BIT holders cannot vote or create proposals until they delegate their voting rights to an address. Delegation can be given to one address at a time, including the holder’s own address.
Note that delegation does not lock or transfer tokens. If an isolated delegatee wallet is stolen, compromised, or interacts with the incorrect smart contract, this will not directly result in the loss of BIT tokens, and the BIT holder can delegate to another address.
Delegation enables modification of vote weight independent from BIT holdings. This allows for decentralization of voting on BitDAO proposals, and adjustment of vote weight distribution between voters with different areas of expertise and interests.
As with any smart contract action please ensure you are interacting with the correct contract, method / function:
- Contract =
- Method or Function =
- Method ID:
- 2.Click "Connect to Web3"
- 3.Under Item "4. Delegate" enter the address you wish to delegate to
- 4.Click "Write"
- 5.Check parameters (see warning above), and confirm using your wallet.
- 2.Select the Safe which holds your $BIT tokens
- 3.Click "New Transaction
- 4.Click "Contract Interaction"
- 5.Input the following: "Contract Address"
delegate"delegatee (address)" enter
your target address used for proposal and voting
- 6.Click "Review"
- 7.Check parameters (see warning above), and confirm using your wallet.
A formal Enhanced Delegation Program has not yet been approved by BitDAO, however we advise large $BIT holders to follow the guidance below.
- 1.Votes in the best interest of $BIT holders and $BIT products
- 3.Votes on all proposals in areas of expertise or interest, and provides reasons for the vote through a forum comment linked to the Snapshot vote.
- 4.A core team member, contributor, or technology partner of an existing $BIT project
- 5.An existing $BIT holder
- 6.Possesses a significant following and distribution network
- 7.Shows active engagement within the $BIT community or ecosystem
- 8.Participates regularly in the $BIT forum