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 or in Tally. 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.