Submit and Vote for NFT Collections Whitelisting on Borrowing and Lending
This page intends to give you a brief explanation of how you can create and vote for NFT Collections Whitelisting with SLCR on SOLARR Borrowing and Lending.
Whitelisting a NFT Collection for Collateralizing and Lending could bring financial utilities to the NFTs holders, unlocking liquidity for the NFTs without losing the ownerships.
Regarding the operation nature of Collateralizing Your NFTs For Loans and Lend Crypto to Earn on SOLARR platform, NFT Collection needs to be whitelisted before the borrowing and lending could be applied.
Other than the whitelisted NFT Collections by system default, SOLARR would seek for community consensus to whitelist other NFT Collections. SLCR holders could create whitelisting proposal with SLCR and vote for the approval of whitelisting proposal with SLCR.
Proposal Creation and Voting Venue
SOLARR create Spaces under Snapshot to operate NFT Collections Whitelisting Proposal Submission and Voting. Anyone can create whitelisting proposal by holding SLCR (according to the proposal submission validation strategy) and vote the proposals with SLCR.
SOLARR Space in Snapshot has recognised SLCR as proposal creation and voting power. Every SLCR holders could create whitelisting proposal and participate in each whitelisting proposal by simply connecting wallets to Snapshot.
NFT Collection Whitelisting Proposal Creation and Voting Venue: (Coming Soon)
Create a NFT Collections Whitelisting Proposal
In terms of the whitelisting proposals submission validation strategy, a minimum amount of SLCR would be set by SOLARR in the Snapshot Space to validate if an account has enough SLCR to create a whitelisting proposal.
The minimum amount of SLCR would be dynamic according to market situation. The initial minimum amount of SLCR as requirement to create a NFT Collection whitelisting proposal is 5,000 SLCR.
Click here to see how to create a proposal on Snapshot.
Proposal Example:
NFT Collection - ALPHA would like to get whitelisted on SOLARR for collateralising and lending.
ALPHA Project & Community Details:
ALPHA is a NFT Collection sample name for demonstrating the example under submit and vote for NFT Collections Whitelisting Proposal on Borrowing and Lending.
Max. Supply: 5,000 NFTs | Floor Price: 10,000 USDT (Updated on Opensea - 20 February 202X)
Total No. of ALPHA Community Members: 70,000 (Updated on 20 February 202X)
More Project Details: (Link)
Let's vote with your SLCR to see if SOLARR should get ALPHA whitelisted for borrowing and lending on SOLARR platform.
Vote on a NFT Collections Whitelisting Proposal
Defines how SLCR holders cast the votes and how the final result is calculated.
Type of Voting System in Whitelisting Proposal Voting Venue: Basic Voting
With Basic Voting, each SLCR holder can select one of three options:
For
Against
Abstain
A Quorum would be set by SOLARR for each proposal, that is, the minimum amount of voting power required for a whitelisting proposal to pass, in order to whitelist NFT Collections with good community behaviours. The votes cast on the 'Abstain' choice are counted in calculating the quorum.
The initial quorum as set by SOLARR for passing Whitelisting Proposal is 5,000 SLCR.
Defines how to calculate the individual voting power of a SLCR holder.
Type of Voting Strategy in NFT Collection Whitelisting Proposal Creation and Voting Venue: erc20-balance-of
With erc20-balance-of voting strategy, 1 SLCR you hold equal to 1 voting power.
Important Reminder for voting power
For each whitelisting proposal submitted, there is a specific Snapshot block number. If you were not holding SLCR tokens during that block number, you will not be counted to have voting power and vote on the proposal.
Regarding the above technical principle, it indicate that if you are not holding SLCR at the moment when a whitelisting proposal is submitted, you would not be able to vote on the proposal. In addition, if you get SLCR after the proposal has been submitted, this certain amount of SLCR would not be counted as voting power for the proposal.
Make sure you have prepared your SLCR to vote for your favoured NFT Collections to get whitelisted!
Approval of NFT Collections Whitelisting
A NFT Collection Whitelisting Proposal would be passed and approved based on the following two conditions by the end of voting period:
The total voting power on the proposal has exceeded the quorum as pre-set by SOLARR
The option 'Yes' of the proposal accounted for the highest proportion between three options
Once the NFT Collection whitelisting proposal got approved, the NFT Collection will get whitelisted by SOLARR Team for collateralising and lending within 24 hours after the end of voting period.
Further Resources
How to vote on a proposal: https://docs.snapshot.org/voting/vote
How to create a proposal: https://docs.snapshot.org/proposals/create
Snapshot FAQs: https://docs.snapshot.org/faq
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