Governance Guide: Delegate FAQ

Delegate FAQ

What does it mean to delegate ?

Simply put, when you delegate WELL/MFAM you are activating it’s voting power and assigning it to an ERC-20 address. You are able to delegate tokens to your own address, or to that of another who will represent you in governance. Unless delegated, governance tokens will not be able to be used for voting.

Vote (WELL/MFAM) delegation functions similarly to that of voter registration in a democracy. In this system of governance, one has the option of either choosing direct democracy (delegating votes to oneself, so that one may vote on proposals directly) or representative democracy (delegating votes to another person or entity who advocates for one’s shared values and can vote on their behalf).

Why would I want to delegate my voting power to someone else?

Participating in governance is a serious time commitment. Delegation is recommended for community members who may not have time to vote regularly or stay informed on all of the latest proposals and protocol developments, but still care about the health and development of the protocol. For those wishing to delegate their WELL/MFAM, please use the Delegation Pitch section of the forum to find a Delegate who aligns with your shared values and vision for the protocol.

If I delegate to another address will I retain ownership of my governance tokens?

Yes. Following delegation, you retain full ownership and custody of your tokens. You are only assigning the token’s inherent voting power, not transferring the actual token itself. Delegates have no ability to access the WELL/MFAM delegated to them.

Am I able to modify to whom my WELL/MFAM is delegated to?

Yes, WELL/MFAM holders and WELL token sale participants are able to modify to whom their tokens are delegated to at any time. Note that once a proposal has been submitted for voting, any further actions one takes (acquiring tokens, delegating to a different address, etc.) will have no effect on their voting power for that specific proposal.

Upon acquiring additional tokens, do I need to delegate again?

No. Once you have delegated their voting power, any changes to the underlying wallet balance will be reflected in the amount delegated.

Will my Safety Module staked tokens count towards my voting power?

Yes! Staked WELL/MFAM tokens, or stkWELL/stkMFAM, carry the same governance rights as their native counterparts. Staked WELL/MFAM are automatically delegated to oneself. These can not be delegated to other addresses besides your own.

Will my unclaimed sale tokens count towards my voting power?

Yes they will, though you must first delegate your tokens to be able to vote with them. Upon visiting the claims site, you will see a notice if you have un-delegated WELL and a prompt to “activate” them (which simply delegates them to oneself).

I want to become a delegate. Where do I sign up?

If you are interested in becoming a delegate you need to create a post stating your case in the Delegation Pitch category of the forums. Before posting, please read the Delegate Guidelines.

1 Like