Cross Chain Voting Weight
Last updated
Last updated
Skyren's Decentralized Autonomous Organization (DAO) uniquely combines the strengths of both Ethereum and Polygon blockchains. While the DAO's core operations are based on Ethereum, voting takes place on the Polygon network using the SKYRN token. This setup might seem complex at first, but it's designed to offer the best of both worlds. Let's break down how this works.
Despite the DAO being based on Ethereum, voting is not hindered for SKYRN token holders on Polygon. Here's why:
Separate but Connected: The voting process is separate from the DAO's operational smart contracts on Ethereum.
Polygon-Based Voting: All voting occurs on the Polygon network, where SKYRN tokens reside.
Smart Contract Integration: Special smart contracts on both networks ensure that votes on Polygon are recognized and implemented by the DAO on Ethereum.
The concept of cross-chain voting weight is key to understanding how your SKYRN tokens on Polygon translate into voting power for the Ethereum-based DAO:
Token-Based Voting: Your voting power is directly proportional to the number of SKYRN tokens you hold on Polygon.
Snapshot Mechanism: At the start of each vote, a snapshot of token holdings is taken on the Polygon network.
Weight Calculation: This snapshot determines each user's voting weight for that particular proposal.
No Token Movement Needed: You don't need to move your tokens to Ethereum or any other network to participate in voting.
After voting concludes on Polygon, the results need to be applied to the Ethereum-based DAO. Here's how this process works:
Result Compilation: Once a vote ends, the results are compiled on the Polygon network.
Cross-Chain Oracle: A trusted cross-chain oracle service securely transmits the voting results from Polygon to Ethereum.
Smart Contract Execution: The DAO's smart contracts on Ethereum receive these results and automatically execute the approved actions.
Transparency: This entire process is transparent and can be verified on both blockchains.
While the underlying mechanism is complex, Skyren aims to make the voting experience as user-friendly as possible:
Single Interface: Users will interact with a single, intuitive interface for all voting activities.
Wallet Connection: Simply connect your Polygon wallet containing SKYRN tokens to participate.
Automatic Processing: The cross-chain interactions happen behind the scenes, requiring no additional action from users.
To summarize the voting process:
Where You Vote: All voting takes place on the Polygon network.
What You Use: You vote with your SKYRN tokens on Polygon.
Your Voting Power: Your voting weight is based on your SKYRN token holdings.
Behind the Scenes: Complex cross-chain mechanisms ensure your vote on Polygon impacts the Ethereum-based DAO.
User Simplicity: Despite the technical complexity, the voting process is designed to be straightforward for users.
Skyren's innovative approach combines the security and established ecosystem of Ethereum for DAO operations with the efficiency and user-friendliness of Polygon for voting. This hybrid model ensures that SKYRN token holders can easily participate in governance while the DAO benefits from Ethereum's robust infrastructure. As always, the Skyren team is committed to transparency and will provide detailed guides and support for users participating in DAO governance.
