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Community Governance

The Open Custody Protocol empowers community governance, granting OPEN token holders a voice and vote in shaping its future direction.

Discussions take place in the community forum, where users initiate or contribute to conversations and propose ideas to drive the protocol forward. The ethos of the Open Custody Protocol is to be as community-driven as possible.

Once proposals gain traction in the community forum, votes are cast in the Open Custody Protocol Snapshot space.

To actively participate and vote on proposals, you need to hold erc20 OPEN tokens in a wallet compatible with Snapshot, such as MetaMask or any wallet supporting WalletConnect. Voting power is calculated through a snapshot at the block in which the voting is setup on Snapshot. Voting power is calculated by each OPEN token held.

Users can also participate using the wallets they have staked with OPEN at OPEN Staking. Tokens staked through various staking contracts will contribute to their voting power.

Vesting contracts can also engage in voting using available tokens without the need to withdraw from the contract via Sablier. This eliminates the requirement to withdraw from vesting contracts to participate in votes.

Guide to Vote on Snapshot

To participate in voting on Snapshot for the Open Custody Protocol, you need to connect your wallet and meet the requirements specified by the voting strategies of the particular space, which, in this case, involves holding OPEN tokens in your wallet.

It's important to note that tokens acquired or deposited in your wallet after a proposal has been created are not considered for calculating voting power.

If you're eligible to vote, you can cast your vote directly from the proposal's page:

Open Custody Protocol Snapshot Page

Once you've selected your choice(s) and confirmed your vote, a new window will appear, opening your wallet extension in the browser. You'll then be prompted to sign a message, which doesn't incur any gas fees (voting is free) or affect your holdings. Signing the message is the final step of casting your vote.

That's all there is to it!