Election time for THALES stakers: Next Thales Council
Get ready for the fourth governance period
Builders and governors aren’t stopping
Wow, what a year this has been for Thales and Overtime!
To highlight some developments done during this last governance period (July until December, 2022) we have the Thales markets expansion to 2 new chains, Arbitrum and BNBChain, the deployment of Thales vaults, and the release of the much-anticipated DeFi’s first sports AMM Overtime markets, its subsequent upgrade with the addition of the first implementation (to our knowledge) of on-chain parlays, and the offering of the biggest sports event in the world (with Chainlink sports data feeds): the FIFA World Cup.
Who said you couldn’t keep building during a bear market?
And if you were wondering how could you directly contribute to Thales and Overtime next steps, then today is the day you were waiting for!
Today, we are officially kicking off the nomination period for the fourth Thales governance epoch.
Let’s unpack what this mean and how can you participate.
Nominations and elections period
The engagement we’ve had so far in past elections (and in the day-to-day governance discussions carried on Thales’ Discord) has been pretty mind-blowing, with many talented and passionate individuals willing to participate in the decentralized governance process of Thales DAO.
If you need a brief reminder about how Thales governance structure works you can check this, and if you only need a reminder about the Thales Council duties just read below 👇
As a reminder, the Thales Council’s principal duties are to approve protocol-level changes to the Thales-market codebase. This changes are introduced as TIPs (Thales Improvement Proposals), and as of right now we’ve got more than 100 TIPs implemented.
Today, we are announcing that the nomination period of this governance epoch for Thales Council is already live.
Some important points to highlight:
- The Thales Council election will be done using your staked THALES as voting power.
- The voting power can be distributed among more than one candidate.
- First, there will be a nomination period where everyone is welcome to pitch in Thales Discord, from December 5th 4PM UTC, until December 12th 4PM UTC. (Direct links to specific channel for nominations a few paragraphs below 👇)
- After that, the voting period will start on Thales’ governance page, from December 12th 4PM UTC until December 19th 4PM UTC.
- The number of Thales Council members is 7, as a tribute to the “Seven sages of Greece” (Thales was one of the seven sages).
- The governance epoch for the new Councils will be from January 2023 until the end of April 2023, a 4-month period as per TIP-111.
How to participate in the nominations?
We are welcoming everyone to participate in this process by submitting a pitch (you could expand on your involvement with the Thales/Overtime community or why you think you’ll make a great council member, for example) and a valid Ethereum address (or ENS) that’s gonna be used for voting on the TIPs (Thales Improvement Proposals).
So, where to nominate?
For the Thales Council election:
👉 Please post a message with your pitch on our dedicated Discord channel #thales-council-nominations.
The nominating period has begun and new nominations are considered valid until Monday, December 12th 2022. The cut-off is 4PM UTC.
Each Thales Council member will be eligible for a 3,000 THALES stipend per month, continuing the initiative by the ThalesDAO to maintain incentivized participation.
Some basic guidelines:
- Anyone can self-nominate
- Anyone can ping or tag anyone else for them to nominate themselves. Sometimes smart and productive people need a friendly push.
- An individual retains the right to not nominate themselves after being pinged or tagged by someone else.
- Candidates must have a valid pitch on #thales-council-nominations, even if it’s a one-liner.
- We’ll keep track of all nominees in #thales-council-pitches
After the nominations period ends, voters will have from Monday, December 12th 2022 4PM UTC through Monday, December 19th 2022 4PM UTC to cast votes and elect the new Thales Council.
So, what to do now?
If you feel that now it’s the best time to put yourself in a position to directly influence and potentiate the future of Thales protocol (and the products built on top like Thales markets and Overtime), then by all means nominate yourself here or nudge someone to make the jump into decentralized governance.
As a THALES staker you’ll probably want to start reading the Thales Council nominees’ pitches here in advance, so that when it’s time to vote you can have a more clear picture of which candidates to support.
And when the time comes, on December 12th (lasting until December 19th), be sure to check Thales’ governance page and cast your vote!