Governance portal for Algofi Governance.
Users with the minimum veBANK amount can launch proposals on-chain after which they are open for voting. Users cast their votes -- their amount of votes in favor or against is equal to their amount of veBANK at the time of vote. Users cannot allocate across both measures, instead a single side is chosen.
After the voting period ends, if the amount of votes in favor of the proposal exceeds the Governance Quorum (the minimum amount of votes cast in order for the proposal to be valid) and the Governance Supermajority (the percentage of votes case that must be in favor to pass), the proposal passes. Otherwise, the proposal does not pass.
For example, assuming a Governance Quorum of 100mm veBANK and a Governance majority of 50%, a proposal with 50mm votes for and 25mm votes against would not pass because while the majority voted in favor, quorum is not met (50mm + 25mm < 100mm). If, however, 75mm voted for and 50mm voted against the proposal would pass as quorum would be met and the majority voted in favor.