Elections and Voting

Staked XSYN represents your share of influence over the governance process, where you can apply the voting power to ensure the protocol is moving in the right direction. There are a few things you need to understand before taking part in the management of a decentralized entity, so here’s a quick entry point for navigating the different steps, resources, and stakeholders involved in the governance of the xSynth Protocol.

How to Vote

Step 1: Get Informed

• Any of the resources listed below are a great place to start as you get up to speed on the xSynth Community. You can join the discord follow prominent accounts on Twitter, read blogs dedicated to xSynth.

Step 2: Stake XSYN

• By staking your XSYN tokens you are using them as collateral to mint xUSD, a synthetic stable coin pegged to the US dollar and backed by the xSynth network. This not only allows you to claim trading fees collected by the protocol, it also activates your voting power so that you can provide your opinions on proposed changes.

Step 3: Vote on the xSynth Governance Module (every 4 months)

• Once you have voting power from staked XSYN and you have a solid understanding of the protocol and ongoing proposals, you can vote in council member elections from the xSynth Governance Module. These elected community members lead initiatives to support the protocol and represent the users when they weigh in on XIPs and XCCPs.

• These elected community members are elected for 4-month terms; you can see the current elected council members by visiting the governance page.