Election time for THALES stakers: Choosing the next Thales Council
A Fresh Chapter Begins for Governance
Thales DAO continues to advance across its platforms — Thales, Overtime, and Speed Markets. The achievements over the last few months showcase the diligent efforts of the Thales Core Team and the Thales Council’s active involvement in proposal discussions and decision-making. Now, we’re thrilled to share an important announcement with you!
Have you ever thought about how you could play a more active role in the development of Thales DAO? The nomination phase for the eight governance epoch of Thales begins today.
What You Need to Know
Nominations and Election Details
Our dynamic community on Thales’ Discord is the center of vibrant governance debates, with numerous enthusiasts keen to contribute to Thales DAO’s decentralized decision-making process.
The time has come to choose representatives who will make decisions on changes at the protocol level.
For a quick refresher on the governance structure of Thales, you can visit this link. Additionally, for an overview of the Thales Council responsibilities, please see below. 👇
To recap, the main responsibilities of the Thales Council include sanctioning protocol-level modifications to the Thales-market codebase. These modifications are proposed through TIPs (Thales Improvement Proposals), and to date, we have successfully implemented over 199 TIPs. (TIP-200 soonTM)
The nomination phase for the Thales Council has begun. Important details include:
- Voting for the Thales Council will utilize your staked THALES for voting power, available on Optimism, Arbitrum, and Base.
- Voting power can be allocated among several candidates.
- Nomination period is from April 16th, 4PM UTC to April 23rd, 4PM UTC.
- Voting period on Thales’ governance page is from April 23rd, 4PM UTC to April 30th, 4PM UTC.
- The Thales Council will consist of 7 members, in homage to the “Seven Sages of Greece” (with Thales being one of them).
- The governance term for the new Council will span from May 1st, 2024, to the end of August 2024, following TIP-111 for a 4-month tenure.
Participating in Nominations
We encourage everyone to take part in this process. Submit your nomination(emphasizing contributions to Thales/Overtime or your capabilities as a council member) along with a valid Ethereum address or ENS for voting on TIPs (Thales Improvement Proposals).
To nominate for the Thales Council election
👉 Kindly share your pitch in our dedicated Discord channel #thales-council-nominations.
The nomination period is now open, and we will accept new nominations until Tuesday, April 23rd, 2024, at 4PM UTC.
Each member of the Thales Council will receive a 3,000 THALES stipend monthly, continuing ThalesDAO’s effort to incentivize active participation.
A few rules
- Self-nominations are welcome.
- Anyone can suggest another person to nominate themselves. Often, the brightest and most productive individuals just need a nudge.
- After being suggested, it’s up to the individual whether to nominate themselves.
- Candidates must post a valid proposal in #thales-council-nominations, even if it’s brief.
- We will compile all nominations in #thales-council-pitches.
After the nomination phase concludes, voting will take place from Tuesday, April 23rd, 2024, at 4PM UTC to Tuesday, April 30th, 2024, at 4PM UTC, during which voters will select the new Thales Council.
TIP-199 Governance Airdrop
TIP-199 introduces an innovative distribution strategy focused on enhancing governance involvement through the use of Thales’ airdropped PYTH tokens. This initiative aims to strengthen Thales governance involvement while expressing appreciation to past voters. TIP-199 also outlines PYTH token usage towards speed market participants, and treasury use of the funds. This article specifically concentrate on the governance airdrop; for a comprehensive overview of the TIP, please refer to the Thales governance page.
- Future Governance Participation (50,000 PYTH): TIP 199 plans for future distributions aimed at enhancing governance engagement without the need for extensive candidacy or staking modifications. This proactive approach is intended to ensure fairness and discourage gaming the system. The criteria for this allocation will be defined later.
For this future governance allocation, criteria will be different from current ones, no need to candidate for the next Council election or split your staking wallets in 100s to try to game the system, this would disqualify for any further reward.
- Support for Retroactive Governance Voters (50,000 PYTH): TIP 199 offers incentives to stakers who partook in critical votes, including the tokenomics v2 temperature check and seventh governance epoch, thus encouraging ongoing involvement in Thales governance.
- Encouragement for Council Election Participants (5,000 PYTH): Recognizing the importance for diverse and committed candidates in Thales Council elections, TIP 199 provides incentives for those who actively engage and stand as candidates, fostering a more dynamic and representative governance. Eligible Thales council participants should have officially submitted a proposal to participate as a candidate in the previous 6th or 7th council election epoch, while also sending a minimum of 10 messages in the Thales Discord.
The distribution details of TIP 199 are designed to support various aspects of community and governance engagement, setting a precedent for future initiatives aimed at enhancing decentralized governance and community interaction.
Next Steps
If you believe now is the opportune moment to directly contribute to and shape the future of the Thales protocol (including Thales markets, Overtime, and Speed Markets), consider nominating yourself here or encourage someone else to step into decentralized governance.
As a THALES staker, you might want to start reviewing the Thales Council nominees’ pitches ahead of time. This way, when voting begins, you’ll have a clear idea of which candidates you wish to support.
Remember, from the 23rd of April(until April 30th), to visit Thales’ governance page to place your vote!
