STORE is a new layer-one staking protocol incentivizing and securing a zero-fee Web3. $STORE is the unit of account on the STORE protocol.
As part of STORE’s path to decentralization, STORE has launched the first phase of governance by the community: First Governance. First Governance is composed of qualified voters. Current qualified voters are investors that purchased a minimum of $10,000.00 worth of STORE Tokens, since the project’s inception. In January 2021, STORE’s First Governance Vote held their first vote. (you can read more about the vote here).
Because of the recent market changes, STORE’s leadership returned to First Governance with a new ballot: June 2022 Token Reprice. This ballot had two proposals. First, whether to approve a reduction in the price of the $STORE to $0.039 per token. And second, whether to reallocate tokens to those that purchased above that amount at that token price.
This post details the STORE’s June 2022 $STORE Token Reprice ballot. Our goal is to make this information and process as transparent as possible and to generate a public record.
The June 2022 $STORE Token Reprice ballot contained two measures in which voters were asked:
1) Store is providing two options for qualified voters to select the $STORE token price: approve or decline to approve the token reprice.
--Yes. I approve the private sale price of $0.039 reprice.
--No. I do not approve the private sale price of $0.039 reprice.
2) Store currently has more than 30 $STORE buyers that purchased $10,000.00 worth of $STORE tokens before the cut off date of June 10, 2022. Store is asking to readjust the $STORE token price for $STORE token holders to $0.039.
--Yes. Store may readjust the price to $0.039.
--No. Store may not readjust the price to $0.039
For a measure to pass, a simple majority (50%+1) was required.
Qualified voters are those that purchased at least $10,000.00 worth of $STORE between since the project’s inception.
Our team reached out to qualified voters via email to confirm their intent to vote and sent each voter a unique registration number. A quorum was established via this registration process that required at least three qualified voters to register. A total of 35 qualified Store voters registered on time to participate; and, 21 participated in the vote on time.
In accordance with STORE’s 1 Entity; 1 Vote system, each qualified voter would have an equal vote, regardless of the number of tokens owned.
1) The first round of voting to set the current $STORE price saw results as followed:
Yes. I approve the private sale price of $0.039 reprice: 16
No. I do not approve the private sale price of $0.039 reprice: 5
With a simple majority of sixteen votes to five, the $STORE token was re-priced to $0.039.
2) When asked whether Store may readjust the price, voters responded:
With a simple majority of fifteen votes to six, it has been decided that Store may readjust the price.
Following First Governance’s vote in January 2021, our team generated internal documentation that ensures consistently in tools, practices, and procedures over time.
New governance systems will be introduced as part of the advances in STORE’s governance. Although not quite ready for public use, STORE’s tools will be able to reflect the vote and should be ready for the next vote.
The execution of the second vote by STORE’s First Governance is a major step forward. The lessons and insights from this experience will be incorporated into STORE’S Second Governance Vote, which launches with STORE’s test net. STORE will further decentralize governance by increasing the number of potential qualified voters and the shifting authority of the protocol away from centralized control. These steps will ultimately culminate in the launching of the Store main net with a truly decentralized democracy.