Governance ​

What is Governance? ​

Governance gives the $GEMS token holders control over core Algogems marketplace aspects. This currently includes:

• Content moderation
• Marketplace curation
• Fee structure

GEMS Governance will be released in stages, and will be continuously upgraded over time.

Learn more here: Period 3, Period 2, Period 1, Roadmap.

What are the Rewards? ​

For participation in Governance, $GEMS Stakers are rewarded with marketplace fees, and ecosystem incentives! Currently, there can be up to 250k $GEMS distributed per Period from the, marketplace fee generated, Reward Pool. The Reward Pool is currently divided into 2 categories:

• MIN Rewards = 25% of the Reward Pool - Big Vote

• MAX Rewards = 75% of the Reward Pool - Verify, Ban

This is done to incentivize active and quality participation, where Governors are most impactful to Algogems’ continued success.

How do I Stake and become a Governor? ​

When a 13 Week Governance Period ends, a staking window opens for 2 weeks. This is the only time you can stake your $GEMS.

https://algogems.io/governance/stake is where new Governors can snapshot stake their $GEMS.

Once staked, Governors can vote here: https://www.algogems.io/governance

What do 👍 and 👎 mean? ​

👍, or yea, means you agree, or approve the request. 👎, or nay, is the opposite. It means you disagree, or do not want the request to pass. For example, If you thought an honest and valuable Creator was up for ban, you would vote 👎, because there is no reason to ban them. Proposing a ban that doesn’t pass will result in a large penalty to your ratio, to discourage misuse.

What is my Ratio? ​

Your voting ratio is a measure of how often you reach consensus with other Governors. In other words, how often you vote with the majority. This is one system we use to encourage quality participation.

What is the Spotlight? ​

Governors are able to promote Creators to showcase their NFTs on the homepage! The goal is to increase the NFT sales on Algogems through increased profile exposure! This functionality will be expanded to include a banner, for the account that comes 1st each week.

What is the Big Vote? ​

Governors vote on impactful changes to the Algogems marketplace. The topics are outside of the usual curation and moderation duties of Governors. There is currently 1 Big Vote planned per Period.

How do I Verify Effectively? ​

Verification is a signal of a project's validity and value to the GEMS platform. Verification is a privilege and should not be given without reason. Creators who are using unlicensed images should never be verified. Creators who are deemed by the community to be a “low effort” Creator should not be verified. High standards for verification status will improve the value of the GEMS platform, and encourage a stronger effort from new Creators.

How do I Ban Effectively? ​

Banning will remove the ability of an account to sell NFTs on Algogems. If the user has been verified, it will remove their verifications status. Here are common reasons to ban: Creators who are using copyrighted or stolen images, or are fraudulently editing NFT projects from other chains. Furthermore, if a user is uploading large amounts of low quality submissions, and decreasing the quality of the marketplace for other users, banning should be considered.