Beyond the Governance: The Council

In this article series, we want to give insight on the possibilities the SwapDEX governance has to offer its users.

The Governance is composed of the Council, the Technical Committee and the Referendum Chamber.

To represent passive stakeholders, SwapDEX uses the idea of a “council”.
The council is an on-chain entity comprising several actors, each represented as an on-chain account.

The SwapDEX Council consists of 11 seats that are elected every 24 days.
In order to occupy a seat, users can put up their candidacy and can look to gather support from the community by getting a backing in the form of SDX.
Council elections are handled by the same Phragmén election process that selects validators from the available pool based on nominations
The 11 highest-backed applicants will move to the council for the next term.

Along with controlling the treasury, the council is called upon primarily for three tasks of governance: proposing sensible referenda, cancelling uncontroversially dangerous or malicious referenda, and electing the technical committee.

For a referendum to be proposed by the council, a strict majority of members must be in favor, with no member exercising a veto. Vetoes may be exercised only once by a member for any single proposal; if, after a cool-down period, the proposal is resubmitted, they may not veto it a second time.

Council motions which pass with a 3/5 (60%) super-majority — but without reaching unanimous support — will move to a public referendum under a neutral, majority-carrying voting scheme. In the case that all members of the council vote in favor of a motion, the vote is considered unanimous and becomes a referendum with negative adaptive quorum bias.

Additionally, the Council can cancel indisputably malicious proposals via a ⅔ majority vote and even blacklist it to prevent it from being re-submitted.

If you want to dive deeper into the topic of Adaptive Quorum Biassing, cancelling and blacklisting of proposals, please refer to our official documentation.

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SwapDEX

SwapDEX

We aim to revolutionize the future of DeFi by providing the industry-leading blockchain and end-to-end financial platform within a community-governed Ecosystem