Delegate MFAM and WELL tokens to activate their inherent voting power
Voting power can be activated through self-delegation (delegating tokens to oneself) or by delegating to another address. Once delegated, voting power remains in effect from the current block onwards, until such a time when the token holder delegates to a different address or transfers their WELL/MFAM tokens.
It's important to note that delegation does not transfer token ownership. Instead, the delegate is granted "Voting Power" equivalent to the number of tokens delegated to them.
Delegation is particularly beneficial for users who lack the time or technical expertise to actively participate in the governance process but still want their tokens to contribute.
WELL/MFAM tokens that are not delegated cannot be used for governance voting.
WELL or MFAM tokens will initially be in an un-delegated state unless they are staked within the Safety Module. It is the token holder's responsibility to delegate their tokens.
When tokens are staked within the Safety Module, they are automatically delegated to the staker's address. This delegation activates the inherent voting power of one's WELL/MFAM tokens without requiring any further action.
To start the delegation process, WELL and MFAM token holders are required to access "Governance", then choose the "Voting Power" subcategory. In this section, holders can access a comprehensive breakdown of their voting power. The total voting power shown is the sum of the following:
- Delegated WELL or MFAM tokens
- Delegated claims
- Amount of tokens staked in the Safety Module
Navigate to "Governance" and locate the "Voting Power" subcategory
To delegate un-delegated tokens, follow these steps:
- 2.Enter the address to which the tokens should be delegated. If delegating to the holder's own address, simply click "Self" and the text box will be auto-populated.
- 3.After ensuring the correct address has been entered, click "Save Changes".
- 4.Confirm the transaction.
- 5.Once the transaction is completed, a notification will confirm the successful delegation. Holders can now check their Voting Power for an updated total, which should reflect the newly delegated tokens.
Unclaimed sale tokens can contribute to voting power. To vote with these tokens, they must be delegated through "Claims". If there are any un-delegated WELL tokens, a notice will appear with a prompt to "activate" them.
Activate Voting Power
The "Delegates" page offers a comprehensive list of available representatives for holders to delegate their voting power. This page provides detailed information about each delegate, empowering holders to make well-informed decisions regarding who will best represent their interests in Moonwell Governance.
To select a delegate from the list of representatives, simply click on "Select as Delegate" next to the desired representative. This action will automatically enter the delegate's address into the "Activate Voting Power" panel, as shown above.
Click "Select as Delegate" under the chosen delegate
It is crucial to remember that delegating voting power does not equate to surrendering one's voice. Rather, it involves entrusting it to another holder who can effectively represent the original holder in Moonwell Governance at any given moment. Ultimately, the holder still retains control and has the option to reclaim their direct voting power whenever desired.
If a holder wishes to change their delegate, they should follow these steps:
- 1.Locate their delegated tokens on the "Voting Power" page, then click "Change Delegate".
- 2.Enter the address of the new delegate.
- 3.Confirm the change and execute the transaction.
- 2.Review the list of delegates.
- 3.Click on "Select as Delegate" for the desired delegate. This action will automatically enter the delegate's address into the "Change Delegate" panel.
Click "Select as Delegate" under the chosen delegate
- 4.To assign the desired delegate, click "Save Changes" in the "Change Delegate" panel and patiently wait for the transaction to be executed. Upon successful completion, the voting power will be directed to the newly assigned delegate.
With the delegate's address entered, click "Save Changes" to process the change
To become a delegate and represent others in Moonwell's decision-making process, all you need to do is nominate yourself. Simply create a post in the "Delegation Pitch" category of the Moonwell Governance Forum. When a token holder decides to delegate their WELL or MFAM tokens to your address, you gain their voting power and represent them in Moonwell Governance.
Before creating your post, it is important to prepare these key items:
- 1.Introduction of yourself - Provide a brief introduction of who you are, detailing your interests, involvement in the Moonwell community, and any relevant experience that makes you a good choice as a delegate.
- 2.Your vision for the protocol - Outline your vision for the future of the protocol. This should show token holders what type of decisions you might support.
- 3.Your decision-making framework - Describe your personal rubric for voting on proposals.
- 4.Why others should delegate to you - Highlight your unique skills, knowledge, or capabilities that make you a good choice as a delegate.
Before creating your post, please read and understand the Delegate Guidelines. These guidelines outline the expectations for delegates in the Moonwell community and provides a framework for effective delegation.