Reminder: Quorum Requirements

Just a friendly reminder about quorum requirements for votes. In order for a proposal to be passed, two conditions must be met:

  1. 20% of all staked vBNT must vote in favor. For a Token Whitelisting, 40% of all staked vBNT must vote in favor.

  2. Two-thirds (66.7%) of votes for a given BIP must be in favor in order for the BIP to be approved.

The quorum requirements are important because if you oppose a proposal, it is sometimes better to abstain from voting. Take for example proposal 52 “LM rewards for Enjin Coin and increase co-investment of 2M BNT” which had the following:

For: 2,610,528.62 vBNT
Against: 529,182.42 vBNT
Quorum: 20.06%

Since this proposal was for liquidity mining, a quorum of 20% was needed. The quorum that it achieved was 20.06% which is equivalent to:

15651600.3988 * 20.06% = 3139711.04 (total number of votes)

Had the “529182.42” that voted against, abstained from voting then quorum would have been:

(2610528.62 / 15651600.3988) * 100 = ~16.67%

and proposal would have failed. Just wanted to remind other members about quorum requirements since sometimes abstaining from voting is better than voting against a proposal as you are helping the proposal meet the quorum requirements by doing so.