INTRODUCING TOLL GOVERNANCE
As a community-driven ecosystem, tollfreeswap is powered by its governance token TOLL, shaping and determining how the protocol operates.
The TOLL token is utilized to the max in making sure for the smooth running and operation of the project and all related dApps and features that get integrated into it.
With unique features utilizing the TOLL within the governance protocol includes;
The community can now confidently decide what happens and gets implemented within the protocol through voting 🗳
The Governance Overview
The tollfreeswap utilizes a proxy contract for the governance as regards voters registry and proxy proposals.
How The Toll Governance Works
The governance begins with submitting or creating a proxy proposal, registering a vote, and executing a vote on proxy contracts.
Anyone can submit a proposal for a proxy contract (project) to be integrated.
To propose, you need to burn 🔥 100 TOLL, this will get you 10,000 delegation required.
To do this, simply follow this procedure;
1. Click on the Voter Registry dApp and select “permanent registration”
2. Enter the amount of TOLL required to get 10,000 delegation votes, in this case, 100 TOLL (i.e make sure you have up to 100 TOLL required)
3. Execute the registry action and approve the contract.
4. After a successful notification, go to proxy Governance dApp and click on submit a proxy.
5. Provide all necessary information needed for the proposal and click the submit button.
In summary, 100 TOLL will need to be burned to submit a proposal and10,000 TOLL votes delegated by the community.
1% of the total supply is needed to win the vote. So for a user to be a proposer, he must have 10,000 TOLL votes delegated to him and has to burn 100 TOLL. Then voting starts.
As a proposer, you can delegate your votes to others, so their vote is counted as yours when they vote.
To have a vote in the registry, a user has two choices
1. Burn 1 TOLL
2. Lock 1 TOLL
When you burn 1 TOLL, you get 3 votes. 2 TOLL, 6 votes, and so on.
The votes that have been generated as a result of burnt TOLL cannot be converted back to TOLL. But you will get to enjoy unlimited gasless transactions on the tollfreeswap
When you lock 1 TOLL you get 1 vote. These votes can be converted back to TOLL.
The ether fees refunds are issued to all valid voters, regardless if they have a TOLL balance or not.
Exchanges, loans, and borrowing, LP farming can ask their users to delegate their votes to them to enable them to implement TOLL proxy.
Users still control the votes and the locked TOLL
So proxy proper needs 10,000 votes to submit and 1000 votes for a quorum.
The Governance Mechanism
This is how the governance will work, using the Uniswap V3 instance. assuming a user wants to add uniswap v3. After passing the proposal and approval stage, we create a proxy contract for uniswap3 and deploy it to mainnet.
The proxy contract will need to have the mint permission (granted in the TOLL token contract ) to refund users' fees. This permission can only be granted by the governance contract after a vote on the proposal
the proxy address is submitted as a proposal, requesting minting permission
users vote if they want the proposal to be adopted
if the users in favor of — votes — reach a quorum of 1% of the total supply, the proposal can be executed
and the uniswap v3 proxy is granted mintPermission by the Governor Alpha contract
The Governor Alpha will have all the admin powers of the token
it is also responsible for voting and Proxy Proposals.
Then the public can now trade/swap all tradeable tokens on uniswap v3 through Tollfreeswap dApp. See the below illustration.