# Glossary of Terms ### **UNION** An ERC-20 token that represents voting rights. Each UNION is one vote. The more UNION a user has in their wallet, the more weight their vote or delegation holds. ### **Delegation** UNION holders cannot vote or create proposals until they delegate their UNION to an address. Delegation can be given to one address at a time, including the holder’s own address. ### **Executable Proposal** An executable proposal is a type of proposal that is executed by the governance contract through timelock. It can replace the governance contract, transfer tokens from the community treasury, or perform an almost infinite range of other on-chain actions. In order to create a proposal, an address must have at least 10M UNION tokens delegated to their address. ### **Quorum** In order for a vote to pass, a certain percentage of UNION tokens must vote in the affirmative. The current quorum requirement is 4%. The quorum requirement ensures that the only measures that have adequate voter participation pass. ### **Voting on Executable Proposals** Users can vote for or against single proposals once they have voting rights delegated to their address. Votes can be cast while a proposal is in the “Active” state in[ **the Union dapp**](https://app.union.finance/governance) or in [**Tally**](https://www.withtally.com/governance/eip155:1:0xe1b3F07a9032F0d3deDf3E96c395A4Da74130f6e). If quorum is reached and the majority of votes are in favor, the proposal may be queued in the Timelock. ### **Review/Delay Period** The period in which the proposal has been deployed on chain but is not yet open for voting. ### **Voting Period** Once an executable proposal has been queued, it will go live after 24 hours. Union community members will then have a 3-day period (the Voting Period) to cast their votes. ### **Timelock** All governance actions are delayed for a minimum of 1-day by the timelock contract before they can be executed. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.union.finance/governance/glossary-of-terms.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.