How does voting work in the Ref Finance DAO?

What determines whether a proposal is approved in this DAO? I can’t figure out what the rules are by looking at the results of different proposals in sputnik:

Proposal #13 “First REF Liquidity Rewards for Key Pairs”, has 8 “yes” votes and is marked as “expired”:

However, Proposal #18 “Transfer 502,000 wNEAR to Ref exchange” only has 3 “yes” votes and is marked as “approved”:

Then, Proposal 17 “Reimburse 502,000 NEAR lost in the exploit from DAO treasury funds”, is still “in progress” even though the redistribution has already taken place:
I’d put a link here, but new users can’t have more than 2 links in a post

Just to be clear, I’m not complaining about the results, or am upset in any way. I am just wondering about how voting in the DAO works :slight_smile:



Hi @beng thanks for your question,
as you can see on here there are 2 types of DAO members: ‘council’ and ‘community board’.

  1. Making proposals: Initially, only the council can make proposals. This will be changed once the DAO is operating efficiently.
  2. Voting on proposals: If the majority of the council confirms or rejects a proposal, that decision will stand (which is the case for proposals that passed with 3 ‘yes’ for example ), the same also goes for community board members (this is the case for proposals that pas with 11 yes for example). In most cases, the council will defer to the community board’s decision, and refrain from voting.

Of course the end goal is to have $REF token holders take part in decision making by directly voting once the circumstances allow it (forking and distributing the new token, configuring the DAO contract and making sure the community is ready). For now everyone is encouraged to voice their opinions on this governance forum or one of the official communication channels (telegram / twitter)


Thank you @chluff for the thorough explanation!

Does the last sentence mean that if there is a proposal where the majority of the community votes “yes”, it can still be rejected by the council if at least 2 of them vote “no”? I’m not implying a situation where the council has gone bad, but rather a scenario where some event happens which causes the proposal to suddenly become a really really bad idea :slight_smile:

I also want to make sure I understand what the different vote results mean in Sputnkik:

  • In Progress: Voting period has not expired, and proposal has not received enough “yes” or “no” votes to be approved or rejected.
  • Approved: Currently means the council has approved the proposal, either because a majority of council members have voted “yes”, or a majority of community members have voted “yes” and the council is ok with it.
  • Rejected: At least half the council members have voted “no”, or at least half of community members have voted “no” and the council is ok with it. No proposals have met this criteria, so I’m not sure if Sputnik actually has this as a label.
  • Expired: I was thinking this meant that the voting period has ended without receiving enough “yes” or “no” votes to be approved or rejected. Basically a “soft reject”, and the proposal has essentially been rejected. However proposal #17, “Reimburse 502,000 NEAR lost in the exploit from DAO treasury funds” is marked as “Expired”, even though the reimbursement has actually taken place. I see that “Expired” proposals have a “Finalize” button. Maybe this Is how admins/council-members change the status of a proposal to Approved or Rejected, but no one has gotten around finalizing #17?