours. Proposals are passed by a simple majority.
Amp tokens must be held directly, or staked in approved collateral contracts to be eligible for voting and/or submitting proposals. New collateral managers can be approved via the governance process as the community deems appropriate.