Ballots

Sponsoring: To enter the Swarm Network Voting Queue, a GAP needs to be balloted. Any Member may sponsor a ballot by staking a minimum of two hundred and fifty (250) SWM tokens, becoming the “Ballot Sponsor.” GAPs that have been balloted are “Governance Action Ballots” or “GABs.” Any Member may petition the Swarm Council to sponsor a GAP.

Seconding: While a GAB is in the voting queue any Member may second the GAB any number of times by adding additional deposits of SWM tokens. A member that seconds a GAB is a “Ballot Supporter.”

Elevation: Every two months the GABs in the voting queue with the five greatest GAB stakes are elevated for a referendum. The Swarm Council determines, by a majority vote, if any elevated GABs present conflicting actions. In this case, only the GAB with the greatest GAB stake shall be elevated to a referendum. GABs have three voting intervals (six months) to be elevated to a referendum, at which time they are removed from the voting queue.

What happens to stakes: SWM tokens that have been staked to a GAB by sponsors and supporters constitute the “GAB stake.” Stakes associated with winning GABs are locked for fifteen (15) days after their vote, and then returned to the Ballot Sponsors and Ballot Supporters. The stakes of any failed GABs are forfeited to the Swarm Treasury.