Snapshot Rule Update and Temperature Check Introduction


We are pleased to report that the first MIP-5 voting on Snapshot has shown significant community participation, with 39 addresses voting in favor and zero against, demonstrating a robust positive voting power of 37 million XMT.

The initial rule for Snapshot voting required that XMT holders in the NFT Alpha Club and Smart Pool stakers possess at least 1 XMT in their wallets to be eligible to vote. This requirement was a default setting of the Snapshot application. The rule has been updated, and it will take effect from the next round of voting. From now on, any XMT holders in the Smart Pool and on the NFT Alpha Club will be able to vote, irrespective of the amount of free XMT they own. To test the effectiveness of this new rule, we will conduct a ‘Temperature Check’.

A ‘Temperature Check’ is an initial governance vote intended to measure the community’s sentiment on a specific aspect or to serve as a poll before proceeding with a formal Metalswap Improvement Proposal (MIP), or for decisions that don’t directly involve governance because they fall under the Foundation’s or Contributors’ role.

Considering the total voting power across the pools:

  • 9,077,635 XMT in the ETH Smart Pool
  • 15,000,000 XMT in the Alpha Club

The overall voting power amounts to 24,077,635 XMT.

Looking at the current vote’s trajectory, it is highly likely that the outcome could not have been affected by a potential negative vote. This is especially apparent as many addresses with the highest voting power have been observed to vote positively.

For this reason, while we await the final results of the vote, we will launch a Temperature Check. This will be a shorter voting process compared to a MIP, to gather immediate feedback and confirm that the updated system operates smoothly.