Amplify Your Voice in Mantle Governance With Token Delegation
07/15/234 min read
In the dynamic universe of blockchain and cryptocurrencies, every voice matters. Governance plays a pivotal role in decentralized projects, often carried out through the power of tokens. For Mantle, we will be temporarily using two governance tokens ($BIT and $MNT), and will transition eventually to only $MNT. This blog post will guide you through the process of delegating these tokens, thereby enhancing your influence within the Mantle community.
Understanding Token Delegation
In essence, token delegation is like giving your voting power to another entity while retaining your token ownership. In other words, you can delegate your tokens to another wallet, including your own, to consolidate your voting power. This process is critical for governance in Mantle Ecosystem, as it allows token holders to influence decisions about the project's direction.
Understanding Your Voting Power
Your voting power is a sum of the tokens delegated to your wallet. This includes tokens you have delegated to yourself and tokens others have delegated to you. Here are a few scenarios to illustrate:
- Self-Delegation If you have 1,000 $MNT in your wallet, and you delegate it all to yourself, your voting power would be 1,000 $MNT.
- Delegation to others: If you have 1,000 $MNT and delegate all to another wallet, your voting power would be 0, as all the tokens are delegated to someone else.
- Mixed Delegation: If you have 1,000 $MNT and delegate all to yourself, and another wallet delegates 1,000 $MNT to you, your total voting power would be 2,000 $MNT.
- External Delegation: If you have 1,000 $MNT but haven't delegated to anyone, and another wallet delegates 1,000 $MNT to you, your voting power would be 1,000 $MNT.
Token Balance and Delegation
If you've delegated tokens to a wallet and your token balance changes, the delegated token amount will adjust proportionally. This is a key aspect to keep in mind when managing your token assets.
Your Influence and Governance Control
As a token holder, you have control over several aspects:
- The amount of $BIT and $MNT tokens in your wallet.
- To whom you delegate your $BIT tokens.
- To whom you delegate your $MNT tokens.
However, you cannot influence the following:
- The amount of $MNT delegated to you by others.
- The amount of $BIT delegated to you by others.
How to delegate
Delegating $MNT and $BIT Tokens
Both $BIT and $MNT tokens employ the same procedure for delegation. However, the first choice for setting up your delegation should always be through the Mantle page. Please note that you can only delegate 100% of your voting power.
Currently, it's not possible for our existing smart contracts to split the delegation among multiple target wallets; you will have to do it manually on your end. We are working on a solution to this. Stay tuned.
Using the Mantle Page ($MNT only)
- Visit the Mantle Delegation Page.
- Connect your wallet to Ethereum Mainnet.
- Enter the target delegate address or choose to delegate to yourself.
- Check the parameters and confirm using your wallet (a gas fee is required).
For how to delegate $MNT via Etherscan visit: https://docs.mantle.xyz/governance/parameters/delegation#using-etherscan
For how to delegate $BIT via Etherscan visit: https://docs.bitdao.io/litepaper-1/delegation#single-sign-wallet-using-etherscan
Future of $BIT and Voting
Migration of $BIT Tokens
It's important to note that $BIT will eventually cease to be a governance token for Mantle. Hence, we recommend users to migrate their $BIT tokens to $MNT via our Migrate App.
Participating in Voting
Once you've delegated your tokens, you can participate in voting on proposals in this Snapshot Space. Be aware that proposals lock user votes by a specific block height. This means that, in order to vote on an active proposal, you must delegate your tokens before the proposal opens for voting on Snapshot. If you delegate while a proposal is actively being voted on Snapshot, you will not be able to vote until the next snapshot proposal is open for voting.
The Snapshot space will sum up your $MNT and $BIT to total voting power. You can always check your total voting power on the Mantle Delegation Page in your user profile.
Discussions on upcoming proposals usually take place on the Mantle Forum before they go live on Snapshot.
Token delegation is an essential feature in decentralized governance. It allows you to enhance your voting power and influence the project's trajectory. Every vote counts in shaping the future of the Mantle ecosystem. With $BIT and $MNT tokens, you hold the power to make a significant impact. So, delegate your tokens today and let your voice resonate!
Remember, the power of decentralization is in your hands. Together, let's shape the future of Mantle!