In this article series, we want to give insight on the possibilities the SwapDEX governance has to offer its users.
To represent passive stakeholders, SwapDEX uses the idea of a “council”.
The council is an on-chain entity comprising several actors, each represented as an on-chain account.
The SwapDEX Council consists of 11 seats that are elected every 24 days.
In order to occupy a seat, users can put up their candidacy and can look to gather support from the community by getting a backing in the form of SDX.
Council elections are handled by the same Phragmén election process that selects validators from the available pool based on nominations
The 11 highest-backed applicants will move to the council for the next term.
Along with controlling the treasury, the council is called upon primarily for three tasks of governance: proposing sensible referenda, cancelling uncontroversially dangerous or malicious referenda, and electing the technical committee.
For a referendum to be proposed by the council, a strict majority of members must be in favor, with no member exercising a veto. Vetoes may be exercised only once by a member for any single proposal; if, after a cool-down period, the proposal is resubmitted, they may not veto it a second time.
Council motions which pass with a 3/5 (60%) super-majority — but without reaching unanimous support — will move to a public referendum under a neutral, majority-carrying voting scheme. In the case that all members of the council vote in favor of a motion, the vote is considered unanimous and becomes a referendum with negative adaptive quorum bias.
Additionally, the Council can cancel indisputably malicious proposals via a ⅔ majority vote and even blacklist it to prevent it from being re-submitted.
If you want to dive deeper into the topic of Adaptive Quorum Biassing, cancelling and blacklisting of proposals, please refer to our official documentation.