The hottest news on the Crypto.com block is the new move by Crypto.com developers to allow stakeholders to push for innovations and ideas. With the new incentive, the Crypto.com developers are not just making decisions for investors and users but also making them part of the decision-making process. However, to be part of the governance proposal scheme, users are required to use the Crypto.com DeFi desktop wallet rather than the Crypto.com app or DeFi wallet.
The Crypto.com governance feature gives you more value for staking your CRO; you earn on your stakes, are entitled to a Crypto.com card tier based on stake amount, and vote on existing proposals. You can also deposit your CRO to create new proposals and view all concurrent voting.
In this article, we will take on how to use the governance feature on the Crypto.com DeFi desktop wallet.
How to get started with Crypto.com governance
To get started on using governance proposals, you need to link your Crypto.com DeFi wallet to your Crypto.com DeFi Desktop wallet. To do this, you just need to input your DeFi wallet seed phrase and you are ready to go.
On your DeFi desktop wallet, you will find the “Governance” option in the menu list. On the governance page, you can create a governance proposal, view all finished or rejected proposals, cast your votes, view voting history, and deposit your CRO to proposals.
How to create a governance proposal
Creating a governance proposal is not as easy as voting on existing proposals on the Crypto.com DeFi platform. This is so because there will surely be thousands of proposals, thus, the community only needs to work with proposals highly backed by other community members. To create a proposal, you need to have a clear view of what the proposal is about and what the result of implementing such a proposal will be.
Steps to create a proposal draft
When you are sure your idea is one to help the Crypto.com network grow, you need to create a draft and describe explicitly all possible elements of the proposal. The draft will not only help Crypto.com consider the proposal but also help other community members answer the questions they have about the proposal.
The proposal draft should contain an overview of the proposal, brief information about the team members, why you are creating the proposal and what the end product would look like, details on the solution your proposal will bring to the community, how the proposal will affect the chain of the proposal, a timeline for the proposal, and metrics to access the success of the proposal.
1) Types of proposal formats
There are three formats for a governance proposal on Crypto.com parameter change proposal, community pool spends proposal and text proposal.
A parameter change proposal is a modification proposal to the function of the network such as a software upgrade proposal and alteration of planned updates. With this proposal, a stakeholder stands the chance of losing their proposal deposit and also altering the function of the network in an undesirable way.
The community pool spend proposal opens up the possibility of token owners casting votes to approve Community Pool expenditures. Publicly interacting with the community gives you the chance to connect with key players and inform them of the significance of your work. If the proposal is approved, the supported amount of your proposal request will be reimbursed to your account.
Lastly, a text proposal is simply a proposal submitted in plain text format.
2) Get feedback from other Crypto.com community members and revise your proposal
However, irrelevant of the governance proposal format type, you need feedback from other community members to get the proposal approved. To get feedback from other community members, you need to create a discussion on crypto.com social platforms such as Crypto.org Chain Github Discussions page and Discord community to engage other members.
3) Submit your proposal
You can revise your proposal based on the feedback you receive from other Crypto.com community members. Once you are ready to go, you can submit your proposal to the Crypto.com mainnet. However, we recommend that stakeholders submit their proposal to the testnet and make alterations to the proposal. Once you submit your proposal to Crypto.com mainnet, you will not be able to make changes.
To submit a proposal to the testnet network, you will need to get the testnet token TCRO. Also, although the testnet gives you an insight into how your proposal will look on the mainnet, the parameters are different. On the testnet, you have a different voting period, deposit amount, and deposit denomination.
Submit your on-chain proposal including an initial deposit. When everything is ready and you feel sure about the proposal, you may now submit the completed proposal using chain-maind. Before jeopardizing deposit contributions, you should have a fair amount of confidence that your request will be approved. Before the proposal becomes live on-chain, some members of the voting community ought to be aware of it so that when they see it, they have presumably given it some thought.
To create a proposal on the mainnet;
- Click on the governance option on the home page of your DeFi desktop wallet
- Click on the “create proposal” button at the top right.
- Select your proposal type and enter your proposal title and description.
- A stakeholder needs a minimum of 1000 CROs to submit a proposal. To keep the proposal active for voting, a stakeholder must have more than 10,000 CRO deposits
- Click submit to make your proposal live on the main net
To view your proposal voting history, click on “View Voting History” at the top corner of the “Governance” section.
How to cast your votes on existing proposals
On the governance page, you will be able to view the list of active proposals. For active proposals, you will see a description of the proposal, the different voting options, and how other users have voted. To vote:
- Pick your desired vote option and click on “send vote”
- Review and confirm your transaction details and then click “confirm”
Stakeholders now have the opportunity to be part of the growth on the Crypto.com chain and help the community grow faster. Start voting on proposals now on the crypto.com DeFi desktop wallet to see your dream ideas come to live.