Belt Finance Governance & Voting

Published in

Belt Finance

3 min readDec 29, 2021

Belt Finance is governed by a decentralized community of BELT token stakeholders and their voting powers, who propose and vote on improvements to the protocol. Through our governance, all BELT token stakeholders can voice their opinion by creating proposals or casting their votes (1 Voting Power = 1 sBELT*2 + 1 BELT Balance) either to for, against or abstain. A proposal with a lot of community support may be classified into Belt Important Proposals (BIPs).

How do I participate?

Our governance is only supported on Binance Smart Chain. All you need is a wallet supporting Binance Smart Chain and BELT tokens. The steps are as follows.

1. Open belt.fi and Launch App
2. Connect your BSC wallet (MetaMask, WalletConnect, D’CENT, Binance Chain Wallet)
3. Go to the Governance page
4. Check which proposals you can vote for
5. Cast your vote on proposals you are interested in
*You can only choose to for, against, or abstain.

Make a Proposal

All users who have 20 voting power can publish a proposal.

1. Open belt.fi and Launch App
2. Connect your BSC wallet (MetaMask, WalletConnect, D’CENT, Binance Chain Wallet)
3. Go to the Governance page
4. Make a Proposal you want to discuss

Proposal Type

In the initial version of the governance, there are two types of proposals:

BIPs (Belt Improvement Proposals): Proposals posted by the Belt Finance team. The Belt Finance team will analyze industry trends and review all community proposals before posting.

Community: Proposals posted by the Belt Finance community. These are used to propose ideas and show the communities point of view. The Belt Finance team reviews every community proposal.
*Passed (succeeded) proposals have a high probability of moving to BIPs.

[Definitions]

1. Total Voting Power

The total voting power that participated in the voting.

*Your voting power is determined by the amount of BELT you staked/held. The amount of BELT staked in BELT Single Staking is weighted (doubled).

2. Quorum

A quorum refers to the minimum voting power that every proposal to take effect.
Any proposals that do not meet a quorum within the voting period will be rejected (defeated).

3. Pass Threshold

A minimum of 600,000 FOR votes is required for every proposal to pass.

4. Voting Type

Single choice voting (choices: For, Against, Abstain)

5. Voting Period

7 days

6. Proposal Status

PENDING: Before starting voting
ACTIVE: Voting in progress
CLOSE: End of Voting

Belt Finance’s goal is to be a decentralized autonomous organization (DAO) with trustless governance in place. As a community-driven network, the community will be in charge of making decisions for how the protocol evolves, not the Belt team itself.