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Virtuals Protocol introduces a new governance initiative: holding more than 0.1% veVIRTUAL allows for proposal submissions.
According to Gate News bot, BlockBeats reported that Virtuals Protocol announced on July 1st on its social media account that the governance portal feature has officially been enabled. This feature allows any user holding at least 0.1% of the total veVIRTUAL to create proposals.
After the proposal is submitted, it will enter a 72-hour public review period during which voting is prohibited. After the review period ends, the system will take a snapshot of all veVIRTUAL balances to determine each wallet's voting rights on the proposal.
The voting phase lasts for 72 hours, and Virgens can vote directly on-chain in support of or against. The validity of the vote requires participation from at least 25% of veVIRTUAL holders. This new mechanism aims to enhance community engagement and decision-making transparency.