Zilliqa Community Votes in Favor of gZIL Delegation Proposal

Key highlights:

• Zilliqa holders can now delegate their voting power to representatives using a new smart contract system.
• This aims to help proposals pass the 20% quorum needed by consolidating votes from engaged delegates.

The Zilliqa community recently voted in favor of a proposal to allow the delegation of gZIL tokens, empowering holders to delegate their voting power to representatives. This system aims to address the challenge of low quorum in proposal voting by making it easier for gZIL holders to participate.

Zilliqa’s governance token, gZIL, is intended to give holders a say in the platform’s development through voting on proposals. However, gZIL is widely distributed and many holders have been inactive in the voting process. Proposal votes often struggle to reach the 20% quorum necessary to pass, despite holding majority support among active participants.

The proposal to introduce $gZIL delegation has reached 100% quorum, with a majority voting for the feature to be implemented! ?

This change will allow gZIL holders to appoint delegates that can vote on their behalf, making it much easier to actively participate in governance. pic.twitter.com/yY6Rz0XEf0

— Zilliqa (@zilliqa) July 26, 2023

The new delegation scheme will allow gZIL holders to assign voting rights for a portion of their tokens to delegates. In theory, this will empower more engaged voters to cast ballots on behalf of inactive holders, helping proposals reach quorum. It could also give governance-focused entities like DAOs a stronger voice through the consolidation of voting power.

The proposed solution

The delegation proposal sought to implement a new smart contract and modify Snapshot governance voting to enable delegation. Under this system:

·         gZIL holders can map a “delegate” address (an individual or entity) to a number of gZIL tokens.

·         During a vote, delegated gZIL is added to the delegate’s balance, allowing them to vote up to the full amount.

·         The holder’s actual gZIL balance remains unchanged- delegation is non-binding and revocable.

Zilliqa developers anticipate this change will make governance voting easier by consolidating voting power in the hands of engaged participants. Proposals may be able to meet quorum even with less overall participation if delegates represent a large enough portion of gZIL supply.

The benefits of active governance

When governance works as intended, it allows a community to collectively steer the development of a platform in a democratic manner. For Zilliqa, effective governance through gZIL voting will be crucial to:

·         Resolving important issues like setting staking parameters

·         Allocating funding for ecosystem initiatives

·         Deciding on protocol upgrades

·         Aligning the platform with the community’s long-term interests

The delegation proposal sought to address governance challenges standing in the way of these goals. By making it easier for gZIL holders to participate, even those who lack the time or inclination to vote personally, the platform may see more representative and legitimate decision-making. An active and engaged governance system could be a major boost for Zilliqa’s development.

Zilliqa’s native token ZIL has gained 2.1% in the last 24 hours. ZIL coin, which has been priced between $0.19 and $0.24 for a long time, is currently priced at $0.21. In addition, you can access the Zilliqa (ZIL) price prediction.